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

Mid Penn Bancorp (NASDAQ:MPB) announced a quarterly dividend on Wednesday, July 22nd. Shareholders 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) annualized dividend 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 by an average of 0.0%annually over the last three years. Mid Penn Bancorp has a dividend payout ratio of 25.9% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Mid Penn Bancorp stock opened at $34.89 on Thursday. The firm’s 50-day moving average is $33.68 and its 200-day moving average is $33.02. Mid Penn Bancorp has a 1 year low of $26.50 and a 1 year high of $37.17. The company has a market cap of $884.11 million, a P/E ratio of 15.86 and a beta of 0.47.

Mid Penn Bancorp (NASDAQ:MPB) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.79 by $0.08. Mid Penn Bancorp had a net margin of 13.95% and a return on equity of 8.31%. The business had revenue of $75.87 million during the quarter, compared to analyst estimates of $73.28 million. As a group, sell-side analysts predict that Mid Penn Bancorp will post 3.2 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have commented on MPB. Raymond James Financial started coverage on Mid Penn Bancorp in a research note on Tuesday, June 30th. They issued an “outperform” rating and a $38.00 target price for the company. Zacks Research upgraded Mid Penn Bancorp to a “hold” rating in a research note on Wednesday, July 1st. Finally, Weiss Ratings raised Mid Penn Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a Buy rating and two have 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 a consensus price target of $37.50.

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.