Mid Penn Bancorp, Inc. (MPB) to Issue Quarterly Dividend of $0.20 on May 27th

Mid Penn Bancorp, Inc. (NASDAQ:MPB) declared a quarterly dividend on Wednesday, April 24th, Zacks reports. Investors of record on Friday, May 10th will be paid a dividend of 0.20 per share by the financial services provider on Monday, May 27th. This represents a $0.80 dividend on an annualized basis and a dividend 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% annually over the last three years. Mid Penn Bancorp has a dividend payout ratio of 27.1% meaning its dividend is sufficiently covered by earnings. Equities 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 %

Shares of NASDAQ:MPB opened at $20.98 on Friday. The stock has a 50 day moving average of $20.25 and a 200 day moving average of $21.29. The company has a market cap of $347.64 million, a PE ratio of 9.08 and a beta of 0.57. 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.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings results on Friday, January 26th. The financial services provider reported $0.73 earnings per share 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 business had revenue of $42.12 million during the quarter, compared to the consensus estimate of $42.03 million. As a group, equities research analysts expect that Mid Penn Bancorp will post 2.66 EPS for the current year.

Insider Activity at Mid Penn Bancorp

In related news, Director Soto Matthew G. De acquired 1,185 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were bought at an average price of $21.13 per share, with a total value of $25,039.05. Following the completion of the transaction, the director now directly owns 67,863 shares in the company, valued at $1,433,945.19. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Mid Penn Bancorp news, Director Theodore W. Mowery purchased 2,000 shares of the stock in a transaction on Friday, March 15th. The stock was acquired at an average price of $20.42 per share, with a total value of $40,840.00. Following the completion of the acquisition, the director now owns 31,540 shares in the company, valued at $644,046.80. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Soto Matthew G. De acquired 1,185 shares of Mid Penn Bancorp stock in a transaction dated Thursday, February 1st. The stock was purchased at an average price of $21.13 per share, with a total value of $25,039.05. Following the completion of the purchase, 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. Insiders have purchased a total of 4,994 shares of company stock valued at $103,875 over the last quarter. 10.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MPB has been the topic of several recent research reports. TheStreet cut Mid Penn Bancorp from a “b” rating to a “c+” rating in a report on Tuesday, February 13th. Piper Sandler decreased their price target 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.

Mid Penn Bancorp Company 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.