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

Mid Penn Bancorp, Inc. (NASDAQ:MPB) announced a quarterly dividend on Wednesday, April 24th, Zacks reports. Investors of record on Friday, May 10th will be paid a dividend of 0.20 per share by the financial services provider on Monday, May 27th. This represents a $0.80 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend is Thursday, May 9th.

Mid Penn Bancorp has increased its dividend payment by an average of 3.6% per year over the last three years. Mid Penn Bancorp has a payout ratio of 27.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Mid Penn Bancorp to earn $3.06 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 26.1%.

Mid Penn Bancorp Stock Down 0.4 %

Shares of NASDAQ:MPB opened at $21.19 on Wednesday. The firm’s 50 day moving average price is $20.27 and its 200 day moving average price is $21.36. The stock has a market cap of $351.20 million, a price-to-earnings ratio of 9.17 and a beta of 0.56. Mid Penn Bancorp has a fifty-two week low of $18.32 and a fifty-two week high of $25.92. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.19.

Analyst Ratings Changes

MPB has been the topic of a number of research analyst reports. TheStreet cut shares of Mid Penn Bancorp from a “b” rating to a “c+” rating in a report on Tuesday, February 13th. StockNews.com raised shares of Mid Penn Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Finally, Piper Sandler cut their price objective on shares of Mid Penn Bancorp from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, February 1st.

Insider Transactions at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Theodore W. Mowery bought 2,000 shares of the stock in a transaction dated Friday, March 15th. The shares were acquired at an average cost of $20.42 per share, for a total transaction of $40,840.00. Following the completion of the transaction, the director now owns 31,540 shares in the company, valued at approximately $644,046.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Soto Matthew G. De acquired 9,615 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were purchased at an average cost of $20.76 per share, for a total transaction of $199,607.40. Following the transaction, the director now directly owns 79,190 shares in the company, valued at approximately $1,643,984.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Theodore W. Mowery acquired 2,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was purchased at an average price of $20.42 per share, for a total transaction of $40,840.00. Following the completion of the transaction, the director now owns 31,540 shares in the company, valued at $644,046.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 13,223 shares of company stock worth $273,830. Insiders own 10.70% 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.