Mid Penn Bancorp (NASDAQ:MPB) Short Interest Down 37.2% in March
by Sarita Garza · The Markets DailyMid Penn Bancorp (NASDAQ:MPB – Get Free Report) saw a large decrease in short interest in March. As of March 13th, there was short interest totaling 566,449 shares, a decrease of 37.2% from the February 26th total of 901,914 shares. Currently, 2.7% of the company’s shares are sold short. Based on an average daily trading volume, of 149,945 shares, the days-to-cover ratio is currently 3.8 days.
Insiders Place Their Bets
In other news, Director Thomas R. Brugger acquired 818 shares of the company’s stock in a transaction that occurred on Friday, March 6th. The stock was purchased at an average price of $31.35 per share, with a total value of $25,644.30. Following the completion of the acquisition, the director owned 6,110 shares of the company’s stock, valued at $191,548.50. This trade represents a 15.46% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Soto Matthew G. De acquired 972 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were purchased at an average price of $30.85 per share, with a total value of $29,986.20. Following the completion of the transaction, the director owned 4,299 shares of the company’s stock, valued at $132,624.15. The trade was a 29.22% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 3,408 shares of company stock valued at $105,578 over the last ninety days. Corporate insiders own 8.10% of the company’s stock.
Institutional Trading of Mid Penn Bancorp
A number of large investors have recently made changes to their positions in MPB. Geode Capital Management LLC lifted its position in shares of Mid Penn Bancorp by 21.4% during the 2nd quarter. Geode Capital Management LLC now owns 501,446 shares of the financial services provider’s stock worth $14,144,000 after purchasing an additional 88,398 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in Mid Penn Bancorp in the second quarter valued at $3,186,000. De Lisle Partners LLP boosted its position in shares of Mid Penn Bancorp by 36.9% during the 2nd quarter. De Lisle Partners LLP now owns 103,824 shares of the financial services provider’s stock worth $2,926,000 after acquiring an additional 27,980 shares in the last quarter. Minerva Advisors LLC increased its holdings in shares of Mid Penn Bancorp by 4.7% in the 2nd quarter. Minerva Advisors LLC now owns 54,177 shares of the financial services provider’s stock valued at $1,525,000 after acquiring an additional 2,445 shares during the last quarter. Finally, Rafferty Asset Management LLC acquired a new stake in shares of Mid Penn Bancorp during the 3rd quarter worth about $473,000. 43.11% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
MPB has been the topic of a number of recent analyst reports. Wall Street Zen cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 24th. Weiss Ratings raised Mid Penn Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Mid Penn Bancorp has an average rating of “Buy” and a consensus price target of $37.00.
Check Out Our Latest Stock Report on Mid Penn Bancorp
Mid Penn Bancorp Trading Down 0.9%
NASDAQ:MPB traded down $0.30 on Friday, reaching $31.35. 108,107 shares of the company’s stock were exchanged, compared to its average volume of 150,072. The firm has a market capitalization of $726.69 million, a price-to-earnings ratio of 12.29 and a beta of 0.55. Mid Penn Bancorp has a 52-week low of $22.50 and a 52-week high of $35.22. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.03. The business has a fifty day moving average of $32.61 and a 200-day moving average of $30.86.
Mid Penn Bancorp (NASDAQ:MPB – Get Free Report) last released its earnings results on Wednesday, January 21st. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.03. The company had revenue of $61.52 million for the quarter, compared to analyst estimates of $62.65 million. Mid Penn Bancorp had a net margin of 16.04% and a return on equity of 8.64%. As a group, analysts expect that Mid Penn Bancorp will post 3 earnings per share for the current year.
Mid Penn Bancorp Announces Dividend
The business also recently declared a special dividend, which was paid on Tuesday, February 17th. Shareholders of record on Friday, February 6th were given a $0.05 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a yield of 254.0%. Mid Penn Bancorp’s dividend payout ratio (DPR) is currently 34.51%.
About Mid Penn Bancorp
Mid Penn Bancorp, Inc is a bank holding company headquartered in Hummelstown, Pennsylvania, serving as the parent of Mid Penn Bank. As a full-service financial institution, Mid Penn Bank operates a network of branches across central Pennsylvania, delivering retail and commercial banking services to individuals, families and businesses in its regional markets.
Through its banking subsidiary, the company offers a broad range of deposit products, including checking accounts, savings accounts and certificates of deposit, alongside consumer and commercial lending solutions.