Mid Penn Bancorp (NASDAQ:MPB) Stock Price Passes Above 200 Day Moving Average – Should You Sell?

Mid Penn Bancorp (NASDAQ:MPB)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $28.43 and traded as high as $29.66. Mid Penn Bancorp shares last traded at $28.85, with a volume of 65,504 shares.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MPB shares. Keefe, Bruyette & Woods upped their target price on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Mid Penn Bancorp in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Mid Penn Bancorp Stock Down 1.8%

The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $663.52 million, a price-to-earnings ratio of 11.82 and a beta of 0.65. The business’s 50-day moving average is $29.21 and its 200-day moving average is $28.43.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings data on Tuesday, September 20th. The financial services provider reported $0.97 earnings per share for the quarter. The business had revenue of $32.43 million during the quarter. Mid Penn Bancorp had a return on equity of 8.54% and a net margin of 14.82%. As a group, equities analysts predict that Mid Penn Bancorp will post 3 earnings per share for the current year.

Mid Penn Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 24th. Shareholders of record on Monday, November 10th will be given a $0.22 dividend. The ex-dividend date is Monday, November 10th. This represents a $0.88 annualized dividend and a yield of 3.1%. This is a boost from Mid Penn Bancorp’s previous quarterly dividend of $0.20. Mid Penn Bancorp’s payout ratio is currently 36.07%.

Hedge Funds Weigh In On Mid Penn Bancorp

Several large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in Mid Penn Bancorp by 5.0% during the first quarter. Bank of New York Mellon Corp now owns 78,372 shares of the financial services provider’s stock worth $2,031,000 after buying an additional 3,703 shares in the last quarter. Retirement Planning Co of New England Inc. purchased a new stake in shares of Mid Penn Bancorp during the 1st quarter worth about $282,000. Mystic Asset Management Inc. boosted its stake in shares of Mid Penn Bancorp by 49.5% during the 1st quarter. Mystic Asset Management Inc. now owns 10,870 shares of the financial services provider’s stock worth $282,000 after acquiring an additional 3,600 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Mid Penn Bancorp by 11.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 52,991 shares of the financial services provider’s stock valued at $1,373,000 after acquiring an additional 5,636 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Mid Penn Bancorp by 21.0% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 57,039 shares of the financial services provider’s stock valued at $1,478,000 after purchasing an additional 9,888 shares in the last quarter. 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.