Mid Penn Bancorp (NASDAQ:MPB) Sees Unusually-High Trading Volume – Still a Buy?

Mid Penn Bancorp, Inc. (NASDAQ:MPB) shares saw unusually-strong trading volume on Friday . Approximately 79,701 shares were traded during trading, an increase of 100% from the previous session’s volume of 39,810 shares.The stock last traded at $31.97 and had previously closed at $31.65.

Wall Street Analysts Forecast Growth

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

Mid Penn Bancorp Stock Up 2.5 %

The firm has a market cap of $538.99 million, a PE ratio of 11.14 and a beta of 0.57. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.94. The business has a fifty day moving average price of $30.77 and a two-hundred day moving average price of $26.67.

Mid Penn Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 8th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.47%. Mid Penn Bancorp’s dividend payout ratio is 27.49%.

Insider Transactions at Mid Penn Bancorp

In related news, Director Albert J. Evans purchased 8,474 shares of the stock in a transaction dated Friday, November 1st. The shares were acquired at an average cost of $29.50 per share, for a total transaction of $249,983.00. Following the acquisition, the director now directly owns 34,712 shares in the company, valued at approximately $1,024,004. The trade was a 32.30 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders purchased 9,669 shares of company stock valued at $285,241 over the last three months. 10.70% of the stock is owned by corporate insiders.

Institutional Trading of Mid Penn Bancorp

A number of institutional investors have recently bought and sold shares of MPB. McClarren Financial Advisors Inc. raised its stake in shares of Mid Penn Bancorp by 5,438.1% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,142 shares in the last quarter. SG Americas Securities LLC bought a new position in Mid Penn Bancorp during the third quarter valued at approximately $163,000. Cornercap Investment Counsel Inc. acquired a new stake in Mid Penn Bancorp in the third quarter valued at approximately $263,000. Thrivent Financial for Lutherans bought a new stake in Mid Penn Bancorp in the third quarter worth approximately $272,000. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Mid Penn Bancorp during the 2nd quarter worth $278,000. Institutional investors and hedge funds own 43.11% of the company’s stock.

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.