Mid Penn Bancorp, Inc. (NASDAQ:MPB) Short Interest Up 405.2% in November

Mid Penn Bancorp, Inc. (NASDAQ:MPB) saw a large growth in short interest in the month of 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 trading volume, of 51,400 shares, the short-interest ratio is currently 6.1 days.

Mid Penn Bancorp Trading Down 1.7 %

MPB stock traded down $0.56 during mid-day trading on Wednesday, reaching $32.30. 34,891 shares of the stock traded hands, compared to its average volume of 99,025. The stock has a market capitalization of $536.83 million, a PE ratio of 11.10 and a beta of 0.57. The business has a 50-day moving average price of $30.88 and a two-hundred day moving average price of $26.86. Mid Penn Bancorp has a one year low of $19.20 and a one year high of $33.87. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.95.

Mid Penn Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Friday, November 8th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio is currently 27.49%.

Insider Activity

In other news, Director Albert J. Evans purchased 8,474 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,024,004. The trade was a 32.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders bought 9,669 shares of company stock valued at $285,241 in the last quarter. Company insiders own 9.90% of the company’s stock.

Institutional Trading of Mid Penn Bancorp

A number of institutional investors have recently made changes to their positions in MPB. Vanguard Group Inc. raised its position in shares of Mid Penn Bancorp by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 688,363 shares of the financial services provider’s stock worth $13,774,000 after acquiring an additional 12,314 shares in the last quarter. Kennedy Capital Management LLC increased its holdings in shares of Mid Penn Bancorp by 126.4% in the 1st quarter. Kennedy Capital Management LLC now owns 96,086 shares of the financial services provider’s stock valued at $1,923,000 after acquiring an additional 53,650 shares during the period. Bank of New York Mellon Corp raised its position in Mid Penn Bancorp by 7.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 72,676 shares of the financial services provider’s stock valued at $1,595,000 after purchasing an additional 5,153 shares during the last quarter. Rhumbline Advisers boosted its stake in Mid Penn Bancorp by 4.1% during the 2nd quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider’s stock worth $490,000 after purchasing an additional 877 shares during the period. Finally, LSV Asset Management increased its stake in 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 valued at $3,425,000 after purchasing an additional 27,098 shares during the period. 43.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the company. StockNews.com downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, October 14th. Keefe, Bruyette & Woods increased their target price on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Piper Sandler upped their price objective on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, October 28th.

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.