Short Interest in Mid Penn Bancorp, Inc. (NASDAQ:MPB) Increases By 16.8%

Mid Penn Bancorp, Inc. (NASDAQ:MPB) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 95,800 shares, a growth of 16.8% from the August 15th total of 82,000 shares. Based on an average trading volume of 39,300 shares, the days-to-cover ratio is presently 2.4 days.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Piper Sandler raised their price objective on shares of Mid Penn Bancorp from $25.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. StockNews.com upgraded Mid Penn Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, August 9th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers boosted its stake in Mid Penn Bancorp by 4.1% during the second quarter. Rhumbline Advisers now owns 22,344 shares of the financial services provider’s stock worth $490,000 after acquiring an additional 877 shares in the last quarter. ClariVest Asset Management LLC grew its stake in shares of Mid Penn Bancorp by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 38,366 shares of the financial services provider’s stock worth $842,000 after buying an additional 1,072 shares during the last quarter. Empowered Funds LLC increased its position in Mid Penn Bancorp by 7.8% during the 1st quarter. Empowered Funds LLC now owns 31,268 shares of the financial services provider’s stock valued at $626,000 after buying an additional 2,275 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Mid Penn Bancorp by 7.6% during the second quarter. Bank of New York Mellon Corp now owns 72,676 shares of the financial services provider’s stock valued at $1,595,000 after buying an additional 5,153 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Mid Penn Bancorp by 53.2% in the first quarter. BNP Paribas Financial Markets now owns 22,545 shares of the financial services provider’s stock worth $451,000 after acquiring an additional 7,832 shares in the last quarter. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Mid Penn Bancorp Trading Up 0.6 %

Shares of MPB stock traded up $0.17 during trading hours on Tuesday, reaching $29.85. The company’s stock had a trading volume of 32,192 shares, compared to its average volume of 34,863. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $498.17 million, a P/E ratio of 12.92 and a beta of 0.58. The firm’s fifty day simple moving average is $27.58 and its 200 day simple moving average is $23.14. Mid Penn Bancorp has a one year low of $18.63 and a one year high of $30.55.

Mid Penn Bancorp (NASDAQ:MPB) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.62 by $0.06. Mid Penn Bancorp had a net margin of 15.57% and a return on equity of 7.99%. The business had revenue of $44.10 million during the quarter, compared to analyst estimates of $41.63 million. Equities research analysts expect that Mid Penn Bancorp will post 2.81 EPS for the current year.

Mid Penn Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend was Friday, August 9th. Mid Penn Bancorp’s dividend payout ratio is currently 34.63%.

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.