Insider Buying: Mid Penn Bancorp, Inc. (NASDAQ:MPB) CEO Purchases $91,652.50 in Stock

Mid Penn Bancorp, Inc. (NASDAQ:MPB) CEO Rory G. Ritrievi bought 3,050 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were purchased at an average price of $30.05 per share, with a total value of $91,652.50. Following the transaction, the chief executive officer now owns 7,385 shares of the company’s stock, valued at $221,919.25. The trade was a 70.36 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Mid Penn Bancorp Trading Up 1.0 %

NASDAQ MPB opened at $30.86 on Friday. The stock has a 50-day simple moving average of $30.04 and a 200 day simple moving average of $29.56. The company has a market capitalization of $512.89 million, a PE ratio of 10.64 and a beta of 0.57. 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, Inc. has a 12 month low of $19.20 and a 12 month high of $33.87.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $0.71 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%. Research analysts forecast that Mid Penn Bancorp, Inc. will post 3 EPS for the current year.

Mid Penn Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Friday, February 7th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.80 dividend on an annualized basis and a yield of 2.59%. Mid Penn Bancorp’s dividend payout ratio is presently 27.59%.

Institutional Investors Weigh In On Mid Penn Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MPB. McClarren Financial Advisors Inc. increased its holdings in Mid Penn Bancorp by 5,438.1% in the third quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,142 shares during the last quarter. Stonebridge Financial Group LLC acquired a new position in Mid Penn Bancorp in the fourth quarter valued at about $45,000. SG Americas Securities LLC acquired a new position in Mid Penn Bancorp in the third quarter valued at about $163,000. Cornercap Investment Counsel Inc. acquired a new position in Mid Penn Bancorp in the third quarter valued at about $263,000. Finally, Thrivent Financial for Lutherans acquired a new position in Mid Penn Bancorp in the third quarter valued at about $272,000. Institutional investors own 43.11% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on MPB shares. Piper Sandler boosted their target price on Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Keefe, Bruyette & Woods boosted their target price on Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, StockNews.com downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, October 14th.

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.