Mid Penn Bancorp (NASDAQ:MPB) Sees Unusually-High Trading Volume - Should You Buy?

Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 47,287 shares were traded during mid-day trading, an increase of 37% from the previous session's volume of 34,527 shares.The stock last traded at $30.92 and had previously closed at $31.59.

Analyst Ratings Changes

A number of brokerages have weighed in on MPB. StockNews.com lowered Mid Penn Bancorp from a "buy" rating to a "hold" rating in a research report on Monday, October 14th. Piper Sandler raised their target price on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an "overweight" rating in a report on Monday. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an "outperform" rating in a research report on Tuesday.

Mid Penn Bancorp Trading Down 3.4 %

The firm has a market capitalization of $509.52 million, a P/E ratio of 10.86 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. The stock has a 50 day simple moving average of $29.97 and a 200-day simple moving average of $25.37.

Mid Penn Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Investors 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 yield of 2.62%. Mid Penn Bancorp's dividend payout ratio (DPR) is 27.49%.

Institutional Investors Weigh In On Mid Penn Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of MPB. Rhumbline Advisers raised its position in shares of Mid Penn Bancorp by 4.1% during the 2nd quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider's stock valued at $490,000 after purchasing an additional 877 shares during the period. ClariVest Asset Management LLC lifted its holdings in shares of Mid Penn Bancorp by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 38,366 shares of the financial services provider's stock worth $842,000 after buying an additional 1,072 shares in the last quarter. McClarren Financial Advisors Inc. boosted its position in shares of Mid Penn Bancorp by 5,438.1% during the third quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider's stock worth $34,000 after acquiring an additional 1,142 shares during the last quarter. Empowered Funds LLC grew its stake in Mid Penn Bancorp by 7.8% during the first quarter. Empowered Funds LLC now owns 31,268 shares of the financial services provider's stock valued at $626,000 after acquiring an additional 2,275 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Mid Penn Bancorp by 7.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 72,676 shares of the financial services provider's stock worth $1,595,000 after purchasing an additional 5,153 shares in the last quarter. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

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.