Short Interest in Mid Penn Bancorp, Inc. (NASDAQ:MPB) Grows By 405.2%

Mid Penn Bancorp, Inc. (NASDAQ:MPB) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 313,700 shares, a growth of 405.2% from the October 31st total of 62,100 shares. Based on an average daily volume of 51,400 shares, the short-interest ratio is currently 6.1 days.

Mid Penn Bancorp Price Performance

MPB traded down $0.56 during midday trading on Wednesday, hitting $32.30. 34,891 shares of the company traded hands, compared to its average volume of 99,025. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.12. Mid Penn Bancorp has a 52-week low of $19.20 and a 52-week high of $33.87. The company has a market capitalization of $536.83 million, a price-to-earnings ratio of 11.10 and a beta of 0.57. The business has a 50 day simple moving average of $30.88 and a two-hundred day simple moving average of $26.86.

Mid Penn Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Friday, November 8th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio (DPR) is 27.49%.

Insider Activity

In other news, Director Albert J. Evans bought 8,474 shares of the company’s stock in a transaction on Friday, November 1st. The shares were bought at an average cost of $29.50 per share, with a total value of $249,983.00. Following the transaction, the director now directly owns 34,712 shares in the company, valued at approximately $1,024,004. This trade represents a 32.30 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have bought 9,669 shares of company stock worth $285,241 over the last 90 days. Company insiders own 9.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MPB. Kennedy Capital Management LLC grew its stake in shares of Mid Penn Bancorp by 126.4% in 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 buying an additional 53,650 shares in the last quarter. LSV Asset Management lifted its holdings in Mid Penn Bancorp by 21.0% in the 2nd quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock valued at $3,425,000 after acquiring an additional 27,098 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Mid Penn Bancorp by 1.8% in 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 in the last quarter. Rhumbline Advisers boosted its stake 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 buying an additional 877 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Mid Penn Bancorp by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock valued at $9,195,000 after purchasing an additional 31,292 shares during the last quarter. 43.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.