Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings 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. grew its holdings in Mid Penn Bancorp (NASDAQ:MPB - Free Report) by 21.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 57,039 shares of the financial services provider's stock after buying an additional 9,888 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.29% of Mid Penn Bancorp worth $1,478,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MPB. JPMorgan Chase & Co. lifted its stake in shares of Mid Penn Bancorp by 40.4% in the 4th quarter. JPMorgan Chase & Co. now owns 87,809 shares of the financial services provider's stock valued at $2,532,000 after purchasing an additional 25,267 shares during the period. Geode Capital Management LLC grew its holdings in shares of Mid Penn Bancorp by 8.4% in the fourth quarter. Geode Capital Management LLC now owns 379,639 shares of the financial services provider's stock worth $10,952,000 after acquiring an additional 29,264 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Mid Penn Bancorp by 19.1% in the fourth quarter. Wells Fargo & Company MN now owns 11,916 shares of the financial services provider's stock worth $344,000 after acquiring an additional 1,914 shares during the period. Invesco Ltd. grew its holdings in shares of Mid Penn Bancorp by 14.6% in the fourth quarter. Invesco Ltd. now owns 23,138 shares of the financial services provider's stock worth $667,000 after acquiring an additional 2,945 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in shares of Mid Penn Bancorp by 533.6% in the fourth quarter. Renaissance Technologies LLC now owns 46,182 shares of the financial services provider's stock worth $1,332,000 after acquiring an additional 38,893 shares during the period. Hedge funds and other institutional investors own 43.11% of the company's stock.

Insider Buying and Selling at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director John E. Noone acquired 1,000 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was purchased at an average price of $26.60 per share, for a total transaction of $26,600.00. Following the acquisition, the director owned 43,400 shares in the company, valued at approximately $1,154,440. This trade represents a 2.36% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Soto Matthew G. De acquired 1,875 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were acquired at an average price of $26.66 per share, with a total value of $49,987.50. Following the acquisition, the director owned 110,013 shares in the company, valued at approximately $2,932,946.58. The trade was a 1.73% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,776 shares of company stock worth $101,996 in the last ninety days. Insiders own 8.10% of the company's stock.

Mid Penn Bancorp Trading Down 0.0%

NASDAQ:MPB traded down $0.01 during midday trading on Thursday, hitting $28.45. The stock had a trading volume of 60,167 shares, compared to its average volume of 122,115. Mid Penn Bancorp has a one year low of $22.50 and a one year high of $33.87. The company has a market capitalization of $654.35 million, a price-to-earnings ratio of 11.90 and a beta of 0.63. The stock has a 50-day moving average of $28.13 and a 200 day moving average of $27.51. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.08.

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

Mid Penn Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 25th. Shareholders of record on Friday, August 8th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, August 8th. Mid Penn Bancorp's dividend payout ratio (DPR) is 33.47%.

Analyst Ratings Changes

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 research report on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $34.50.

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.