Connor Clark & Lunn Investment Management Ltd. Invests $542,000 in Mid Penn Bancorp, Inc. (NASDAQ:MPB)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Mid Penn Bancorp, Inc. (NASDAQ:MPB) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 18,176 shares of the financial services provider’s stock, valued at approximately $542,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.11% of Mid Penn Bancorp at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Segall Bryant & Hamill LLC bought a new stake in Mid Penn Bancorp during the third quarter valued at $1,626,000. Thrivent Financial for Lutherans acquired a new position in shares of Mid Penn Bancorp in the 3rd quarter valued at about $272,000. Empowered Funds LLC boosted its position in shares of Mid Penn Bancorp by 5.2% during the 3rd quarter. Empowered Funds LLC now owns 35,350 shares of the financial services provider’s stock valued at $1,054,000 after purchasing an additional 1,742 shares in the last quarter. Cornercap Investment Counsel Inc. acquired a new stake in Mid Penn Bancorp during the third quarter worth approximately $263,000. Finally, Heritage Oak Wealth Advisors LLC bought a new stake in Mid Penn Bancorp in the third quarter worth approximately $378,000. Institutional investors and hedge funds own 43.11% of the company’s stock.

Insider Transactions at Mid Penn Bancorp

In related news, Director Albert J. Evans purchased 8,474 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was acquired at an average cost of $29.50 per share, with a total value of $249,983.00. Following the transaction, the director now owns 34,712 shares of the company’s stock, valued at $1,024,004. This represents a 32.30 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired a total of 9,669 shares of company stock valued at $285,241 over the last three months. Corporate insiders own 10.70% of the company’s stock.

Mid Penn Bancorp Trading Down 0.1 %

Shares of Mid Penn Bancorp stock opened at $32.05 on Friday. The stock has a market capitalization of $532.67 million, a PE ratio of 11.01 and a beta of 0.57. Mid Penn Bancorp, Inc. has a 52 week low of $19.20 and a 52 week high of $33.87. The stock has a 50 day moving average price of $30.99 and a two-hundred day moving average price of $27.01. 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 Announces Dividend

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

Analysts Set New Price Targets

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

Mid Penn Bancorp 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.