Mid Penn Bancorp (NASDAQ:MPB) Sees Large Increase in Short Interest

Key Points

• Mid Penn Bancorp experienced a significant increase in short interest with a rise of 87.3% in September, totaling 647,900 shares by the end of the month.
• Several institutional investors have significantly increased their stakes in the company, with Osaic Holdings Inc. raising its stake by 130.7% during the second quarter.
• MPB has a consensus rating of "Moderate Buy" with a target price currently set at $34.50 according to research analysts.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 647,900 shares, an increase of 87.3% from the September 15th total of 346,000 shares. Based on an average daily volume of 129,200 shares, the days-to-cover ratio is presently 5.0 days. Based on an average daily volume of 129,200 shares, the days-to-cover ratio is presently 5.0 days.

Institutional Investors Weigh In On Mid Penn Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. raised its stake in shares of Mid Penn Bancorp by 130.7% in the 2nd quarter. Osaic Holdings Inc. now owns 23,824 shares of the financial services provider's stock valued at $672,000 after acquiring an additional 13,499 shares during the period. Squarepoint Ops LLC raised its stake in shares of Mid Penn Bancorp by 7.4% in the 2nd quarter. Squarepoint Ops LLC now owns 40,721 shares of the financial services provider's stock valued at $1,148,000 after acquiring an additional 2,796 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Mid Penn Bancorp by 416.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,303 shares of the financial services provider's stock valued at $93,000 after acquiring an additional 2,664 shares during the period. Lazard Asset Management LLC raised its stake in shares of Mid Penn Bancorp by 6.9% in the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider's stock valued at $156,000 after acquiring an additional 358 shares during the period. Finally, Bridgeway Capital Management LLC raised its stake in shares of Mid Penn Bancorp by 6.6% in the 2nd quarter. Bridgeway Capital Management LLC now owns 89,620 shares of the financial services provider's stock valued at $2,527,000 after acquiring an additional 5,512 shares during the period. 43.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MPB has been the topic of several research analyst reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Mid Penn Bancorp in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods dropped their target price on shares of 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 research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.50.

Mid Penn Bancorp Trading Up 0.7%

MPB stock traded up $0.20 during trading on Tuesday, reaching $27.65. 63,982 shares of the stock were exchanged, compared to its average volume of 159,861. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The business has a 50 day moving average price of $29.24 and a 200-day moving average price of $28.09. Mid Penn Bancorp has a 1 year low of $22.50 and a 1 year high of $33.87. The firm has a market capitalization of $635.95 million, a price-to-earnings ratio of 11.57 and a beta of 0.61.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its earnings results on Tuesday, September 20th. The financial services provider reported $0.97 EPS for the quarter. Mid Penn Bancorp had a net margin of 13.69% and a return on equity of 8.13%. The company had revenue of $32.43 million for the quarter. On average, research analysts predict that Mid Penn Bancorp will post 3 earnings per share for the current year.

Mid Penn Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Friday, August 8th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, August 8th. Mid Penn Bancorp's payout ratio is 33.47%.

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.

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