Banc Funds Co. LLC Sells 97,275 Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB)

Banc Funds Co. LLC cut its position in shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) by 21.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 362,552 shares of the financial services provider’s stock after selling 97,275 shares during the period. Banc Funds Co. LLC’s holdings in Mid Penn Bancorp were worth $10,815,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Rhumbline Advisers grew its stake in shares of Mid Penn Bancorp by 4.1% in the 2nd quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider’s stock worth $490,000 after buying an additional 877 shares in the last quarter. ClariVest Asset Management LLC grew its position in 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 acquiring an additional 1,072 shares in the last quarter. McClarren Financial Advisors Inc. grew its position in Mid Penn Bancorp by 5,438.1% in 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 in the last quarter. Empowered Funds LLC increased its stake in Mid Penn Bancorp by 5.2% during the third quarter. Empowered Funds LLC now owns 35,350 shares of the financial services provider’s stock worth $1,054,000 after acquiring an additional 1,742 shares during the last quarter. Finally, Martingale Asset Management L P raised its position in Mid Penn Bancorp by 12.0% during the third quarter. Martingale Asset Management L P now owns 42,502 shares of the financial services provider’s stock valued at $1,268,000 after purchasing an additional 4,550 shares during the period. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MPB shares. Keefe, Bruyette & Woods boosted their target price on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Piper Sandler boosted their price objective on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, StockNews.com downgraded shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, October 14th.

Mid Penn Bancorp Trading Down 0.1 %

MPB opened at $32.05 on Monday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.95. The stock’s 50 day moving average price is $30.99 and its 200-day moving average price is $27.08. Mid Penn Bancorp, Inc. has a one year low of $19.20 and a one year high of $33.87. The stock has a market cap of $532.67 million, a price-to-earnings ratio of 11.01 and a beta of 0.57.

Mid Penn Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Friday, November 8th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.50%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 27.49%.

Insiders Place Their Bets

In related news, Director Albert J. Evans purchased 8,474 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were purchased at an average cost of $29.50 per share, for a total transaction of $249,983.00. Following the completion of the acquisition, the director now owns 34,712 shares in the company, valued at approximately $1,024,004. This trade represents a 32.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have acquired a total of 9,669 shares of company stock worth $285,241 over the last quarter. Company insiders own 10.70% of the company’s stock.

Mid Penn Bancorp Profile

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.