Mid Penn Bancorp (NASDAQ:MPB) Stock Price Crosses Above 200 Day Moving Average - Here's Why

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $27.72 and traded as high as $30.24. Mid Penn Bancorp shares last traded at $30.22, with a volume of 102,413 shares trading hands.

Mid Penn Bancorp Trading Down 1.5%

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a 50 day simple moving average of $27.78 and a two-hundred day simple moving average of $27.70. The firm has a market capitalization of $576.15 million, a P/E ratio of 10.33 and a beta of 0.64.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10. Mid Penn Bancorp had a return on equity of 8.23% and a net margin of 16.36%. The business had revenue of $47.75 million for the quarter, compared to analysts' expectations of $47.20 million. Equities research analysts forecast that Mid Penn Bancorp will post 3 earnings per share for the current year.

Mid Penn Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, May 26th. Stockholders of record on Thursday, May 8th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Thursday, May 8th. Mid Penn Bancorp's payout ratio is 27.78%.

Insiders Place Their Bets

In other Mid Penn Bancorp news, Director John E. Noone bought 1,000 shares of the stock in a transaction dated Friday, May 23rd. The shares were bought at an average cost of $26.60 per share, for a total transaction of $26,600.00. Following the purchase, the director directly owned 43,400 shares of the company's stock, valued at approximately $1,154,440. This trade represents a 2.36% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Soto Matthew G. De bought 1,875 shares of the stock in a transaction dated Friday, May 23rd. The shares were acquired at an average price of $26.66 per share, for a total transaction of $49,987.50. Following the completion of the purchase, the director directly owned 110,013 shares in the company, valued at approximately $2,932,946.58. This trade represents a 1.73% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 9,586 shares of company stock worth $265,659 over the last quarter. Company insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Mid Penn Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MPB. Bank of New York Mellon Corp raised its position in shares of Mid Penn Bancorp by 19.7% in the fourth quarter. Bank of New York Mellon Corp now owns 74,669 shares of the financial services provider's stock valued at $2,153,000 after purchasing an additional 12,297 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Mid Penn Bancorp by 15.7% in 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 purchasing an additional 6,439 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Mid Penn Bancorp in the fourth quarter valued at approximately $1,289,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Mid Penn Bancorp by 159.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,151 shares of the financial services provider's stock valued at $1,360,000 after purchasing an additional 28,975 shares during the period. Finally, Mystic Asset Management Inc. bought a new stake in shares of Mid Penn Bancorp in the fourth quarter valued at approximately $210,000. 43.11% of the stock is currently owned by institutional investors.

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.