Mid Penn Bancorp, Inc. (NASDAQ:MPB) Declares $0.20 Quarterly Dividend

Mid Penn Bancorp, Inc. (NASDAQ:MPB) announced a quarterly dividend on Wednesday, April 24th, Zacks reports. Investors of record on Friday, May 10th will be given a dividend of 0.20 per share by the financial services provider on Monday, May 27th. This represents a $0.80 annualized dividend and a yield of 3.81%. The ex-dividend date is Thursday, May 9th.

Mid Penn Bancorp has raised its dividend by an average of 3.6% per year over the last three years. Mid Penn Bancorp has a dividend payout ratio of 27.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Mid Penn Bancorp to earn $3.10 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 25.8%.

Mid Penn Bancorp Trading Up 2.7 %

MPB stock opened at $20.98 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. Mid Penn Bancorp has a 12-month low of $18.25 and a 12-month high of $25.92. The stock has a market cap of $347.64 million, a price-to-earnings ratio of 9.08 and a beta of 0.57. The business’s 50-day moving average is $20.25 and its 200 day moving average is $21.29.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings data on Friday, January 26th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.14. Mid Penn Bancorp had a return on equity of 8.15% and a net margin of 13.89%. The company had revenue of $42.12 million for the quarter, compared to analysts’ expectations of $42.03 million. On average, sell-side analysts anticipate that Mid Penn Bancorp will post 2.66 EPS for the current fiscal year.

Analysts Set New Price Targets

MPB has been the topic of several research analyst reports. TheStreet cut Mid Penn Bancorp from a “b” rating to a “c+” rating in a report on Tuesday, February 13th. Piper Sandler lowered their target price on Mid Penn Bancorp from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st.

Insider Activity at Mid Penn Bancorp

In other news, Director Theodore W. Mowery bought 2,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were bought at an average price of $20.42 per share, with a total value of $40,840.00. Following the completion of the transaction, the director now directly owns 31,540 shares in the company, valued at $644,046.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Theodore W. Mowery bought 2,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were bought at an average price of $20.42 per share, with a total value of $40,840.00. Following the completion of the transaction, the director now directly owns 31,540 shares in the company, valued at $644,046.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Soto Matthew G. De bought 1,185 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was purchased at an average cost of $21.13 per share, for a total transaction of $25,039.05. Following the transaction, the director now owns 67,863 shares of the company’s stock, valued at $1,433,945.19. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 4,994 shares of company stock worth $103,875. Insiders own 10.70% 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 individual retirement accounts.