Mid Penn Bancorp (NASDAQ:MPB) Shares Gap Down – Here’s Why

Mid Penn Bancorp, Inc. (NASDAQ:MPB)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $26.02, but opened at $25.43. Mid Penn Bancorp shares last traded at $26.08, with a volume of 15,869 shares.

Mid Penn Bancorp Trading Up 0.7 %

The company has a 50-day moving average price of $28.35 and a two-hundred day moving average price of $29.65. The stock has a market cap of $508.10 million, a P/E ratio of 9.05 and a beta of 0.53. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.12.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $0.71 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.71. Mid Penn Bancorp had a net margin of 15.99% and a return on equity of 8.43%. On average, research analysts expect that Mid Penn Bancorp, Inc. will post 3 EPS for the current fiscal year.

Mid Penn Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Friday, February 7th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Friday, February 7th. Mid Penn Bancorp’s payout ratio is currently 27.59%.

Insider Buying and Selling at Mid Penn Bancorp

In related news, CEO Rory G. Ritrievi bought 3,365 shares of the company’s stock in a transaction on Friday, February 14th. The shares were acquired at an average cost of $29.56 per share, for a total transaction of $99,469.40. Following the purchase, the chief executive officer now directly owns 10,750 shares of the company’s stock, valued at approximately $317,770. The trade was a 45.57 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Soto Matthew G. De purchased 2,575 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were bought at an average cost of $29.07 per share, with a total value of $74,855.25. Following the purchase, the director now directly owns 103,162 shares of the company’s stock, valued at approximately $2,998,919.34. This represents a 2.56 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 9,007 shares of company stock worth $266,467 over the last 90 days. Company insiders own 10.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in shares of Mid Penn Bancorp by 127.4% during the 4th quarter. Wellington Management Group LLP now owns 1,452,177 shares of the financial services provider’s stock worth $41,881,000 after purchasing an additional 813,583 shares during the last quarter. FJ Capital Management LLC acquired a new position in shares of Mid Penn Bancorp during the fourth quarter valued at about $11,243,000. Vanguard Group Inc. raised its position in shares of Mid Penn Bancorp by 17.3% in the 4th quarter. Vanguard Group Inc. now owns 962,636 shares of the financial services provider’s stock valued at $27,762,000 after purchasing an additional 141,756 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Mid Penn Bancorp by 62.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 344,453 shares of the financial services provider’s stock valued at $9,934,000 after purchasing an additional 132,814 shares during the last quarter. Finally, Boston Partners purchased a new stake in Mid Penn Bancorp during the 4th quarter worth approximately $2,630,000. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

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.