Short Interest in Mid Penn Bancorp, Inc. (NASDAQ:MPB) Declines By 15.9%

by · The Markets Daily

Mid Penn Bancorp, Inc. (NASDAQ:MPB – Get Free Report) was the target of a large decline in short interest during the month of October. As of October 15th, there was short interest totalling 73,900 shares, a decline of 15.9% from the September 30th total of 87,900 shares. Based on an average daily trading volume, of 32,500 shares, the days-to-cover ratio is presently 2.3 days.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MPB shares. Piper Sandler increased their price target on Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday. StockNews.com downgraded shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th.

Read Our Latest Report on MPB

Mid Penn Bancorp Price Performance

Shares of NASDAQ MPB traded up $1.22 on Monday, hitting $32.31. The company’s stock had a trading volume of 19,626 shares, compared to its average volume of 34,504. Mid Penn Bancorp has a 12-month low of $18.67 and a 12-month high of $32.59. The company has a market capitalization of $539.22 million, a price-to-earnings ratio of 13.78 and a beta of 0.58. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a 50 day moving average of $29.66 and a 200-day moving average of $25.11.

Mid Penn Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 8th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Friday, November 8th. Mid Penn Bancorp’s payout ratio is 34.63%.

Hedge Funds Weigh In On Mid Penn Bancorp

Several institutional investors and hedge funds have recently modified their holdings of MPB. McClarren Financial Advisors Inc. increased its position in Mid Penn Bancorp by 5,438.1% during the third quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,142 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Mid Penn Bancorp during the 3rd quarter valued at $163,000. New Wave Wealth Advisors LLC acquired a new stake in Mid Penn Bancorp during the 2nd quarter valued at $278,000. Squarepoint Ops LLC bought a new position in Mid Penn Bancorp during the 2nd quarter valued at $282,000. Finally, Heritage Oak Wealth Advisors LLC bought a new position in Mid Penn Bancorp during the 3rd quarter valued at $378,000. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Mid Penn Bancorp Company Profile

(Get Free Report)

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.

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