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

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 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 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% per year over the last three years. Mid Penn Bancorp has a 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 Stock Performance

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

Mid Penn Bancorp (NASDAQ:MPB) last released its quarterly earnings results 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 net margin of 13.89% and a return on equity of 8.15%. The firm had revenue of $42.12 million for the quarter, compared to the consensus estimate of $42.03 million. On average, research analysts forecast that Mid Penn Bancorp will post 2.66 EPS for the current fiscal year.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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

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.