Mid Penn Bancorp (NASDAQ:MPB) Shares Gap Down – Should You Sell?

Mid Penn Bancorp, Inc. (NASDAQ:MPB)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $26.02, but opened at $25.43. Mid Penn Bancorp shares last traded at $26.08, with a volume of 15,869 shares.

Mid Penn Bancorp Stock Performance

The company has a market capitalization of $508.10 million, a PE ratio of 9.05 and a beta of 0.53. The firm has a 50-day moving average of $28.35 and a two-hundred day moving average of $29.65. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.12.

Mid Penn Bancorp (NASDAQ:MPB) last posted its earnings results on Wednesday, January 22nd. The financial services provider reported $0.71 earnings per share for the quarter, meeting the consensus estimate of $0.71. Mid Penn Bancorp had a net margin of 15.99% and a return on equity of 8.43%. Research analysts anticipate that Mid Penn Bancorp, Inc. will post 3 EPS for the current year.

Mid Penn Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Friday, February 7th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Friday, February 7th. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 27.59%.

Insider Activity at Mid Penn Bancorp

In related news, CEO Rory G. Ritrievi purchased 3,050 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was bought at an average price of $30.05 per share, with a total value of $91,652.50. Following the acquisition, the chief executive officer now owns 7,385 shares in the company, valued at $221,919.25. The trade was a 70.36 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Soto Matthew G. De acquired 2,575 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were bought at an average cost of $29.07 per share, for a total transaction of $74,855.25. Following the completion of the acquisition, the director now owns 103,162 shares of the company’s stock, valued at approximately $2,998,919.34. This represents a 2.56 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 9,007 shares of company stock worth $266,467 in the last 90 days. Corporate insiders own 10.70% of the company’s stock.

Institutional Investors Weigh In On Mid Penn Bancorp

Several large investors have recently bought and sold shares of MPB. Wellington Management Group LLP lifted its position in shares of Mid Penn Bancorp by 127.4% in the fourth quarter. Wellington Management Group LLP now owns 1,452,177 shares of the financial services provider’s stock valued at $41,881,000 after acquiring an additional 813,583 shares in the last quarter. FJ Capital Management LLC acquired a new position in Mid Penn Bancorp in the 4th quarter valued at $11,243,000. Vanguard Group Inc. lifted its holdings in Mid Penn Bancorp by 17.3% in the 4th quarter. Vanguard Group Inc. now owns 962,636 shares of the financial services provider’s stock valued at $27,762,000 after purchasing an additional 141,756 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Mid Penn Bancorp by 62.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 344,453 shares of the financial services provider’s stock worth $9,934,000 after purchasing an additional 132,814 shares during the last quarter. Finally, Boston Partners acquired a new stake in shares of Mid Penn Bancorp in the fourth quarter valued at about $2,630,000. 43.11% of the stock is currently owned by hedge funds and other institutional investors.

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.