Banc Funds Co. LLC Sells 97,275 Shares of Mid Penn Bancorp, Inc. (NASDAQ:MPB)

Banc Funds Co. LLC lowered its position in Mid Penn Bancorp, Inc. (NASDAQ:MPB) by 21.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 362,552 shares of the financial services provider’s stock after selling 97,275 shares during the period. Banc Funds Co. LLC owned about 2.18% of Mid Penn Bancorp worth $10,815,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MPB. Vanguard Group Inc. boosted its position in Mid Penn Bancorp by 1.8% in the first quarter. Vanguard Group Inc. now owns 688,363 shares of the financial services provider’s stock worth $13,774,000 after purchasing an additional 12,314 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Mid Penn Bancorp by 8.1% in the second 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 during the last quarter. LSV Asset Management grew its position in Mid Penn Bancorp by 21.0% during the second quarter. LSV Asset Management now owns 156,059 shares of the financial services provider’s stock valued at $3,425,000 after buying an additional 27,098 shares during the period. American Century Companies Inc. increased its holdings in Mid Penn Bancorp by 8.8% during the second quarter. American Century Companies Inc. now owns 144,397 shares of the financial services provider’s stock valued at $3,170,000 after buying an additional 11,731 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Mid Penn Bancorp by 7.6% in the second quarter. Bank of New York Mellon Corp now owns 72,676 shares of the financial services provider’s stock worth $1,595,000 after acquiring an additional 5,153 shares during the period. Institutional investors own 43.11% of the company’s stock.

Insiders Place Their Bets

In other Mid Penn Bancorp news, Director Albert J. Evans purchased 8,474 shares of the company’s stock in a transaction on Friday, November 1st. The stock was 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders acquired 9,669 shares of company stock worth $285,241. Corporate insiders own 10.70% of the company’s stock.

Mid Penn Bancorp Stock Performance

MPB opened at $32.05 on Monday. The company has a 50 day simple moving average of $30.99 and a two-hundred day simple moving average of $27.08. 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 firm has a market cap of $532.67 million, a P/E ratio of 11.01 and a beta of 0.57. Mid Penn Bancorp, Inc. has a 1-year low of $19.20 and a 1-year high of $33.87.

Mid Penn Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

MPB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their price objective 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. Piper Sandler lifted their target price on Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, StockNews.com cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, October 14th.

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.