Mid Penn Bancorp (NASDAQ:MPB) Stock Price Passes Below Two Hundred Day Moving Average – Time to Sell?

Mid Penn Bancorp, Inc. (NASDAQ:MPB)’s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $28.98 and traded as low as $26.89. Mid Penn Bancorp shares last traded at $27.64, with a volume of 56,466 shares trading hands.

Analyst Ratings Changes

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

Mid Penn Bancorp Stock Performance

The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average price of $30.61 and a two-hundred day moving average price of $28.98. The firm has a market cap of $459.38 million, a PE ratio of 9.50 and a beta of 0.57.

Mid Penn Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Friday, November 8th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp’s payout ratio is 27.49%.

Insider Activity

In related news, Director Albert J. Evans bought 8,474 shares of the business’s stock in a transaction 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders acquired 9,678 shares of company stock worth $285,510 over the last three months. Insiders own 10.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its stake in shares of 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 lifted its position in Mid Penn Bancorp by 4.1% in the second 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 last quarter. American Century Companies Inc. boosted its stake in Mid Penn Bancorp by 8.8% during 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. Dimensional Fund Advisors LP increased its position in shares of Mid Penn Bancorp by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock valued at $9,195,000 after acquiring an additional 31,292 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Mid Penn Bancorp in the 2nd quarter valued at approximately $282,000. 43.11% of the stock is currently owned by institutional investors and hedge funds.

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.