Robert A. Abel Acquires 2,000 Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) Stock

Mid Penn Bancorp, Inc. (NASDAQ:MPB – Get Rating) Director Robert A. Abel purchased 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The stock was bought at an average cost of $20.18 per share, for a total transaction of $40,360.00. Following the acquisition, the director now directly owns 23,443 shares in the company, valued at $473,079.74. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Mid Penn Bancorp Price Performance

Shares of NASDAQ:MPB opened at $21.30 on Monday. The stock has a market cap of $338.88 million, a PE ratio of 6.21 and a beta of 0.55. The company’s fifty day moving average is $23.49 and its 200 day moving average is $28.65. Mid Penn Bancorp, Inc. has a 52 week low of $18.25 and a 52 week high of $34.99. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.12.

Mid Penn Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 22nd. Investors of record on Wednesday, May 10th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date of this dividend is Tuesday, May 9th. Mid Penn Bancorp’s payout ratio is presently 23.32%.

Hedge Funds Weigh In On Mid Penn Bancorp

A number of large investors have recently added to or reduced their stakes in the business. State Street Corp raised its position 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 worth $7,467,000 after purchasing an additional 51,930 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Mid Penn Bancorp by 4.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 284,068 shares of the financial services provider’s stock valued at $8,514,000 after acquiring an additional 11,133 shares during the period. Alliancebernstein L.P. increased its position in shares of Mid Penn Bancorp by 0.3% in the third quarter. Alliancebernstein L.P. now owns 278,319 shares of the financial services provider’s stock valued at $7,996,000 after acquiring an additional 700 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Mid Penn Bancorp by 16.1% in the first quarter. Dimensional Fund Advisors LP now owns 262,735 shares of the financial services provider’s stock valued at $6,729,000 after acquiring an additional 36,473 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Mid Penn Bancorp by 2.2% in the first quarter. Geode Capital Management LLC now owns 253,104 shares of the financial services provider’s stock valued at $6,482,000 after acquiring an additional 5,532 shares during the period. Hedge funds and other institutional investors own 39.86% of the company’s stock.

Wall Street Analysts Forecast Growth

MPB has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of Mid Penn Bancorp in a report on Thursday. They issued a “hold” rating on the stock. Stephens increased their target price on shares of Mid Penn Bancorp to $38.00 in a report on Thursday, February 9th.

About Mid Penn Bancorp

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Mid Penn Bancorp, Inc is a financial holding company, which engages in the provision of commercial banking and financial services. Its services include banking, financing, and planning to individuals, businesses, and nonprofit organizations. The company was founded in 1868 and is headquartered in Harrisburg, PA.