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

Mid Penn Bancorp, Inc. (NASDAQ:MPB) announced a quarterly dividend on Wednesday, October 23rd, NASDAQ reports. Shareholders 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 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Friday, November 8th.

Mid Penn Bancorp has increased its dividend 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. Research 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 Price Performance

Shares of Mid Penn Bancorp stock opened at $32.23 on Thursday. The business has a 50 day moving average of $30.09 and a 200 day moving average of $25.73. Mid Penn Bancorp has a 52 week low of $19.20 and a 52 week high of $32.86. The company has a market cap of $538.24 million, a PE ratio of 11.08 and a beta of 0.57. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.12.

Insiders Place Their Bets

In other Mid Penn Bancorp news, Director Albert J. Evans acquired 8,474 shares of the stock in a transaction that occurred 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 transaction, the director now owns 34,712 shares of the company’s stock, valued at $1,024,004. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders bought 9,669 shares of company stock valued at $285,241. Insiders own 9.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MPB. Piper Sandler upped their target price on Mid Penn Bancorp from $31.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Keefe, Bruyette & Woods increased their price target on shares of Mid Penn Bancorp from $34.00 to $37.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, StockNews.com cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a report on Monday, October 14th.

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.