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

Mid Penn Bancorp, Inc. (NASDAQ:MPB) announced a quarterly dividend on Wednesday, January 22nd,Wall Street Journal reports. Investors 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 2.69%. The ex-dividend date of this dividend is Friday, February 7th.

Mid Penn Bancorp has increased its dividend payment by an average of 0.4% annually over the last three years. Mid Penn Bancorp has a payout ratio of 22.8% indicating that its dividend is sufficiently covered by earnings. Equities 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 Down 0.7 %

NASDAQ:MPB traded down $0.21 during trading hours on Friday, reaching $29.79. The company’s stock had a trading volume of 34,841 shares, compared to its average volume of 68,329. The business’s 50-day moving average is $30.14 and its 200-day moving average is $29.29. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.94. Mid Penn Bancorp has a one year low of $19.20 and a one year high of $33.87. The company has a market cap of $495.11 million, a price-to-earnings ratio of 10.27 and a beta of 0.57.

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

Insider Transactions at Mid Penn Bancorp

In related news, Director Albert J. Evans acquired 8,474 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was acquired at an average cost of $29.50 per share, with a total value of $249,983.00. Following the completion of the purchase, the director now directly owns 34,712 shares in the company, valued at approximately $1,024,004. This trade represents a 32.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought a total of 9,678 shares of company stock worth $285,510 over the last 90 days. 10.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.