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

Mid Penn Bancorp, Inc. (NASDAQ:MPB) announced a quarterly dividend on Thursday, January 23rd,Wall Street Journal reports. Shareholders 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 yield of 2.67%. The ex-dividend date of this dividend is Friday, February 7th.

Mid Penn Bancorp has raised its dividend 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 $3.00 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 26.7%.

Mid Penn Bancorp Price Performance

MPB stock traded up $0.25 during mid-day trading on Thursday, hitting $29.94. 48,684 shares of the stock were exchanged, compared to its average volume of 67,208. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.95 and a quick ratio of 0.94. The business has a fifty day moving average price of $30.19 and a 200 day moving average price of $29.29. Mid Penn Bancorp has a 12 month low of $19.20 and a 12 month high of $33.87. The stock has a market capitalization of $497.65 million, a price-to-earnings ratio of 10.26 and a beta of 0.57.

Mid Penn Bancorp (NASDAQ:MPB) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $0.71 earnings per share for the quarter, meeting the consensus estimate of $0.71. Mid Penn Bancorp had a return on equity of 8.34% and a net margin of 16.06%. On average, sell-side analysts anticipate that Mid Penn Bancorp will post 2.81 EPS for the current year.

Insider Buying and Selling at Mid Penn Bancorp

In related news, Director Albert J. Evans bought 8,474 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was purchased 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 in the company, valued at approximately $1,024,004. This trade represents a 32.30 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 9,678 shares of company stock valued at $285,510 in the last quarter. Company insiders own 10.70% of the company’s stock.

Analysts Set New Price Targets

MPB has been the topic of several analyst reports. Keefe, Bruyette & Woods lifted their target price 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. StockNews.com cut shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, October 14th. Finally, Piper Sandler increased their price target on shares of Mid Penn Bancorp from $31.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, October 28th.

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.