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

Mid Penn Bancorp, Inc. (NASDAQ:MPB) declared a quarterly dividend on Thursday, January 23rd,Wall Street Journal reports. Stockholders of record on Friday, February 7th will be given a dividend of 0.20 per share by the financial services provider on Tuesday, February 18th. This represents a $0.80 dividend on an annualized basis 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. 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 Stock Performance

MPB stock opened at $30.00 on Friday. The company has a market cap of $498.60 million, a P/E ratio of 10.34 and a beta of 0.57. Mid Penn Bancorp has a 1 year low of $19.20 and a 1 year high of $33.87. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.94. The stock’s fifty day moving average price is $30.19 and its 200-day moving average price is $29.29.

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.71. Mid Penn Bancorp had a return on equity of 8.43% and a net margin of 15.99%. On average, equities analysts forecast that Mid Penn Bancorp will post 3 earnings per share for the current year.

Insider Activity at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Albert J. Evans purchased 8,474 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were acquired at an average cost of $29.50 per share, with a total value of $249,983.00. Following the completion of the acquisition, the director now directly owns 34,712 shares in the company, valued at $1,024,004. The trade was a 32.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last three months, insiders have purchased 9,678 shares of company stock worth $285,510. Corporate insiders own 10.70% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on MPB shares. Keefe, Bruyette & Woods lifted their target price on Mid Penn Bancorp from $34.00 to $37.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Piper Sandler lifted their target price on Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, StockNews.com downgraded Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, October 14th.

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.