Connor Clark & Lunn Investment Management Ltd. Increases Stake in Mid Penn Bancorp $MPB

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Mid Penn Bancorp (NASDAQ:MPB) by 21%, acquiring a total of 57,039 shares valued at approximately $1.48 million.
• The company announced a quarterly dividend of $0.20 per share, with a record date of August 8th, representing a 2.8% yield.
• Director John E. Noone and Director Matthew G. De both purchased shares on May 23rd, indicating confidence in the company's prospects as insiders bought a total of 2,875 shares.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in Mid Penn Bancorp (NASDAQ:MPB - Free Report) by 21.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 57,039 shares of the financial services provider's stock after purchasing an additional 9,888 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.29% of Mid Penn Bancorp worth $1,478,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MPB. Wellington Management Group LLP increased its holdings in Mid Penn Bancorp by 127.4% in the fourth quarter. Wellington Management Group LLP now owns 1,452,177 shares of the financial services provider's stock valued at $41,881,000 after buying an additional 813,583 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Mid Penn Bancorp by 6.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 475,533 shares of the financial services provider's stock worth $13,714,000 after acquiring an additional 29,400 shares during the period. FJ Capital Management LLC acquired a new stake in shares of Mid Penn Bancorp in the 4th quarter worth approximately $11,243,000. Geode Capital Management LLC increased its stake in Mid Penn Bancorp by 8.4% in the 4th quarter. Geode Capital Management LLC now owns 379,639 shares of the financial services provider's stock valued at $10,952,000 after purchasing an additional 29,264 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Mid Penn Bancorp by 62.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 344,453 shares of the financial services provider's stock worth $9,934,000 after purchasing an additional 132,814 shares during the last quarter. Hedge funds and other institutional investors own 43.11% of the company's stock.

Insider Transactions at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Soto Matthew G. De purchased 1,875 shares of the business's stock in a transaction on Friday, May 23rd. The stock was bought at an average cost of $26.66 per share, for a total transaction of $49,987.50. Following the acquisition, the director owned 110,013 shares of the company's stock, valued at approximately $2,932,946.58. The trade was a 1.73% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John E. Noone acquired 1,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were acquired at an average price of $26.60 per share, for a total transaction of $26,600.00. Following the acquisition, the director directly owned 43,400 shares of the company's stock, valued at approximately $1,154,440. The trade was a 2.36% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 3,776 shares of company stock valued at $101,996. Insiders own 8.10% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lowered their target price on Mid Penn Bancorp from $35.00 to $34.00 and set an "outperform" rating on the stock in a report on Monday, August 4th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $34.50.

Mid Penn Bancorp Price Performance

Mid Penn Bancorp stock traded up $0.08 during mid-day trading on Thursday, hitting $28.54. 5,316 shares of the company were exchanged, compared to its average volume of 95,827. Mid Penn Bancorp has a 12-month low of $22.50 and a 12-month high of $33.87. The company has a market capitalization of $656.39 million, a P/E ratio of 11.94 and a beta of 0.63. The business's 50 day simple moving average is $28.09 and its two-hundred day simple moving average is $27.52. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.95 and a quick ratio of 0.94.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The business had revenue of $54.35 million for the quarter, compared to the consensus estimate of $54.20 million. Mid Penn Bancorp had a return on equity of 8.13% and a net margin of 13.69%. Analysts forecast that Mid Penn Bancorp will post 3 earnings per share for the current fiscal year.

Mid Penn Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Stockholders of record on Friday, August 8th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, August 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.8%. Mid Penn Bancorp's payout ratio is 33.47%.

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.