Mid Penn Bancorp (NASDAQ:MPB) Raises Dividend to $0.23 Per Share

Key Points

• Mid Penn Bancorp raised its quarterly dividend to $0.23 per share, a 4.5% increase from $0.22. The dividend is payable on August 14 to shareholders of record on August 3, with a yield of about 2.6%.
• The company’s payout appears well covered, with a 25.9% payout ratio and analysts expecting earnings of $3.75 per share next year. That would leave its projected annual dividend of $0.88 at a future payout ratio of about 23.5%.
• Mid Penn Bancorp also reported solid quarterly results, posting $0.87 EPS versus estimates of $0.79 and revenue of $75.87 million above expectations. Despite the news, the stock was trading down about 1.1% on Thursday.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) declared a quarterly dividend on Wednesday, July 22nd. Investors of record on Monday, August 3rd will be given 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 yield of 2.6%. 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 raised its dividend payment 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. 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 Trading Down 1.1%

Mid Penn Bancorp stock opened at $34.89 on Thursday. The firm has a 50 day simple moving average of $33.68 and a 200 day simple moving average of $33.02. Mid Penn Bancorp has a 1-year low of $26.50 and a 1-year high of $37.17. The firm has a market capitalization of $884.11 million, a price-to-earnings ratio of 15.86 and a beta of 0.47.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.08. Mid Penn Bancorp had a return on equity of 8.31% and a net margin of 13.95%.The firm had revenue of $75.87 million for the quarter, compared to the consensus estimate of $73.28 million. On average, equities research analysts forecast that Mid Penn Bancorp will post 3.2 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MPB. Weiss Ratings raised Mid Penn Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Zacks Research raised Mid Penn Bancorp to a "hold" rating in a report on Wednesday, July 1st. Finally, Raymond James Financial began coverage on Mid Penn Bancorp in a research report on Tuesday, June 30th. They set an "outperform" rating and a $38.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Mid Penn Bancorp has a consensus rating of "Moderate Buy" and an average price target of $37.50.

Mid Penn Bancorp Company Profile

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.

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