Insider Buying: Mid Penn Bancorp, Inc. (NASDAQ:MPB) CEO Purchases $99,469.40 in Stock

Mid Penn Bancorp, Inc. (NASDAQ:MPB) CEO Rory G. Ritrievi purchased 3,365 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was purchased at an average price of $29.56 per share, for a total transaction of $99,469.40. Following the completion of the acquisition, the chief executive officer now owns 10,750 shares of the company’s stock, valued at approximately $317,770. This represents a 45.57 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Mid Penn Bancorp Price Performance

NASDAQ:MPB opened at $29.58 on Monday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.95. The stock’s 50-day simple moving average is $29.52 and its 200 day simple moving average is $29.82. The company has a market cap of $572.67 million, a P/E ratio of 10.20 and a beta of 0.56. Mid Penn Bancorp, Inc. has a 52-week low of $19.20 and a 52-week high of $33.87.

Mid Penn Bancorp (NASDAQ:MPB) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.71. Mid Penn Bancorp had a return on equity of 8.43% and a net margin of 15.99%. As a group, sell-side analysts forecast that Mid Penn Bancorp, Inc. will post 3 EPS for the current fiscal year.

Mid Penn Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Friday, February 7th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Friday, February 7th. Mid Penn Bancorp’s dividend payout ratio is currently 27.59%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Piper Sandler boosted their price target on Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Keefe, Bruyette & Woods boosted their price target on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th.

Institutional Trading of Mid Penn Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its position in Mid Penn Bancorp by 14.3% during the third quarter. Wellington Management Group LLP now owns 638,594 shares of the financial services provider’s stock worth $19,049,000 after buying an additional 79,851 shares during the last quarter. Geode Capital Management LLC increased its position in Mid Penn Bancorp by 5.3% during the third quarter. Geode Capital Management LLC now owns 350,375 shares of the financial services provider’s stock worth $10,454,000 after buying an additional 17,730 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Mid Penn Bancorp during the third quarter worth approximately $542,000. Jane Street Group LLC increased its position in Mid Penn Bancorp by 72.7% during the third quarter. Jane Street Group LLC now owns 22,145 shares of the financial services provider’s stock worth $661,000 after buying an additional 9,324 shares during the last quarter. Finally, Barclays PLC increased its position in Mid Penn Bancorp by 61.3% during the third quarter. Barclays PLC now owns 36,805 shares of the financial services provider’s stock worth $1,098,000 after buying an additional 13,986 shares during the last quarter. Institutional investors and hedge funds own 43.11% of the company’s stock.

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.