Franklin Resources Inc. Buys Shares of 9,418 Mid Penn Bancorp, Inc. (NASDAQ:MPB)

Franklin Resources Inc. purchased a new position in Mid Penn Bancorp, Inc. (NASDAQ:MPB) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 9,418 shares of the financial services provider’s stock, valued at approximately $285,000. Franklin Resources Inc. owned 0.06% of Mid Penn Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Wellington Management Group LLP raised its holdings in Mid Penn Bancorp by 14.3% in the 3rd quarter. Wellington Management Group LLP now owns 638,594 shares of the financial services provider’s stock worth $19,049,000 after purchasing an additional 79,851 shares during the period. Segall Bryant & Hamill LLC bought a new stake in Mid Penn Bancorp during the third quarter valued at about $1,626,000. Hotchkis & Wiley Capital Management LLC purchased a new stake in Mid Penn Bancorp in the third quarter worth about $1,078,000. Dimensional Fund Advisors LP raised its stake 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 period. Finally, LSV Asset Management lifted its position in shares of Mid Penn Bancorp by 21.0% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 43.11% of the company’s stock.

Insider Buying and Selling

In other news, Director Albert J. Evans purchased 8,474 shares of the business’s stock in a transaction on Friday, November 1st. The stock was acquired at an average price of $29.50 per share, for a total transaction of $249,983.00. Following the acquisition, the director now directly owns 34,712 shares of the company’s stock, valued at $1,024,004. This represents a 32.30 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders purchased 9,661 shares of company stock worth $285,020. 10.70% of the stock is owned by insiders.

Mid Penn Bancorp Price Performance

Shares of MPB opened at $28.84 on Thursday. Mid Penn Bancorp, Inc. has a 12-month low of $19.20 and a 12-month high of $33.87. 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 company has a market capitalization of $479.32 million, a PE ratio of 9.91 and a beta of 0.56. The business’s 50 day moving average is $31.17 and its 200 day moving average is $28.51.

Mid Penn Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Friday, November 8th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.77%. The ex-dividend date was Friday, November 8th. Mid Penn Bancorp’s dividend payout ratio (DPR) is presently 27.49%.

Analyst Ratings Changes

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

Mid Penn Bancorp 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.