Mid Penn Bancorp (NASDAQ:MPB) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of Mid Penn Bancorp (NASDAQ:MPB) from a hold rating to a sell rating in a research report released on Wednesday, Zacks.com reports.

According to Zacks, “MID PENN BANCORP, INC. is a one-bank holding company engaged in general banking business. “

Separately, ValuEngine raised Mid Penn Bancorp from a sell rating to a hold rating in a report on Wednesday, October 2nd.

Mid Penn Bancorp stock traded down $0.47 during midday trading on Wednesday, hitting $27.00. 72 shares of the company’s stock were exchanged, compared to its average volume of 10,153. The company has a market cap of $228.66 million, a P/E ratio of 13.17 and a beta of 0.59. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.98 and a current ratio of 0.99. The stock has a 50-day moving average price of $26.37 and a two-hundred day moving average price of $25.24. Mid Penn Bancorp has a 52-week low of $21.51 and a 52-week high of $27.81.

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Wednesday, November 6th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Tuesday, November 5th. Mid Penn Bancorp’s dividend payout ratio (DPR) is currently 35.12%.

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Mid Penn Bancorp by 79.2% in the second quarter. Vanguard Group Inc. now owns 144,943 shares of the financial services provider’s stock valued at $3,616,000 after acquiring an additional 64,058 shares during the last quarter. Context BH Capital Management LP boosted its holdings in shares of Mid Penn Bancorp by 6.0% in the 2nd quarter. Context BH Capital Management LP now owns 8,814 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 501 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Mid Penn Bancorp by 2,277.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,257 shares of the financial services provider’s stock valued at $81,000 after purchasing an additional 3,120 shares during the last quarter. Northern Trust Corp increased its position in shares of Mid Penn Bancorp by 11.5% during the 2nd quarter. Northern Trust Corp now owns 56,041 shares of the financial services provider’s stock valued at $1,398,000 after purchasing an additional 5,786 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Mid Penn Bancorp by 10.0% during the 3rd quarter. Rhumbline Advisers now owns 9,016 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 823 shares during the last quarter. Institutional investors own 18.87% of the company’s stock.

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 IRAs.

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