Mid Penn Bancorp (NASDAQ:MPB) Shares Pass 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 Friday . The stock has a 200-day moving average of $32.81 and traded as high as $34.69. Mid Penn Bancorp shares last traded at $34.63, with a volume of 112,834 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on MPB. Raymond James Financial started coverage on Mid Penn Bancorp in a report on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price objective for the company. Zacks Research raised Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Finally, Weiss Ratings upgraded Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Mid Penn Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $37.50.

Mid Penn Bancorp Price Performance

The stock has a 50 day simple moving average of $33.26 and a 200-day simple moving average of $32.81. The firm has a market cap of $877.52 million, a PE ratio of 15.74 and a beta of 0.47.

Mid Penn Bancorp (NASDAQ:MPB) last released its earnings results on Tuesday, April 21st. The financial services provider reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.16). Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%.The company had revenue of $64.85 million during the quarter, compared to analysts’ expectations of $63.15 million. As a group, equities analysts predict that Mid Penn Bancorp will post 3.2 EPS for the current fiscal year.

Mid Penn Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were issued a $0.22 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $0.88 annualized dividend and a yield of 2.5%. Mid Penn Bancorp’s payout ratio is 40.00%.

Insider Transactions at Mid Penn Bancorp

In other news, Director Soto Matthew G. De bought 1,525 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were purchased at an average price of $32.75 per share, for a total transaction of $49,943.75. Following the completion of the purchase, the director owned 118,696 shares in the company, valued at approximately $3,887,294. This represents a 1.30% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have bought 2,172 shares of company stock valued at $72,485 over the last three months. 7.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mid Penn Bancorp

Hedge funds have recently added to or reduced their stakes in the company. Stillwater Private Wealth LLC purchased a new stake in Mid Penn Bancorp during the 1st quarter valued at $225,000. Bank of America Corp DE increased its holdings in shares of Mid Penn Bancorp by 62.5% in the 1st quarter. Bank of America Corp DE now owns 73,129 shares of the financial services provider’s stock worth $2,352,000 after purchasing an additional 28,127 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Mid Penn Bancorp by 10.2% in the first quarter. Royal Bank of Canada now owns 5,460 shares of the financial services provider’s stock worth $176,000 after purchasing an additional 507 shares during the last quarter. Rhino Investment Partners Inc lifted its holdings in shares of Mid Penn Bancorp by 166.1% during the first quarter. Rhino Investment Partners Inc now owns 232,072 shares of the financial services provider’s stock valued at $7,463,000 after purchasing an additional 144,852 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in shares of Mid Penn Bancorp by 9.8% during the first quarter. Empowered Funds LLC now owns 104,354 shares of the financial services provider’s stock valued at $3,356,000 after purchasing an additional 9,348 shares in the last quarter. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

Mid Penn Bancorp Company Profile

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.