Mid Penn Bancorp (NASDAQ:MPB) to Issue Quarterly Dividend of $0.22

Key Points

• Mid Penn Bancorp declared a quarterly dividend of $0.22 per share, payable May 15 to shareholders of record on May 4, implying an annualized yield of about 2.6% and a payout ratio of 25.9%.
• The company reported quarterly EPS of $0.64, missing the analysts' consensus of $0.80 by $0.16 while posting revenue of $64.85M (above expectations), and its stock fell roughly 2.8% on the news.
• Insiders have been buying shares (3,408 shares worth ~$105.6K in the past 90 days) and own 7.20% of the company, while institutional investors hold about 43.11% of the stock.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) declared a quarterly dividend on Tuesday, April 21st. Shareholders of record on Monday, May 4th will be paid a dividend of 0.22 per share by the financial services provider on Friday, May 15th. This represents a c) dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Monday, May 4th.

Mid Penn Bancorp has raised its dividend payment by an average of 0.0%per year over the last three years. Mid Penn Bancorp has a dividend payout ratio of 25.9% indicating that its dividend is sufficiently covered by earnings.

Mid Penn Bancorp Stock Down 2.8%

Shares of Mid Penn Bancorp stock opened at $33.43 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.03. The company's fifty day simple moving average is $32.62 and its two-hundred day simple moving average is $31.26. The company has a market cap of $847.08 million, a P/E ratio of 13.11 and a beta of 0.51. Mid Penn Bancorp has a 12-month low of $25.47 and a 12-month high of $35.22.

Mid Penn Bancorp (NASDAQ:MPB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.80 by ($0.16). The company had revenue of $64.85 million for the quarter, compared to analysts' expectations of $63.15 million. Mid Penn Bancorp had a net margin of 16.04% and a return on equity of 8.64%.

Insider Activity

In related news, Director Soto Matthew G. De bought 1,618 shares of the stock in a transaction on Thursday, March 12th. The shares were acquired at an average price of $30.87 per share, for a total transaction of $49,947.66. Following the purchase, the director owned 114,915 shares of the company's stock, valued at approximately $3,547,426.05. The trade was a 1.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas R. Brugger bought 818 shares of the stock in a transaction on Friday, March 6th. The shares were bought at an average price of $31.35 per share, for a total transaction of $25,644.30. Following the purchase, the director directly owned 6,110 shares in the company, valued at approximately $191,548.50. This trade represents a 15.46% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 3,408 shares of company stock worth $105,578 in the last 90 days. Company insiders own 7.20% of the company's stock.

Hedge Funds Weigh In On Mid Penn Bancorp

Several institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP lifted its stake in shares of Mid Penn Bancorp by 2.2% in the 4th quarter. Wellington Management Group LLP now owns 2,274,513 shares of the financial services provider's stock worth $70,555,000 after purchasing an additional 50,000 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Mid Penn Bancorp by 102.2% in the 3rd quarter. Alliancebernstein L.P. now owns 802,098 shares of the financial services provider's stock worth $22,972,000 after purchasing an additional 405,316 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Mid Penn Bancorp by 5.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 668,627 shares of the financial services provider's stock worth $20,741,000 after purchasing an additional 34,890 shares during the period. Fourthstone LLC lifted its stake in shares of Mid Penn Bancorp by 32.7% in the 4th quarter. Fourthstone LLC now owns 291,396 shares of the financial services provider's stock worth $9,039,000 after purchasing an additional 71,827 shares during the period. Finally, Bridgeway Capital Management LLC lifted its stake in shares of Mid Penn Bancorp by 50.1% in the 4th quarter. Bridgeway Capital Management LLC now owns 146,609 shares of the financial services provider's stock worth $4,548,000 after purchasing an additional 48,944 shares during the period. Institutional investors own 43.11% of the company's stock.

About Mid Penn Bancorp

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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