MidWestOne Financial Group, Inc. (NASDAQ:MOFG) to Issue $0.24 Quarterly Dividend

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Monday, June 3rd will be paid a dividend of 0.243 per share by the financial services provider on Monday, June 17th. This represents a $0.97 annualized dividend and a yield of 4.76%. The ex-dividend date is Monday, June 3rd.

MidWestOne Financial Group has increased its dividend by an average of 3.3% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. MidWestOne Financial Group has a dividend payout ratio of 34.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect MidWestOne Financial Group to earn $2.88 per share next year, which means the company should continue to be able to cover its $0.97 annual dividend with an expected future payout ratio of 33.7%.

MidWestOne Financial Group Trading Down 2.8 %

NASDAQ:MOFG traded down $0.58 on Friday, reaching $20.41. The company’s stock had a trading volume of 59,418 shares, compared to its average volume of 28,290. MidWestOne Financial Group has a 12-month low of $17.80 and a 12-month high of $27.78. The stock has a 50 day moving average price of $22.13 and a 200 day moving average price of $22.97. The firm has a market cap of $321.46 million, a price-to-earnings ratio of 14.17 and a beta of 0.95. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.24.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.04. MidWestOne Financial Group had a net margin of 7.78% and a return on equity of 5.52%. The firm had revenue of $36.42 million for the quarter, compared to analyst estimates of $43.40 million. On average, equities analysts anticipate that MidWestOne Financial Group will post 2.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MOFG. Piper Sandler initiated coverage on shares of MidWestOne Financial Group in a research note on Wednesday, March 13th. They issued a “neutral” rating and a $24.00 price target on the stock. Keefe, Bruyette & Woods lowered their price objective on MidWestOne Financial Group from $28.00 to $27.00 and set a “market perform” rating for the company in a research report on Friday, April 5th. Hovde Group lowered their target price on shares of MidWestOne Financial Group from $23.50 to $21.50 and set a “market perform” rating on the stock in a report on Friday. Finally, StockNews.com upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Friday, January 19th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, MidWestOne Financial Group has a consensus rating of “Hold” and a consensus price target of $24.63.

Insider Activity

In other MidWestOne Financial Group news, CEO Charles N. Reeves purchased 4,447 shares of the business’s stock in a transaction on Monday, March 11th. The stock was bought at an average cost of $22.49 per share, for a total transaction of $100,013.03. Following the acquisition, the chief executive officer now owns 38,346 shares of the company’s stock, valued at approximately $862,401.54. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.80% of the company’s stock.

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, governmental units, and institutional customers. It offers range of deposit products, including noninterest bearing and interest bearing demand deposits, savings, money market, and time deposits accounts.