Royce & Associates LP Cuts Stock Holdings in Mid Penn Bancorp, Inc. (NASDAQ:MPB)

Royce & Associates LP reduced its position in Mid Penn Bancorp, Inc. (NASDAQ:MPB) by 18.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 204,988 shares of the financial services provider’s stock after selling 44,988 shares during the period. Royce & Associates LP’s holdings in Mid Penn Bancorp were worth $6,115,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MPB. Kennedy Capital Management LLC raised its stake in shares of Mid Penn Bancorp by 126.4% in the first quarter. Kennedy Capital Management LLC now owns 96,086 shares of the financial services provider’s stock worth $1,923,000 after purchasing an additional 53,650 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Mid Penn Bancorp by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock valued at $9,195,000 after acquiring an additional 31,292 shares during the last quarter. LSV Asset Management boosted its holdings in shares of Mid Penn Bancorp by 21.0% during the 2nd quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock valued at $3,425,000 after acquiring an additional 27,098 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Mid Penn Bancorp in the second quarter worth approximately $282,000. Finally, New Wave Wealth Advisors LLC purchased a new position in shares of Mid Penn Bancorp during the second quarter valued at approximately $278,000. 43.11% of the stock is owned by institutional investors.

Mid Penn Bancorp Stock Performance

Shares of NASDAQ MPB opened at $31.62 on Monday. Mid Penn Bancorp, Inc. has a 12-month low of $19.20 and a 12-month high of $33.23. The firm has a market capitalization of $525.52 million, a price-to-earnings ratio of 10.87 and a beta of 0.57. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.12. The firm has a 50 day moving average of $30.48 and a 200 day moving average of $26.30.

Mid Penn Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 8th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Friday, November 8th. Mid Penn Bancorp’s payout ratio is 27.49%.

Insider Transactions at Mid Penn Bancorp

In related news, Director Albert J. Evans acquired 8,474 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was bought at an average cost of $29.50 per share, for a total transaction of $249,983.00. Following the purchase, the director now owns 34,712 shares in the company, valued at $1,024,004. The trade was a 32.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders purchased 9,669 shares of company stock worth $285,241 in the last three months. Corporate insiders own 10.70% of the company’s stock.

Analyst Ratings Changes

MPB has been the subject of a number of research analyst reports. Piper Sandler lifted their target price on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Keefe, Bruyette & Woods lifted their price objective on Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, StockNews.com downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th.

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.