Mid Penn Bancorp (NASDAQ:MPB) Shares Cross Below 200-Day Moving Average - Here's Why

Shares of Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $27.82 and traded as low as $26.69. Mid Penn Bancorp shares last traded at $27.67, with a volume of 74,748 shares changing hands.

Mid Penn Bancorp Stock Down 0.2%

The company has a market capitalization of $534.34 million, a PE ratio of 9.58 and a beta of 0.63. The stock's fifty day moving average is $27.35 and its two-hundred day moving average is $27.82. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.10. The company had revenue of $47.75 million during the quarter, compared to analyst estimates of $47.20 million. Mid Penn Bancorp had a net margin of 16.36% and a return on equity of 8.23%. As a group, analysts predict that Mid Penn Bancorp will post 3 EPS for the current year.

Mid Penn Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 26th. Shareholders of record on Thursday, May 8th were paid a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.90%. Mid Penn Bancorp's payout ratio is presently 27.78%.

Insider Activity

In related news, Director Soto Matthew G. De acquired 1,875 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average price of $26.66 per share, with a total value of $49,987.50. Following the acquisition, the director now owns 110,013 shares of the company's stock, valued at approximately $2,932,946.58. This trade represents a 1.73% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John E. Noone bought 1,000 shares of the business's stock in a transaction on Monday, April 28th. The stock was bought at an average price of $28.18 per share, with a total value of $28,180.00. Following the purchase, the director now owns 41,400 shares in the company, valued at $1,166,652. This trade represents a 2.48% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 8,705 shares of company stock valued at $240,769 in the last 90 days. Insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Mid Penn Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of MPB. Strs Ohio purchased a new position in Mid Penn Bancorp during the first quarter valued at approximately $503,000. Empowered Funds LLC lifted its stake in Mid Penn Bancorp by 55.2% in the 1st quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider's stock worth $1,490,000 after purchasing an additional 20,442 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Mid Penn Bancorp by 21.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,361 shares of the financial services provider's stock valued at $268,000 after purchasing an additional 1,796 shares during the period. AQR Capital Management LLC grew its position in shares of Mid Penn Bancorp by 107.5% during the 1st quarter. AQR Capital Management LLC now owns 22,730 shares of the financial services provider's stock valued at $589,000 after purchasing an additional 11,774 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. bought a new position in shares of Mid Penn Bancorp in the first quarter worth $282,000. 43.11% of the stock is currently owned by institutional investors.

Mid Penn Bancorp Company 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.