State Street Corp Buys 14,148 Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB)

State Street Corp lifted its position in shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) by 4.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 302,384 shares of the financial services provider’s stock after buying an additional 14,148 shares during the period. State Street Corp owned about 1.82% of Mid Penn Bancorp worth $9,020,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. McClarren Financial Advisors Inc. boosted 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 acquiring an additional 1,142 shares during the period. SG Americas Securities LLC bought a new stake in shares of Mid Penn Bancorp during the 3rd quarter worth approximately $163,000. Cornercap Investment Counsel Inc. acquired a new stake in shares of Mid Penn Bancorp in the 3rd quarter valued at approximately $263,000. Thrivent Financial for Lutherans acquired a new position in Mid Penn Bancorp in the 3rd quarter worth about $272,000. Finally, Heritage Oak Wealth Advisors LLC acquired a new stake in shares of Mid Penn Bancorp during the third quarter valued at about $378,000. 43.11% of the stock is owned by institutional investors.

Mid Penn Bancorp Stock Performance

Shares of MPB stock opened at $29.47 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market cap of $489.79 million, a price-to-earnings ratio of 10.13 and a beta of 0.56. Mid Penn Bancorp, Inc. has a 52 week low of $19.20 and a 52 week high of $33.87. The firm’s 50-day simple moving average is $31.33 and its two-hundred day simple moving average is $28.22.

Mid Penn Bancorp Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio is currently 27.49%.

Insider Activity at Mid Penn Bancorp

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 purchased at an average price of $29.50 per share, with a total value of $249,983.00. Following the completion of the acquisition, the director now owns 34,712 shares in the company, valued at $1,024,004. This trade represents a 32.30 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders have acquired 9,678 shares of company stock worth $285,527. 10.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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