Mid Penn Bancorp, Inc. (NASDAQ:MPB) Short Interest Down 15.9% in October

Mid Penn Bancorp, Inc. (NASDAQ:MPB - Get Free Report) was the target of a large drop in short interest in October. As of October 15th, there was short interest totalling 73,900 shares, a drop of 15.9% from the September 30th total of 87,900 shares. Based on an average daily volume of 32,500 shares, the short-interest ratio is currently 2.3 days.

Institutional Trading of Mid Penn Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Kennedy Capital Management LLC increased its stake in Mid Penn Bancorp by 126.4% during the first quarter. Kennedy Capital Management LLC now owns 96,086 shares of the financial services provider's stock valued at $1,923,000 after purchasing an additional 53,650 shares during the last quarter. LSV Asset Management grew its position in shares of Mid Penn Bancorp by 21.0% during the 2nd quarter. LSV Asset Management now owns 156,059 shares of the financial services provider's stock valued at $3,425,000 after buying an additional 27,098 shares during the last quarter. Vanguard Group Inc. raised its stake in Mid Penn Bancorp by 1.8% during the first quarter. Vanguard Group Inc. now owns 688,363 shares of the financial services provider's stock worth $13,774,000 after acquiring an additional 12,314 shares during the period. Rhumbline Advisers lifted its holdings in Mid Penn Bancorp by 4.1% in the second quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider's stock worth $490,000 after acquiring an additional 877 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Mid Penn Bancorp by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider's stock valued at $9,195,000 after acquiring an additional 31,292 shares during the period. 43.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Piper Sandler raised their target price on Mid Penn Bancorp from $31.00 to $35.00 and gave the company an "overweight" rating in a research note on Monday. StockNews.com lowered Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research note on Monday, October 14th.

Mid Penn Bancorp Stock Up 3.7 %

NASDAQ MPB traded up $1.16 during trading hours on Monday, reaching $32.25. 42,956 shares of the company traded hands, compared to its average volume of 34,617. The stock has a market capitalization of $538.22 million, a PE ratio of 13.96 and a beta of 0.58. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.12. Mid Penn Bancorp has a 12 month low of $18.67 and a 12 month high of $32.59. The company has a 50 day moving average of $29.66 and a two-hundred day moving average of $25.11.

Mid Penn Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 8th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, November 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.48%. Mid Penn Bancorp's payout ratio is 34.63%.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc operates as the bank holding company for Mid Penn Bank that provides commercial banking services to individuals, partnerships, non-profit organizations, and corporations. The company offers various time and demand deposit products, including checking accounts, savings accounts, clubs, money market deposit accounts, certificates of deposit, and individual retirement accounts.