Cornercap Investment Counsel Inc. Buys Shares of 8,824 Mid Penn Bancorp, Inc. (NASDAQ:MPB)

Cornercap Investment Counsel Inc. acquired a new position in Mid Penn Bancorp, Inc. (NASDAQ:MPB) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 8,824 shares of the financial services provider’s stock, valued at approximately $263,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Kennedy Capital Management LLC lifted its holdings in Mid Penn Bancorp by 126.4% in the first quarter. Kennedy Capital Management LLC now owns 96,086 shares of the financial services provider’s stock worth $1,923,000 after purchasing an additional 53,650 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Mid Penn Bancorp by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 418,963 shares of the financial services provider’s stock worth $9,195,000 after buying an additional 31,292 shares in the last quarter. LSV Asset Management lifted its position in Mid Penn Bancorp by 21.0% in the second quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock worth $3,425,000 after purchasing an additional 27,098 shares during the period. Squarepoint Ops LLC bought a new position in Mid Penn Bancorp during the 2nd quarter valued at $282,000. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Mid Penn Bancorp during the 2nd quarter valued at $278,000. 43.11% of the stock is owned by institutional investors.

Insider Activity at Mid Penn Bancorp

In related news, Director Albert J. Evans acquired 8,474 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were acquired at an average cost of $29.50 per share, with a total value of $249,983.00. Following the purchase, the director now owns 34,712 shares of the company’s stock, valued at approximately $1,024,004. The trade was a 32.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders bought 9,669 shares of company stock valued at $285,241. Insiders own 10.70% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Mid Penn Bancorp Stock Performance

Shares of MPB stock opened at $31.55 on Tuesday. The company has a market capitalization of $524.36 million, a price-to-earnings ratio of 10.87 and a beta of 0.57. Mid Penn Bancorp, Inc. has a 1-year low of $19.20 and a 1-year high of $33.23. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.12. The stock’s fifty day simple moving average is $30.48 and its 200-day simple moving average is $26.34.

Mid Penn Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 8th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 27.49%.

Mid Penn Bancorp Company Profile

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.