Mid Penn Bancorp (NASDAQ:MPB) Plans $0.20 Quarterly Dividend

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) declared a quarterly dividend on Wednesday, July 23rd, RTT News reports. Investors of record on Friday, August 8th will be paid a dividend of 0.20 per share by the financial services provider on Monday, August 25th. This represents a $0.80 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Friday, August 8th.

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

Mid Penn Bancorp stock traded up $0.32 during trading on Friday, reaching $27.02. The company had a trading volume of 235,136 shares, compared to its average volume of 95,092. Mid Penn Bancorp has a 52 week low of $22.50 and a 52 week high of $33.87. The firm's 50-day simple moving average is $27.82 and its 200 day simple moving average is $27.72. The firm has a market capitalization of $523.11 million, a price-to-earnings ratio of 11.31 and a beta of 0.64. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.10.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The business had revenue of $54.35 million for the quarter, compared to analysts' expectations of $54.20 million. Mid Penn Bancorp had a return on equity of 8.60% and a net margin of 13.69%. Sell-side analysts forecast that Mid Penn Bancorp will post 3 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John E. Noone bought 1,000 shares of Mid Penn Bancorp stock in a transaction dated Friday, May 23rd. The shares were purchased at an average cost of $26.60 per share, with a total value of $26,600.00. Following the completion of the acquisition, the director owned 43,400 shares of the company's stock, valued at $1,154,440. This trade represents a 2.36% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Soto Matthew G. De bought 1,875 shares of Mid Penn Bancorp stock in a transaction dated Friday, May 23rd. The stock was purchased at an average cost of $26.66 per share, for a total transaction of $49,987.50. Following the completion of the acquisition, the director directly owned 110,013 shares of the company's stock, valued at approximately $2,932,946.58. The trade was a 1.73% increase in their position. The disclosure for this purchase can be found here. Insiders bought 9,586 shares of company stock worth $265,659 over the last ninety days. Insiders own 8.10% of the company's stock.

Institutional Investors Weigh In On Mid Penn Bancorp

Several large investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Mid Penn Bancorp by 21.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,361 shares of the financial services provider's stock worth $268,000 after purchasing an additional 1,796 shares in the last quarter. AQR Capital Management LLC boosted its position in Mid Penn Bancorp by 107.5% during the 1st quarter. AQR Capital Management LLC now owns 22,730 shares of the financial services provider's stock valued at $589,000 after acquiring an additional 11,774 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in Mid Penn Bancorp by 55.2% during the 1st quarter. Empowered Funds LLC now owns 57,505 shares of the financial services provider's stock valued at $1,490,000 after acquiring an additional 20,442 shares in the last quarter. 43.11% of the stock is owned by institutional investors.

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.