Mid Penn Bancorp (NASDAQ:MPB) Shares Gap Down – Here’s What Happened

Mid Penn Bancorp, Inc. (NASDAQ:MPB)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $26.02, but opened at $25.43. Mid Penn Bancorp shares last traded at $26.08, with a volume of 15,869 shares.

Mid Penn Bancorp Stock Up 0.8 %

The firm’s 50-day simple moving average is $28.45 and its 200 day simple moving average is $29.70. 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 company has a market capitalization of $507.90 million, a PE ratio of 9.03 and a beta of 0.53.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.71. Mid Penn Bancorp had a return on equity of 8.43% and a net margin of 15.99%. As a group, equities research analysts forecast that Mid Penn Bancorp, Inc. will post 3 earnings per share for the current year.

Mid Penn Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Friday, February 7th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.05%. The ex-dividend date was Friday, February 7th. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 27.59%.

Insider Activity

In related news, Director Soto Matthew G. De acquired 2,575 shares of Mid Penn Bancorp stock in a transaction on Tuesday, February 4th. The shares were purchased at an average cost of $29.07 per share, for a total transaction of $74,855.25. Following the purchase, the director now directly owns 103,162 shares of the company’s stock, valued at $2,998,919.34. The trade was a 2.56 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rory G. Ritrievi purchased 3,365 shares of Mid Penn Bancorp stock in a transaction dated Friday, February 14th. The shares were bought at an average cost of $29.56 per share, for a total transaction of $99,469.40. Following the transaction, the chief executive officer now directly owns 10,750 shares of the company’s stock, valued at approximately $317,770. The trade was a 45.57 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 9,007 shares of company stock worth $266,467. 10.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mid Penn Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP boosted its stake in Mid Penn Bancorp by 127.4% in the fourth quarter. Wellington Management Group LLP now owns 1,452,177 shares of the financial services provider’s stock valued at $41,881,000 after acquiring an additional 813,583 shares during the period. Vanguard Group Inc. raised its stake in shares of Mid Penn Bancorp by 17.3% in the 4th quarter. Vanguard Group Inc. now owns 962,636 shares of the financial services provider’s stock worth $27,762,000 after buying an additional 141,756 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Mid Penn Bancorp by 6.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 475,533 shares of the financial services provider’s stock worth $13,714,000 after acquiring an additional 29,400 shares in the last quarter. Banc Funds Co. LLC raised its stake in Mid Penn Bancorp by 13.8% during the 4th quarter. Banc Funds Co. LLC now owns 412,552 shares of the financial services provider’s stock valued at $11,898,000 after purchasing an additional 50,000 shares during the period. Finally, FJ Capital Management LLC purchased a new stake in Mid Penn Bancorp in the 4th quarter worth about $11,243,000. 43.11% of the stock is 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.