Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Mid Penn Bancorp, Inc. (NASDAQ:MPB)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 18,176 shares of the financial services provider’s stock, valued at approximately $542,000.

A number of other hedge funds also recently made changes to their positions in the business. McClarren Financial Advisors Inc. raised its holdings in shares of Mid Penn Bancorp by 5,438.1% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,163 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,142 shares during the period. SG Americas Securities LLC bought a new position in Mid Penn Bancorp during the third quarter valued at $163,000. Cornercap Investment Counsel Inc. purchased a new stake in Mid Penn Bancorp in the third quarter worth $263,000. Thrivent Financial for Lutherans bought a new stake in shares of Mid Penn Bancorp in the third quarter valued at $272,000. Finally, New Wave Wealth Advisors LLC purchased a new position in shares of Mid Penn Bancorp during the 2nd quarter valued at $278,000. 43.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Mid Penn Bancorp

In other news, Director Albert J. Evans bought 8,474 shares of the stock in a transaction on Friday, November 1st. The shares were acquired at an average cost of $29.50 per share, for a total transaction of $249,983.00. Following the purchase, the director now directly owns 34,712 shares of the company’s stock, valued at $1,024,004. This trade represents a 32.30 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased 9,669 shares of company stock valued at $285,241 in the last quarter. 10.70% of the stock is currently owned by corporate insiders.

Mid Penn Bancorp Price Performance

Mid Penn Bancorp stock opened at $32.05 on Friday. The firm has a market capitalization of $532.67 million, a P/E ratio of 11.01 and a beta of 0.57. Mid Penn Bancorp, Inc. has a one year low of $19.20 and a one year high of $33.87. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.94. The business has a fifty day moving average price of $30.99 and a 200-day moving average price of $27.01.

Mid Penn Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Friday, November 8th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.80 annualized dividend and a yield of 2.50%. Mid Penn Bancorp’s dividend payout ratio is currently 27.49%.

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.