Mid Penn Bancorp (NASDAQ:MPB) Declares Dividend Increase - $0.22 Per Share

Key Points

• Mid Penn Bancorp has declared a quarterly dividend of $0.22 per share, marking a 10% increase from its previous dividend of $0.20.
• The stock has a current dividend yield of 3.2% and an expected annual payout ratio of 23.7%, indicating a sustainable dividend based on projected earnings.
• Shares of Mid Penn Bancorp opened at $27.86, with a 12-month high of $33.87 and a market capitalization of $640.78 million.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) announced 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 payout ratio of 23.5% meaning its dividend is sufficiently covered by earnings. Equities research 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 Trading Up 0.8%

Shares of MPB stock opened at $27.86 on Thursday. Mid Penn Bancorp has a 12-month low of $22.50 and a 12-month high of $33.87. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock's 50-day moving average price is $29.22 and its 200-day moving average price is $28.09. The stock has a market capitalization of $640.78 million, a price-to-earnings ratio of 11.66 and a beta of 0.61.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its earnings results on Tuesday, September 20th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter. Mid Penn Bancorp had a return on equity of 8.13% and a net margin of 13.69%.The firm had revenue of $32.43 million for the quarter. Equities research analysts predict that Mid Penn Bancorp will post 3 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on MPB. Weiss Ratings restated a "hold (c+)" rating on shares of Mid Penn Bancorp in a report on Wednesday, October 8th. Keefe, Bruyette & Woods reduced their target price on shares of Mid Penn Bancorp from $35.00 to $34.00 and set an "outperform" rating on the stock in a report on Monday, August 4th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $34.50.

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.

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