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

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 dividend yield of 3.78%. The ex-dividend date is Thursday, May 9th.

Mid Penn Bancorp has raised its dividend 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 Price Performance

Shares of MPB opened at $21.19 on Wednesday. Mid Penn Bancorp has a twelve month low of $18.32 and a twelve month 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. The firm has a 50 day moving average of $20.27 and a 200 day moving average of $21.36. The company has a market capitalization of $351.20 million, a P/E ratio of 9.17 and a beta of 0.56.

Insider Transactions at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Theodore W. Mowery purchased 2,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were acquired at an average price of $20.42 per share, for a total transaction of $40,840.00. Following the purchase, the director now directly owns 31,540 shares of the company’s stock, valued at approximately $644,046.80. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Soto Matthew G. De bought 9,615 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were bought at an average price of $20.76 per share, for a total transaction of $199,607.40. Following the purchase, the director now owns 79,190 shares in the company, valued at $1,643,984.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Theodore W. Mowery bought 2,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were purchased at an average price of $20.42 per share, for a total transaction of $40,840.00. Following the purchase, the director now owns 31,540 shares in the company, valued at approximately $644,046.80. The disclosure for this purchase can be found here. Insiders have acquired 13,223 shares of company stock worth $273,830 in the last 90 days. 10.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MPB. TheStreet cut shares of Mid Penn Bancorp from a “b” rating to a “c+” rating in a report on Tuesday, February 13th. StockNews.com upgraded shares of Mid Penn Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Finally, Piper Sandler dropped their target price 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.

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.