Mid Penn Bancorp, Inc. (MPB) to Issue Quarterly Dividend of $0.20 on February 18th

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 dividend on an annualized basis 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% meaning its dividend is sufficiently covered by earnings. Research 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

Shares of NASDAQ:MPB traded down $0.21 during midday trading on Friday, hitting $29.79. The stock had a trading volume of 34,841 shares, compared to its average volume of 68,329. The stock has a 50 day moving average price of $30.14 and a two-hundred day moving average price of $29.29. Mid Penn Bancorp has a 1 year low of $19.20 and a 1 year high of $33.87. The company has a market capitalization of $495.11 million, a PE ratio of 10.27 and a beta of 0.57. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.12.

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

Analyst Upgrades and Downgrades

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

Insider Activity at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Albert J. Evans acquired 8,474 shares of Mid Penn Bancorp stock in a transaction dated Friday, November 1st. The stock was bought at an average price of $29.50 per share, for a total transaction of $249,983.00. Following the transaction, the director now owns 34,712 shares in the company, valued at approximately $1,024,004. This trade represents a 32.30 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have purchased a total of 9,678 shares of company stock worth $285,510 over the last ninety days. 10.70% of the stock is currently owned by corporate insiders.

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.