Mid Penn Bancorp, Inc. (MPB) to Issue Quarterly Dividend of $0.18

Mid Penn Bancorp, Inc. (NASDAQ:MPB) declared a quarterly dividend on Friday, April 26th, Wall Street Journal reports. Shareholders of record on Wednesday, May 8th will be given a dividend of 0.18 per share by the financial services provider on Monday, May 27th. This represents a $0.72 annualized dividend and a yield of 2.99%. The ex-dividend date is Tuesday, May 7th. This is a positive change from Mid Penn Bancorp’s previous quarterly dividend of $0.15.

Mid Penn Bancorp has increased its dividend payment by an average of 10.9% annually over the last three years and has raised its dividend annually for the last 5 consecutive years.

MPB stock traded up $0.28 during midday trading on Friday, hitting $24.10. 2,741 shares of the company’s stock were exchanged, compared to its average volume of 4,763. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.34. The firm has a market cap of $201.77 million, a PE ratio of 11.76 and a beta of 0.59. Mid Penn Bancorp has a one year low of $21.69 and a one year high of $36.75.

Mid Penn Bancorp (NASDAQ:MPB) last posted its earnings results on Thursday, April 25th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.01. The firm had revenue of $19.36 million for the quarter, compared to analyst estimates of $19.90 million. Mid Penn Bancorp had a return on equity of 8.04% and a net margin of 13.92%. On average, analysts forecast that Mid Penn Bancorp will post 2.15 earnings per share for the current year.

In other news, Director Theodore W. Mowery purchased 1,000 shares of the company’s stock in a transaction on Thursday, February 28th. The shares were purchased at an average price of $25.31 per share, with a total value of $25,310.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Soto Matthew G. De purchased 2,065 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was purchased at an average cost of $24.20 per share, for a total transaction of $49,973.00. The disclosure for this purchase can be found here. Insiders acquired a total of 3,469 shares of company stock worth $84,919 in the last three months. Company insiders own 18.20% of the company’s stock.

An institutional investor recently raised its position in Mid Penn Bancorp stock. Geode Capital Management LLC lifted its stake in Mid Penn Bancorp, Inc. (NASDAQ:MPB) by 12.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 48,092 shares of the financial services provider’s stock after acquiring an additional 5,187 shares during the quarter. Geode Capital Management LLC owned approximately 0.57% of Mid Penn Bancorp worth $1,107,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 15.25% of the company’s stock.

Several research analysts have weighed in on MPB shares. TheStreet upgraded Mid Penn Bancorp from a “c” rating to a “b” rating in a report on Thursday, January 31st. DA Davidson started coverage on Mid Penn Bancorp in a report on Tuesday, April 16th. They set a “neutral” rating on the stock. Finally, ValuEngine lowered Mid Penn Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, January 10th.

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Mid Penn Bancorp Company Profile

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 IRAs.

Further Reading: Do stock splits help investors?

Dividend History for Mid Penn Bancorp (NASDAQ:MPB)

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