Mid Penn Bancorp (NASDAQ:MPB) Raises Dividend to $0.22 Per Share

Mid Penn Bancorp (NASDAQ:MPB) declared a quarterly dividend on Wednesday, October 22nd. Stockholders of record on Monday, November 10th will be paid a dividend of 0.22 per share by the financial services provider on Monday, November 24th. This represents a c) annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, November 10th. This is a 10.0% increase from Mid Penn Bancorp’s previous quarterly dividend of $0.20.

Mid Penn Bancorp has a dividend payout ratio of 23.5% meaning its dividend is sufficiently covered by earnings. Equities 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

Shares of MPB opened at $27.86 on Thursday. The company’s fifty day moving average is $29.22 and its 200-day moving average is $28.09. Mid Penn Bancorp has a 12 month low of $22.50 and a 12 month high of $33.87. The firm has a market cap of $640.78 million, a price-to-earnings ratio of 11.66 and a beta of 0.61. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.08.

Mid Penn Bancorp (NASDAQ:MPB) last announced its quarterly earnings results on Tuesday, September 20th. The financial services provider reported $0.97 EPS for the quarter. Mid Penn Bancorp had a net margin of 13.69% and a return on equity of 8.13%. The company had revenue of $32.43 million for the quarter. Equities analysts expect that Mid Penn Bancorp will post 3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on MPB shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mid Penn Bancorp in a report on Wednesday, October 8th. Keefe, Bruyette & Woods decreased their price objective on shares of Mid Penn Bancorp from $35.00 to $34.00 and set an “outperform” rating for the company in a report on Monday, August 4th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Mid Penn Bancorp has a consensus rating of “Moderate Buy” and an average target price of $34.50.

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.