Short Interest in Mid Penn Bancorp, Inc. (NASDAQ:MPB) Declines By 15.9%

Mid Penn Bancorp, Inc. (NASDAQ:MPB) has seen a significant decrease in short interest during October. As of October 15th, the total short interest amounted to 73,900 shares, marking a decline of 15.9% from the previous total of 87,900 shares recorded on September 30th. With an average daily trading volume of 32,500 shares, the days-to-cover ratio currently stands at 2.3 days, indicating the number of days it would take for short sellers to cover their positions.

Recent Analyst Ratings

Several equity research analysts have recently provided insights regarding MPB shares. Notably, Piper Sandler raised their price target for Mid Penn Bancorp from $31.00 to $35.00 and assigned the stock an "overweight" rating in their report released on Monday. Conversely, StockNews.com downgraded Mid Penn Bancorp from a "buy" rating to a "hold" rating in their report dated October 14th.

Stock Performance Overview

On Monday, shares of NASDAQ:MPB experienced a rise, increasing by $1.22 to reach $32.31. The trading volume for the day stood at 19,626 shares, which is lower than the average volume of 34,504 shares. In terms of price performance over the past 12 months, Mid Penn Bancorp shares have seen a low of $18.67 and a high of $32.59. The company has a market capitalization of around $539.22 million, a price-to-earnings ratio of 13.78, and a beta of 0.58. Its debt-to-equity ratio is recorded at 0.12, with a current ratio of 0.95 and a quick ratio also at 0.95. The stock's 50-day moving average is $29.66, and its 200-day moving average stands at $25.11.

Dividend Announcement

Mid Penn Bancorp recently announced a quarterly dividend to be paid on Monday, November 25th. Shareholders who are on record by Friday, November 8th, will receive a dividend of $0.20 per share. This translates to an annualized dividend of $0.80, with a corresponding dividend yield of 2.48%. The ex-dividend date is set for Friday, November 8th, and the company maintains a payout ratio of 34.63%.

Institutional Investor Activity

A range of hedge funds and institutional investors have recently adjusted their positions in MPB. For instance, McClarren Financial Advisors Inc. boosted its holdings in Mid Penn Bancorp by a staggering 5,438.1% during the third quarter. They now own 1,163 shares worth approximately $34,000 after acquiring an additional 1,142 shares in the last quarter. SG Americas Securities LLC made a new investment in Mid Penn Bancorp during the third quarter, with an estimated worth of $163,000. Other institutional investors include New Wave Wealth Advisors LLC, Squarepoint Ops LLC, and Heritage Oak Wealth Advisors LLC, each making new investments totaling $278,000, $282,000, and $378,000 respectively. Altogether, institutional investors now hold about 43.11% of the company's stock.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc. serves as the bank holding company for Mid Penn Bank. The company provides a variety of commercial banking services to individuals, partnerships, non-profit organizations, and corporations. Its offerings include different types of time and demand deposit products, such as checking accounts, savings accounts, money market accounts, certificates of deposit, and individual retirement accounts.

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MidPennBancorp, shortinterest, dividend