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

Mid Penn Bancorp, Inc. (NASDAQ:MPB) announced a quarterly dividend on Thursday, January 23rd,Wall Street Journal reports. Stockholders of record on Friday, February 7th will be paid a dividend of 0.20 per share by the financial services provider on Tuesday, February 18th. This represents a $0.80 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Friday, February 7th.

Mid Penn Bancorp has raised its dividend by an average of 0.4% annually over the last three years. Mid Penn Bancorp has a payout ratio of 22.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Mid Penn Bancorp to earn $3.37 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 23.7%.

Mid Penn Bancorp Trading Up 1.0 %

Shares of MPB stock opened at $30.00 on Friday. Mid Penn Bancorp 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 stock’s 50-day moving average price is $30.19 and its 200-day moving average price is $29.29. The stock has a market capitalization of $498.60 million, a price-to-earnings ratio of 10.34 and a beta of 0.57.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MPB shares. Piper Sandler boosted their price objective on Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Keefe, Bruyette & Woods boosted their price objective on 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, StockNews.com cut Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, October 14th.

Insiders Place Their Bets

In other Mid Penn Bancorp news, Director Albert J. Evans bought 8,474 shares of the company’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 completion of the transaction, the director now directly owns 34,712 shares of the company’s stock, valued at approximately $1,024,004. This represents a 32.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased 9,678 shares of company stock valued at $285,510 over the last ninety days. 10.70% of the stock is owned by insiders.

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.