Mid Penn Bancorp (NASDAQ:MPB) Shareholders to Receive $0.23 Quarterly Dividend

Key Points

• Mid Penn Bancorp declared a $0.23 quarterly dividend, payable November 13 to shareholders of record November 2. The $0.92 annualized payout yields approximately 2.7% and is supported by a 27.1% payout ratio.
• Third-quarter net income available to common shareholders rose about 18% year over year to $21.6 million, while loans reached approximately $5.6 billion and deposits about $6.1 billion.
• The company slightly missed quarterly earnings and revenue expectations, reporting $0.88 EPS versus $0.89 expected and $74.7 million in revenue versus $77.7 million. Its net interest margin improved year over year but declined sequentially, contributing to investor concerns.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) announced a quarterly dividend on Wednesday, October 21st. Investors of record on Monday, November 2nd will be paid a dividend of $0.23 per share by the financial services provider on Friday, November 13th. This represents a $0.92 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, November 2nd.

Mid Penn Bancorp has a dividend payout ratio of 27.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Mid Penn Bancorp to earn $3.83 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 24.0%.

Mid Penn Bancorp Stock Performance

Shares of NASDAQ:MPB traded down $2.37 during mid-day trading on Thursday, hitting $33.98. 134,043 shares of the company traded hands, compared to its average volume of 142,792. The firm's 50 day simple moving average is $36.65 and its 200 day simple moving average is $35.10. Mid Penn Bancorp has a 52-week low of $27.98 and a 52-week high of $39.15. The firm has a market cap of $860.81 million, a P/E ratio of 12.00 and a beta of 0.49.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $0.88 earnings per share for the quarter, missing analysts' consensus estimates of $0.89 by ($0.01). The firm had revenue of $74.68 million during the quarter, compared to analysts' expectations of $77.72 million. Mid Penn Bancorp had a net margin of 17.55% and a return on equity of 8.82%. Equities research analysts expect that Mid Penn Bancorp will post 3.29 EPS for the current fiscal year.

Key Headlines Impacting Mid Penn Bancorp

Here are the key news stories impacting Mid Penn Bancorp this week:

• Positive Sentiment: Third-quarter net income available to common shareholders rose to $21.6 million, or $0.84 per diluted share, from $18.3 million, or $0.79 per diluted share, a year earlier. The result reflects approximately 18% growth in quarterly profit. Mid Penn Bancorp Third Quarter Earnings Release
• Positive Sentiment: Loan balances increased to approximately $5.6 billion and deposits rose to about $6.1 billion, indicating continued balance-sheet growth. Mid Penn Reports Third-Quarter Net Income
• Positive Sentiment: Mid Penn declared its 64th consecutive quarterly dividend of $0.23 per share, payable November 13 to shareholders of record November 2. The annualized payout is $0.92 per share, representing a yield of roughly 2.5%. Mid Penn Bancorp Dividend Announcement
• Neutral Sentiment: Net interest income was $64.6 million, while the net interest margin improved year over year to 3.92% from 3.60% but declined from 4.06% in the prior quarter, signaling sequential margin pressure. Mid Penn Bancorp Earnings Results
• Negative Sentiment: Revenue of approximately $74.7 million fell short of analyst expectations near $77.7 million. Reported EPS was also described as slightly below consensus in market coverage, making the revenue miss and margin decline the primary reasons for the negative investor reaction. Mid Penn Bancorp Earnings Coverage

Mid Penn Bancorp Company Profile

Mid Penn Bancorp, Inc is the holding company for Mid Penn Bank, a community banking institution headquartered in Millersburg, Pennsylvania. The bank provides financial services to individuals, families, businesses, nonprofit organizations and municipalities through a network of community banking offices and digital banking channels.

Mid Penn Bank offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, equipment financing, personal loans and credit products.

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