Mid Penn Bancorp (NASDAQ:MPB) Sees Unusually-High Trading Volume - Here's Why

Key Points

• Mid Penn Bancorp's shares experienced an unusual trading volume spike with 304,072 shares traded, marking a 202% increase from the previous session's volume.
• Analysts at Keefe, Bruyette & Woods have lowered their price target from $35.00 to $34.00, while the average price target stands at $34.50 with a consensus rating of "Buy."
• The company recently announced a quarterly dividend of $0.20 per share, reflecting an annualized yield of 2.7% and a payout ratio of 33.47%.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) shares saw strong trading volume on Thursday . 304,072 shares changed hands during trading, an increase of 202% from the previous session's volume of 100,666 shares.The stock last traded at $28.91 and had previously closed at $30.10.

Analysts Set New Price Targets

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

Mid Penn Bancorp Stock Down 3.1%

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market capitalization of $670.91 million, a P/E ratio of 12.22 and a beta of 0.65. The stock has a fifty day moving average price of $29.04 and a two-hundred day moving average price of $27.74.

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 for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The business had revenue of $54.35 million during 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%. Research analysts forecast that Mid Penn Bancorp will post 3 EPS for the current year.

Mid Penn Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Friday, August 8th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, August 8th. Mid Penn Bancorp's dividend payout ratio is presently 33.47%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC boosted its position in Mid Penn Bancorp by 6.9% during the 2nd quarter. Lazard Asset Management LLC now owns 5,576 shares of the financial services provider's stock worth $156,000 after acquiring an additional 358 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Mid Penn Bancorp by 4.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,565 shares of the financial services provider's stock valued at $247,000 after buying an additional 380 shares during the period. Legal & General Group Plc lifted its holdings in shares of Mid Penn Bancorp by 35.6% in the second quarter. Legal & General Group Plc now owns 1,877 shares of the financial services provider's stock valued at $53,000 after buying an additional 493 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in shares of Mid Penn Bancorp by 35.6% in the second quarter. Ameritas Investment Partners Inc. now owns 2,055 shares of the financial services provider's stock valued at $58,000 after buying an additional 540 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in shares of Mid Penn Bancorp by 8.4% in the second quarter. Intech Investment Management LLC now owns 9,521 shares of the financial services provider's stock valued at $268,000 after buying an additional 741 shares during the period. Institutional investors and hedge funds own 43.11% of the company's stock.

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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