Mid Penn Bancorp (NASDAQ:MPB) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Mid Penn Bancorp's share price has recently crossed above its 200-day moving average, trading as high as $28.85 and last recorded at $28.82 on significant volume.
• Analysts at Keefe, Bruyette & Woods have reduced their price target for Mid Penn Bancorp shares from $35.00 to $34.00 while maintaining an "outperform" rating, indicating a tempered optimism about the stock's future potential.
• The company has declared a quarterly dividend of $0.20 per share, with the ex-dividend date set for August 8th, reflecting its stable dividend policy and a current yield of 2.8%.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $27.59 and traded as high as $28.85. Mid Penn Bancorp shares last traded at $28.82, with a volume of 74,151 shares traded.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reduced their price objective on shares of Mid Penn Bancorp from $35.00 to $34.00 and set an "outperform" rating for the company in a research note on Monday, August 4th.

Mid Penn Bancorp Stock Performance

The company has a market cap of $650.64 million, a PE ratio of 11.83 and a beta of 0.63. 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 firm's 50-day simple moving average is $28.00 and its two-hundred day simple moving average is $27.52.

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

Mid Penn Bancorp Announces Dividend

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

Insider Buying and Selling at Mid Penn Bancorp

In other news, Director Soto Matthew G. De purchased 1,875 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were purchased at an average cost of $26.66 per share, with a total value of $49,987.50. Following the completion of the acquisition, the director owned 110,013 shares of the company's stock, valued at approximately $2,932,946.58. This represents a 1.73% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John E. Noone acquired 1,000 shares of Mid Penn Bancorp stock in a transaction on Friday, May 23rd. The shares were bought at an average price of $26.60 per share, with a total value of $26,600.00. Following the completion of the transaction, the director directly owned 43,400 shares of the company's stock, valued at $1,154,440. This trade represents a 2.36% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 4,776 shares of company stock worth $130,226 over the last ninety days. Insiders own 8.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its stake in shares of Mid Penn Bancorp by 40.4% in the fourth 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 raised its holdings in Mid Penn Bancorp by 8.4% during the fourth quarter. Geode Capital Management LLC now owns 379,639 shares of the financial services provider's stock worth $10,952,000 after purchasing an additional 29,264 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Mid Penn Bancorp by 19.1% during the fourth quarter. Wells Fargo & Company MN now owns 11,916 shares of the financial services provider's stock worth $344,000 after purchasing an additional 1,914 shares in the last quarter. Invesco Ltd. raised its holdings in Mid Penn Bancorp by 14.6% during the fourth quarter. Invesco Ltd. now owns 23,138 shares of the financial services provider's stock worth $667,000 after purchasing an additional 2,945 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Mid Penn Bancorp by 533.6% during 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 last quarter. Hedge funds and other institutional investors 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.