Mid Penn Bancorp, Inc. (NASDAQ:MPB) Short Interest Update

Mid Penn Bancorp, Inc. (NASDAQ:MPB) was the target of a large growth in short interest in November. As of November 15th, there was short interest totalling 313,700 shares, a growth of 405.2% from the October 31st total of 62,100 shares. Based on an average daily volume of 51,400 shares, the days-to-cover ratio is presently 6.1 days.

Insider Activity

In other news, Director Albert J. Evans purchased 8,474 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were acquired at an average price of $29.50 per share, with a total value of $249,983.00. Following the purchase, the director now directly owns 34,712 shares of the company’s stock, valued at $1,024,004. The trade was a 32.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders purchased 9,669 shares of company stock worth $285,241 in the last 90 days. 10.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Mid Penn Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its stake in shares of Mid Penn Bancorp by 4.1% during the 2nd quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider’s stock valued at $490,000 after buying an additional 877 shares during the period. ClariVest Asset Management LLC grew its position in Mid Penn Bancorp by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 38,366 shares of the financial services provider’s stock valued at $842,000 after acquiring an additional 1,072 shares during the period. McClarren Financial Advisors Inc. increased its stake in Mid Penn Bancorp by 5,438.1% during the third quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,142 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Mid Penn Bancorp by 5.2% in the 3rd quarter. Empowered Funds LLC now owns 35,350 shares of the financial services provider’s stock worth $1,054,000 after purchasing an additional 1,742 shares during the period. Finally, Martingale Asset Management L P raised its holdings in shares of Mid Penn Bancorp by 12.0% in the 3rd quarter. Martingale Asset Management L P now owns 42,502 shares of the financial services provider’s stock worth $1,268,000 after purchasing an additional 4,550 shares during the period. 43.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MPB has been the subject of a number of research 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 research report on Tuesday, October 29th. Finally, StockNews.com cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th.

Mid Penn Bancorp Trading Down 0.1 %

MPB traded down $0.02 during trading on Friday, hitting $32.05. The company’s stock had a trading volume of 33,524 shares, compared to its average volume of 40,185. Mid Penn Bancorp has a twelve month low of $19.20 and a twelve month high of $33.87. The stock has a market cap of $532.67 million, a PE ratio of 11.01 and a beta of 0.57. The firm’s 50 day moving average price is $30.99 and its 200-day moving average price is $27.01. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.94.

Mid Penn Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Friday, November 8th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.80 annualized dividend and a yield of 2.50%. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 27.49%.

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.