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

Mid Penn Bancorp, Inc. (NASDAQ:MPB) declared a quarterly dividend on Wednesday, October 23rd, NASDAQ reports. Stockholders of record on Friday, November 8th will be given a dividend of 0.20 per share by the financial services provider on Monday, November 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, November 8th.

Mid Penn Bancorp has increased its dividend payment by an average of 3.6% annually over the last three years. Mid Penn Bancorp has a dividend payout ratio of 26.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Mid Penn Bancorp to earn $3.23 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 24.8%.

Mid Penn Bancorp Trading Up 5.1 %

Shares of NASDAQ:MPB opened at $32.23 on Thursday. Mid Penn Bancorp has a 52-week low of $19.20 and a 52-week high of $32.86. The stock has a market capitalization of $538.24 million, a price-to-earnings ratio of 11.08 and a beta of 0.57. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.95 and a current ratio of 0.95. The stock’s 50-day simple moving average is $30.09 and its two-hundred day simple moving average is $25.73.

Analyst Ratings Changes

MPB has been the subject of several analyst reports. StockNews.com lowered Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, October 14th. Piper Sandler raised 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. Finally, 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 research report on Tuesday, October 29th.

Insider Activity

In other news, Director Albert J. Evans purchased 8,474 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was bought 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 owns 34,712 shares in the company, valued at approximately $1,024,004. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders bought a total of 9,669 shares of company stock worth $285,241 over the last 90 days. Corporate insiders own 9.90% of the company’s stock.

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.