Mid Penn Bancorp (MPB) to Issue Quarterly Dividend of $0.23 on August 14th

Mid Penn Bancorp (NASDAQ:MPB) declared a quarterly dividend on Wednesday, July 22nd. Stockholders of record on Monday, August 3rd will be paid a dividend of 0.23 per share by the financial services provider on Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, August 3rd. This is a 4.5% increase from Mid Penn Bancorp’s previous quarterly dividend of $0.22.

Mid Penn Bancorp has increased its dividend by an average of 0.0%annually over the last three years. Mid Penn Bancorp has a payout ratio of 25.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Mid Penn Bancorp to earn $3.75 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 23.5%.

Mid Penn Bancorp Price Performance

Mid Penn Bancorp stock opened at $36.46 on Friday. The company’s 50-day moving average is $33.78 and its 200-day moving average is $33.06. The firm has a market capitalization of $923.90 million, a PE ratio of 12.88 and a beta of 0.47. Mid Penn Bancorp has a fifty-two week low of $26.50 and a fifty-two week high of $37.17.

Mid Penn Bancorp (NASDAQ:MPB) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.08. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 9.00%. The business had revenue of $75.87 million during the quarter, compared to the consensus estimate of $73.28 million. As a group, analysts expect that Mid Penn Bancorp will post 3.2 EPS for the current year.

Analyst Upgrades and Downgrades

MPB has been the topic of several research analyst reports. Raymond James Financial began coverage on Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 price objective on the stock. Weiss Ratings upgraded Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Finally, Zacks Research raised Mid Penn Bancorp to a “hold” rating in a report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.50.

About Mid Penn Bancorp

Mid Penn Bancorp, Inc is a bank holding company headquartered in Hummelstown, Pennsylvania, serving as the parent of Mid Penn Bank. As a full-service financial institution, Mid Penn Bank operates a network of branches across central Pennsylvania, delivering retail and commercial banking services to individuals, families and businesses in its regional markets.

Through its banking subsidiary, the company offers a broad range of deposit products, including checking accounts, savings accounts and certificates of deposit, alongside consumer and commercial lending solutions.