Hotchkis & Wiley Capital Management LLC bought a new stake in Mid Penn Bancorp, Inc. (NASDAQ:MPB - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 36,150 shares of the financial services provider's stock, valued at approximately $1,078,000. Hotchkis & Wiley Capital Management LLC owned 0.22% of Mid Penn Bancorp as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in MPB. Vanguard Group Inc. grew its stake in shares of Mid Penn Bancorp by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 688,363 shares of the financial services provider's stock valued at $13,774,000 after purchasing an additional 12,314 shares during the period. Dimensional Fund Advisors LP grew its position in 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 valued at $9,195,000 after acquiring an additional 31,292 shares during the period. LSV Asset Management raised its stake 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 worth $3,425,000 after acquiring an additional 27,098 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of 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 acquiring an additional 11,731 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Mid Penn Bancorp by 7.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 72,676 shares of the financial services provider's stock valued at $1,595,000 after purchasing an additional 5,153 shares in the last quarter. Institutional investors and hedge funds own 43.11% of the company's stock.
NASDAQ MPB opened at $31.16 on Friday. The stock has a market capitalization of $517.88 million, a P/E ratio of 10.71 and a beta of 0.56. Mid Penn Bancorp, Inc. has a 52 week low of $19.20 and a 52 week high of $33.87. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.95. The stock has a fifty day moving average of $31.19 and a 200-day moving average of $27.35.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Friday, November 8th were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.80 dividend on an annualized basis and a yield of 2.57%. Mid Penn Bancorp's payout ratio is 27.49%.
In other Mid Penn Bancorp news, Director Albert J. Evans bought 8,474 shares of the stock in a transaction on Friday, November 1st. The stock was purchased at an average price of $29.50 per share, with a total value of $249,983.00. Following the acquisition, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders bought 9,678 shares of company stock valued at $285,527. 10.70% of the stock is currently owned by insiders.
MPB has been the topic of several recent analyst reports. StockNews.com downgraded Mid Penn Bancorp from a "buy" rating to a "hold" rating in a report on Monday, October 14th. Piper Sandler lifted their price target on Mid Penn Bancorp from $31.00 to $35.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods raised 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.
Get Our Latest Stock Analysis on 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.
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