Mid Penn Bancorp (NASDAQ:MPB) Shares Pass Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Mid Penn Bancorp shares have fallen below their 200-day moving average, trading at $27.05, down from a 200-day average of $27.98.
• A recent analysis gave Mid Penn Bancorp a consensus rating of "Moderate Buy" with an average target price of $34.50, despite some analysts lowering their target price.
• The company recently announced a quarterly dividend of $0.20 per share, yielding 3.0% annually, with a payout ratio of 33.47%.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report)'s stock price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $27.98 and traded as low as $27.03. Mid Penn Bancorp shares last traded at $27.05, with a volume of 102,029 shares traded.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Mid Penn Bancorp in a research report on Wednesday. Keefe, Bruyette & Woods reduced 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 analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $34.50.

Mid Penn Bancorp Trading Down 3.2%

The company has a market capitalization of $622.15 million, a PE ratio of 11.32 and a beta of 0.61. The company's fifty day moving average is $29.23 and its 200-day moving average is $27.98. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.95 and a quick ratio of 0.94.

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

Mid Penn Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Friday, August 8th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Friday, August 8th. Mid Penn Bancorp's dividend payout ratio (DPR) is presently 33.47%.

Hedge Funds Weigh In On Mid Penn Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of MPB. Alliancebernstein L.P. grew its holdings in Mid Penn Bancorp by 164.5% in the second quarter. Alliancebernstein L.P. now owns 396,782 shares of the financial services provider's stock worth $11,189,000 after purchasing an additional 246,784 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Mid Penn Bancorp in the second quarter worth $3,186,000. Geode Capital Management LLC grew its holdings in Mid Penn Bancorp by 21.4% in the second quarter. Geode Capital Management LLC now owns 501,446 shares of the financial services provider's stock worth $14,144,000 after purchasing an additional 88,398 shares during the last quarter. Wellington Management Group LLP grew its holdings in Mid Penn Bancorp by 3.8% in the first quarter. Wellington Management Group LLP now owns 1,507,231 shares of the financial services provider's stock worth $39,052,000 after purchasing an additional 55,054 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Mid Penn Bancorp in the first quarter worth $1,235,000. 43.11% of the stock is owned by hedge funds and other 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.

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