Equities analysts expect MidWestOne Financial Group, Inc. (NASDAQ:MOFG) to report sales of $32.93 million for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for MidWestOne Financial Group’s earnings. The highest sales estimate is $33.08 million and the lowest is $32.70 million. MidWestOne Financial Group posted sales of $31.95 million in the same quarter last year, which suggests a positive year over year growth rate of 3.1%. The business is expected to issue its next quarterly earnings report on Thursday, January 24th.
According to Zacks, analysts expect that MidWestOne Financial Group will report full-year sales of $129.20 million for the current fiscal year, with estimates ranging from $128.29 million to $129.80 million. For the next year, analysts expect that the firm will post sales of $192.77 million, with estimates ranging from $186.80 million to $198.73 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow MidWestOne Financial Group.
MOFG has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. BidaskClub upgraded shares of MidWestOne Financial Group from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. Finally, ValuEngine upgraded shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th.
In other news, insider Charles N. Funk purchased 1,000 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was bought at an average cost of $33.50 per share, for a total transaction of $33,500.00. Following the completion of the acquisition, the insider now directly owns 104,829 shares of the company’s stock, valued at $3,511,771.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have acquired 2,700 shares of company stock valued at $85,815 over the last 90 days. Corporate insiders own 7.20% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MOFG. JPMorgan Chase & Co. lifted its stake in shares of MidWestOne Financial Group by 15.1% in the first quarter. JPMorgan Chase & Co. now owns 38,635 shares of the financial services provider’s stock valued at $1,286,000 after buying an additional 5,057 shares during the period. California Public Employees Retirement System lifted its stake in shares of MidWestOne Financial Group by 26.0% in the first quarter. California Public Employees Retirement System now owns 34,134 shares of the financial services provider’s stock valued at $1,136,000 after buying an additional 7,034 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of MidWestOne Financial Group by 15.9% in the first quarter. Dimensional Fund Advisors LP now owns 308,579 shares of the financial services provider’s stock valued at $10,273,000 after buying an additional 42,443 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of MidWestOne Financial Group by 1.5% in the first quarter. The Manufacturers Life Insurance Company now owns 131,452 shares of the financial services provider’s stock valued at $4,376,000 after buying an additional 1,895 shares during the period. Finally, Acadian Asset Management LLC bought a new stake in shares of MidWestOne Financial Group in the second quarter valued at about $281,000. Institutional investors and hedge funds own 45.34% of the company’s stock.
MOFG stock traded up $0.65 during mid-day trading on Monday, reaching $31.00. 21,387 shares of the stock traded hands, compared to its average volume of 23,197. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.89 and a quick ratio of 0.87. MidWestOne Financial Group has a 52 week low of $28.22 and a 52 week high of $37.67. The stock has a market capitalization of $371.54 million, a price-to-earnings ratio of 17.13, a price-to-earnings-growth ratio of 1.41 and a beta of 1.00.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Saturday, December 1st will be issued a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date is Thursday, November 29th. MidWestOne Financial Group’s dividend payout ratio (DPR) is 43.09%.
MidWestOne Financial Group Company Profile
MidWestOne Financial Group, Inc operates as the bank holding company for MidWestOne Bank that provides commercial and retail banking products and services to individuals, businesses, institutional customers, and government agencies in Iowa, Minnesota, Wisconsin, Florida, and Colorado. It offers deposit products, such as checking and other demand deposit accounts, NOW accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, and other time deposits.
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