Mid Penn Bancorp, Inc. (NASDAQ:MPB) Short Interest Up 19.8% in August

Mid Penn Bancorp, Inc. (NASDAQ:MPB) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 69,000 shares, an increase of 19.8% from the August 15th total of 57,600 shares. Based on an average daily volume of 39,900 shares, the days-to-cover ratio is currently 1.7 days.

Insider Activity at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Soto Matthew G. De acquired 2,355 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were bought at an average cost of $21.23 per share, for a total transaction of $49,996.65. Following the completion of the purchase, the director now owns 62,101 shares in the company, valued at approximately $1,318,404.23. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 10.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Mid Penn Bancorp

A number of large investors have recently made changes to their positions in the stock. Millennium Management LLC acquired a new stake in Mid Penn Bancorp in the fourth quarter valued at $2,415,000. State Street Corp grew its stake in Mid Penn Bancorp by 21.7% in the 1st quarter. State Street Corp now owns 291,571 shares of the financial services provider’s stock valued at $7,467,000 after acquiring an additional 51,930 shares during the last quarter. Two Sigma Investments LP acquired a new position in Mid Penn Bancorp during the fourth quarter worth about $1,378,000. First Trust Advisors LP lifted its holdings in shares of Mid Penn Bancorp by 351.2% in the first quarter. First Trust Advisors LP now owns 58,491 shares of the financial services provider’s stock valued at $1,498,000 after purchasing an additional 45,528 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Mid Penn Bancorp by 250.7% in the fourth quarter. JPMorgan Chase & Co. now owns 62,482 shares of the financial services provider’s stock valued at $1,872,000 after purchasing an additional 44,665 shares during the last quarter. Hedge funds and other institutional investors own 42.21% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on shares of Mid Penn Bancorp in a research report on Thursday, August 17th. They issued a “hold” rating on the stock.

Mid Penn Bancorp Stock Performance

NASDAQ:MPB traded down $0.40 during mid-day trading on Monday, reaching $20.57. The stock had a trading volume of 16,716 shares, compared to its average volume of 39,235. Mid Penn Bancorp has a twelve month low of $18.25 and a twelve month high of $34.99. The business has a 50 day simple moving average of $22.50 and a 200 day simple moving average of $23.42. The firm has a market capitalization of $340.91 million, a price-to-earnings ratio of 7.11 and a beta of 0.57. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.93 and a current ratio of 0.93.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.68 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.02). Mid Penn Bancorp had a net margin of 21.60% and a return on equity of 10.49%. The business had revenue of $61.80 million during the quarter, compared to analyst estimates of $40.74 million. On average, analysts expect that Mid Penn Bancorp will post 2.78 earnings per share for the current fiscal year.

Mid Penn Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 28th. Shareholders of record on Thursday, August 10th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $0.80 annualized dividend and a dividend yield of 3.89%. Mid Penn Bancorp’s payout ratio is currently 27.12%.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc operates as the bank holding company for Mid Penn Bank that engages in the provision of 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.