Mid Penn Bancorp Q2 EPS Beats, Dividend Hiked 4.6%
MPB sits 33% above its 52-week low of $26.495.
Summary
Mid Penn Bancorp delivered a strong Q2, with diluted EPS of $0.85 handily beating consensus. Net income surged to $21.7 million, driven by the William Penn and 1st Colonial acquisitions and a net interest margin that expanded to 4.06%. The board raised the quarterly dividend by 4.6% to $0.23 per share, and the company repurchased 76,000 shares during the quarter. This follows a Q1 that was weighed down by merger costs and rising non-performing assets, making the rebound in profitability and margin a clear positive signal. The stock trades at 10x forward earnings, with a median analyst target of $37, suggesting room to run if credit quality holds.
At the time of this announcement, MPB was trading at $35.17 on NASDAQ in the Finance sector, with a market capitalization of approximately $884.3M. The 52-week trading range was $26.50 to $37.18. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.