Mid Penn Bancorp, Inc. (NASDAQ:MPB) Shares Acquired by Wellington Management Group LLP

Wellington Management Group LLP increased its stake in Mid Penn Bancorp, Inc. (NASDAQ:MPB) by 14.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 638,594 shares of the financial services provider’s stock after acquiring an additional 79,851 shares during the quarter. Wellington Management Group LLP owned approximately 3.84% of Mid Penn Bancorp worth $19,049,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Dimensional Fund Advisors LP grew its holdings in shares of Mid Penn Bancorp by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock worth $9,195,000 after acquiring an additional 31,292 shares during the last quarter. State Street Corp boosted its position in shares of Mid Penn Bancorp by 4.9% in the third quarter. State Street Corp now owns 302,384 shares of the financial services provider’s stock worth $9,020,000 after buying an additional 14,148 shares during the period. LSV Asset Management boosted its position in shares of Mid Penn Bancorp by 21.0% in the second quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock worth $3,425,000 after buying an additional 27,098 shares during the period. American Century Companies Inc. boosted its position in shares of Mid Penn Bancorp by 8.8% in the second quarter. American Century Companies Inc. now owns 144,397 shares of the financial services provider’s stock worth $3,170,000 after buying an additional 11,731 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Mid Penn Bancorp by 7.6% in the second quarter. Bank of New York Mellon Corp now owns 72,676 shares of the financial services provider’s stock worth $1,595,000 after buying an additional 5,153 shares during the period. 43.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Mid Penn Bancorp

In related news, Director Albert J. Evans purchased 8,474 shares of Mid Penn Bancorp stock in a transaction on Friday, November 1st. The stock was bought at an average price of $29.50 per share, with a total value of $249,983.00. Following the completion of the transaction, the director now directly owns 34,712 shares of the company’s stock, valued at approximately $1,024,004. This represents a 32.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders bought 9,678 shares of company stock valued at $285,527. Insiders own 10.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MPB. StockNews.com cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, October 14th. Keefe, Bruyette & Woods raised their target price 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, Piper Sandler raised their target price on Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th.

Mid Penn Bancorp Price Performance

MPB opened at $30.83 on Friday. The stock has a market cap of $512.39 million, a price-to-earnings ratio of 10.58 and a beta of 0.56. Mid Penn Bancorp, Inc. has a 1 year low of $19.20 and a 1 year high of $33.87. 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 stock has a fifty day moving average price of $31.37 and a 200 day moving average price of $27.62.

Mid Penn Bancorp Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 2.59%. Mid Penn Bancorp’s payout ratio is 27.49%.

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.