Mid Penn Bancorp, Inc. (NASDAQ:MPB – Get Free Report) was the recipient of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 73,900 shares, a decline of 15.9% from the September 30th total of 87,900 shares. Based on an average trading volume of 32,500 shares, the days-to-cover ratio is presently 2.3 days.
Analysts Set New Price Targets
A number of research firms have recently commented on MPB. StockNews.com lowered shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, October 14th. Keefe, Bruyette & Woods upped their price target on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Piper Sandler boosted their price target on Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday.
Read Our Latest Stock Analysis on MPB
Mid Penn Bancorp Price Performance
Mid Penn Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Friday, November 8th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio is presently 34.63%.
Institutional Investors Weigh In On Mid Penn Bancorp
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of 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 purchasing an additional 12,314 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Mid Penn Bancorp by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock worth $9,195,000 after acquiring an additional 31,292 shares in the last quarter. LSV Asset Management raised its position in shares of Mid Penn Bancorp by 21.0% during the second quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock worth $3,425,000 after purchasing an additional 27,098 shares during the period. American Century Companies Inc. lifted its holdings in shares of Mid Penn Bancorp by 8.8% during the 2nd quarter. American Century Companies Inc. now owns 144,397 shares of the financial services provider’s stock valued at $3,170,000 after purchasing an additional 11,731 shares in the last quarter. Finally, Kennedy Capital Management LLC grew its position in shares of Mid Penn Bancorp by 126.4% in the 1st 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 period. 43.11% of the stock is owned by institutional investors and hedge funds.
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.
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