Royce & Associates LP Lowers Holdings in Mid Penn Bancorp (NASDAQ:MPB)

Key Points

• Royce & Associates LP sold 51,220 shares of Mid Penn Bancorp, reducing its position by 27.4% and now owning around 0.70% of the company, valued at $3.51 million.
• In addition to Royce, several institutional investors increased their stakes in Mid Penn Bancorp, including Wellington Management Group, which boosted its stake by 127.4% during the last quarter.
• Mid Penn Bancorp recently announced a quarterly dividend of $0.20 per share, with a dividend yield of 2.96% and a payout ratio of 33.47%, set to be paid on August 25th.

Royce & Associates LP lessened its stake in Mid Penn Bancorp (NASDAQ:MPB - Free Report) by 27.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,397 shares of the financial services provider's stock after selling 51,220 shares during the quarter. Royce & Associates LP owned 0.70% of Mid Penn Bancorp worth $3,508,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in Mid Penn Bancorp by 15.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,355 shares of the financial services provider's stock valued at $1,366,000 after acquiring an additional 6,439 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Mid Penn Bancorp during the 4th quarter valued at about $1,289,000. Thrivent Financial for Lutherans increased its position in shares of Mid Penn Bancorp by 115.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 19,654 shares of the financial services provider's stock valued at $567,000 after purchasing an additional 10,540 shares during the last quarter. American Century Companies Inc. increased its position in shares of Mid Penn Bancorp by 14.5% during the 4th quarter. American Century Companies Inc. now owns 244,971 shares of the financial services provider's stock valued at $7,065,000 after purchasing an additional 30,965 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Mid Penn Bancorp by 17.3% during the 4th quarter. Vanguard Group Inc. now owns 962,636 shares of the financial services provider's stock valued at $27,762,000 after purchasing an additional 141,756 shares during the last quarter. Hedge funds and other institutional investors own 43.11% of the company's stock.

Mid Penn Bancorp Stock Performance

Mid Penn Bancorp stock traded up $0.09 during midday trading on Thursday, hitting $27.25. The stock had a trading volume of 41,940 shares, compared to its average volume of 95,766. The firm's fifty day moving average is $27.75 and its two-hundred day moving average is $27.70. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $527.56 million, a PE ratio of 11.40 and a beta of 0.64. Mid Penn Bancorp has a 52-week low of $22.50 and a 52-week high of $33.87.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. Mid Penn Bancorp had a return on equity of 8.60% and a net margin of 13.69%. The business had revenue of $54.35 million during the quarter, compared to analyst estimates of $54.20 million. On average, research analysts forecast that Mid Penn Bancorp will post 3 EPS for the current year.

Mid Penn Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Friday, August 8th will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $0.80 annualized dividend and a yield of 2.94%. Mid Penn Bancorp's dividend payout ratio is currently 33.47%.

Insider Activity

In related news, Director Soto Matthew G. De bought 3,560 shares of the company's stock in a transaction dated Friday, May 16th. The stock was purchased at an average price of $28.10 per share, for a total transaction of $100,036.00. Following the acquisition, the director owned 108,138 shares in the company, valued at $3,038,677.80. This trade represents a 3.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John E. Noone acquired 1,000 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average price of $26.60 per share, with a total value of $26,600.00. Following the acquisition, the director owned 43,400 shares in the company, valued at $1,154,440. This trade represents a 2.36% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 8,586 shares of company stock valued at $237,479. 8.10% of the stock is currently owned by company insiders.

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.