Mid Penn Bancorp, Inc. (MPB) To Go Ex-Dividend on May 9th

Mid Penn Bancorp, Inc. (NASDAQ:MPB) declared a quarterly dividend on Wednesday, April 24th, Zacks reports. Investors of record on Friday, May 10th will be paid a dividend of 0.20 per share by the financial services provider on Monday, May 27th. This represents a $0.80 annualized dividend and a yield of 3.76%. The ex-dividend date is Thursday, May 9th.

Mid Penn Bancorp has raised its dividend by an average of 3.6% annually over the last three years. Mid Penn Bancorp has a payout ratio of 27.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Mid Penn Bancorp to earn $3.06 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 26.1%.

Mid Penn Bancorp Stock Performance

MPB opened at $21.27 on Tuesday. The stock has a market cap of $352.44 million, a PE ratio of 9.21 and a beta of 0.56. Mid Penn Bancorp has a 1 year low of $18.32 and a 1 year high of $25.92. The stock’s 50 day simple moving average is $20.25 and its 200-day simple moving average is $21.35. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MPB. StockNews.com upgraded shares of Mid Penn Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. TheStreet cut shares of Mid Penn Bancorp from a “b” rating to a “c+” rating in a research note on Tuesday, February 13th. Finally, Piper Sandler cut their target price on shares of Mid Penn Bancorp from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, February 1st.

Insider Buying and Selling at Mid Penn Bancorp

In other Mid Penn Bancorp news, Director Theodore W. Mowery bought 2,000 shares of Mid Penn Bancorp stock in a transaction on Friday, March 15th. The shares were purchased at an average cost of $20.42 per share, for a total transaction of $40,840.00. Following the completion of the acquisition, the director now owns 31,540 shares in the company, valued at approximately $644,046.80. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Soto Matthew G. De purchased 9,615 shares of Mid Penn Bancorp stock in a transaction dated Monday, April 29th. The stock was bought at an average price of $20.76 per share, for a total transaction of $199,607.40. Following the completion of the acquisition, the director now directly owns 79,190 shares of the company’s stock, valued at $1,643,984.40. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Theodore W. Mowery acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were bought at an average price of $20.42 per share, for a total transaction of $40,840.00. Following the completion of the acquisition, the director now owns 31,540 shares of the company’s stock, valued at $644,046.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 13,223 shares of company stock valued at $273,830. Corporate insiders own 9.90% of the company’s stock.

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.