Mid Penn Bancorp (NASDAQ:MPB) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Mid Penn Bancorp (NASDAQ:MPB) from a buy rating to a hold rating in a report published on Thursday.

Separately, Piper Sandler increased their price target on Mid Penn Bancorp from $25.00 to $31.00 and gave the stock an overweight rating in a research report on Monday, July 29th.

Mid Penn Bancorp Price Performance

Shares of MPB opened at $27.24 on Thursday. The business’s 50-day moving average is $22.97 and its two-hundred day moving average is $21.64. The company has a market capitalization of $454.64 million, a P/E ratio of 11.79 and a beta of 0.59. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.94. Mid Penn Bancorp has a fifty-two week low of $18.63 and a fifty-two week high of $29.84.

Mid Penn Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Stockholders of record on Friday, August 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend is Friday, August 9th. Mid Penn Bancorp’s payout ratio is currently 34.63%.

Institutional Investors Weigh In On Mid Penn Bancorp

Several hedge funds have recently modified their holdings of the company. Rhumbline Advisers lifted its stake in Mid Penn Bancorp by 4.1% in the 2nd quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider’s stock valued at $490,000 after buying an additional 877 shares in the last quarter. 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 valued at $1,595,000 after buying an additional 5,153 shares in the last quarter. Kennedy Capital Management LLC lifted its stake in 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 buying an additional 53,650 shares in the last quarter. Vanguard Group Inc. lifted its stake in Mid Penn Bancorp by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 688,363 shares of the financial services provider’s stock valued at $13,774,000 after buying an additional 12,314 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in Mid Penn Bancorp by 7.8% in the 1st quarter. Empowered Funds LLC now owns 31,268 shares of the financial services provider’s stock valued at $626,000 after buying an additional 2,275 shares in the last quarter. 43.11% of the stock is 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.