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 given 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 yield of 2.71%. 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% per year over the last three years. Mid Penn Bancorp has a payout ratio of 22.8% indicating that 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

NASDAQ MPB opened at $29.47 on Wednesday. Mid Penn Bancorp has a 52-week low of $19.20 and a 52-week high of $33.87. The company has a 50-day simple moving average of $29.85 and a 200 day simple moving average of $29.71. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.94 and a current ratio of 0.95. The company has a market capitalization of $489.79 million, a PE ratio of 10.16 and a beta of 0.56.

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

Insider Activity

In related news, CEO Rory G. Ritrievi purchased 3,050 shares of the business’s stock in a transaction on Monday, January 27th. The stock was acquired at an average price of $30.05 per share, with a total value of $91,652.50. Following the purchase, the chief executive officer now directly owns 7,385 shares in the company, valued at approximately $221,919.25. This represents a 70.36 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders bought 3,076 shares of company stock worth $92,429. 9.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on MPB. StockNews.com downgraded shares of Mid Penn Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, October 14th. Piper Sandler lifted their target price on shares of 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 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.

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.