Mid Penn Bancorp (NASDAQ:MPB) Short Interest Update

Key Points

• Short interest fell 37.2% in March to 566,449 shares (about 2.7% of shares outstanding), with a days-to-cover ratio of 3.8 based on average daily volume.
• Two directors increased positions recently (Thomas Brugger bought 818 shares at $31.35 and Matthew Soto bought 972 shares at $30.85), and insiders bought 3,408 shares worth $105,578 over the last 90 days, now owning 8.10% of the stock.
• Analysts have an average rating of Buy on MPB with an average price target of $37.00, following mixed individual upgrades and downgrades.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) saw a large decrease in short interest in the month of March. As of March 13th, there was short interest totaling 566,449 shares, a decrease of 37.2% from the February 26th total of 901,914 shares. Approximately 2.7% of the shares of the company are sold short. Based on an average daily volume of 149,945 shares, the days-to-cover ratio is presently 3.8 days.

Analysts Set New Price Targets

MPB has been the subject of several research analyst reports. Weiss Ratings upgraded Mid Penn Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Wall Street Zen downgraded Mid Penn Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, January 24th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Mid Penn Bancorp currently has an average rating of "Buy" and an average price target of $37.00.

Insider Transactions at Mid Penn Bancorp

In other news, Director Thomas R. Brugger bought 818 shares of the business's stock in a transaction that occurred on Friday, March 6th. The stock was acquired at an average cost of $31.35 per share, for a total transaction of $25,644.30. Following the purchase, the director owned 6,110 shares of the company's stock, valued at approximately $191,548.50. This trade represents a 15.46% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Soto Matthew G. De purchased 972 shares of Mid Penn Bancorp stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average price of $30.85 per share, with a total value of $29,986.20. Following the acquisition, the director directly owned 4,299 shares of the company's stock, valued at $132,624.15. This trade represents a 29.22% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 3,408 shares of company stock worth $105,578. 8.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Mid Penn Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of MPB. Wellington Management Group LLP grew its stake in shares of Mid Penn Bancorp by 2.2% in the fourth quarter. Wellington Management Group LLP now owns 2,274,513 shares of the financial services provider's stock valued at $70,555,000 after acquiring an additional 50,000 shares in the last quarter. Alliancebernstein L.P. raised its stake in Mid Penn Bancorp by 102.2% in the 3rd quarter. Alliancebernstein L.P. now owns 802,098 shares of the financial services provider's stock worth $22,972,000 after purchasing an additional 405,316 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Mid Penn Bancorp by 5.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 668,627 shares of the financial services provider's stock worth $20,741,000 after purchasing an additional 34,890 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Mid Penn Bancorp by 21.4% in the 2nd quarter. Geode Capital Management LLC now owns 501,446 shares of the financial services provider's stock valued at $14,144,000 after purchasing an additional 88,398 shares during the period. Finally, Fourthstone LLC boosted its holdings in Mid Penn Bancorp by 32.7% in the 4th quarter. Fourthstone LLC now owns 291,396 shares of the financial services provider's stock valued at $9,039,000 after purchasing an additional 71,827 shares during the period. Institutional investors and hedge funds own 43.11% of the company's stock.

Mid Penn Bancorp Trading Up 0.0%

Shares of MPB stock opened at $31.65 on Friday. Mid Penn Bancorp has a 12-month low of $22.50 and a 12-month high of $35.22. The company has a market capitalization of $733.65 million, a PE ratio of 12.41 and a beta of 0.55. The firm has a 50 day moving average price of $32.63 and a two-hundred day moving average price of $30.84. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.03.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last posted its earnings results on Wednesday, January 21st. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.80 by $0.03. The company had revenue of $61.52 million for the quarter, compared to the consensus estimate of $62.65 million. Mid Penn Bancorp had a return on equity of 8.64% and a net margin of 16.04%. As a group, analysts predict that Mid Penn Bancorp will post 3 earnings per share for the current year.

Mid Penn Bancorp Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Tuesday, February 17th. Shareholders of record on Friday, February 6th were given a dividend of $0.05 per share. The ex-dividend date was Friday, February 6th. This represents a yield of 254.0%. Mid Penn Bancorp's dividend payout ratio (DPR) is presently 34.51%.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc is a bank holding company headquartered in Hummelstown, Pennsylvania, serving as the parent of Mid Penn Bank. As a full-service financial institution, Mid Penn Bank operates a network of branches across central Pennsylvania, delivering retail and commercial banking services to individuals, families and businesses in its regional markets.

Through its banking subsidiary, the company offers a broad range of deposit products, including checking accounts, savings accounts and certificates of deposit, alongside consumer and commercial lending solutions.

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