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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG – Get Rating) declared a quarterly dividend on Wednesday, May 4th, Wall Street Journal reports. Stockholders of record on Wednesday, June 1st will be given a dividend of 0.2375 per share by the financial services provider on Wednesday, June 15th. This represents a $0.95 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Tuesday, May 31st. This is a boost from MidWestOne Financial Group’s previous quarterly dividend of $0.24.

MidWestOne Financial Group has raised its dividend by an average of 4.9% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. MidWestOne Financial Group has a dividend payout ratio of 24.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect MidWestOne Financial Group to earn $3.94 per share next year, which means the company should continue to be able to cover its $0.95 annual dividend with an expected future payout ratio of 24.1%.

MidWestOne Financial Group stock opened at $30.52 on Friday. The stock has a market capitalization of $478.55 million, a PE ratio of 7.83 and a beta of 0.97. MidWestOne Financial Group has a twelve month low of $27.08 and a twelve month high of $34.65. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $30.99 and a 200-day moving average of $31.67.

MidWestOne Financial Group (NASDAQ:MOFG – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.05. The company had revenue of $48.98 million during the quarter, compared to analysts’ expectations of $47.20 million. MidWestOne Financial Group had a net margin of 28.49% and a return on equity of 11.80%. Equities analysts anticipate that MidWestOne Financial Group will post 3.78 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in MOFG. Great West Life Assurance Co. Can lifted its position in shares of MidWestOne Financial Group by 33.1% in the first quarter. Great West Life Assurance Co. Can now owns 1,587 shares of the financial services provider’s stock worth $55,000 after purchasing an additional 395 shares in the last quarter. Citigroup Inc. lifted its position in shares of MidWestOne Financial Group by 92.4% in the fourth quarter. Citigroup Inc. now owns 3,769 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 1,810 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of MidWestOne Financial Group by 72.3% in the third quarter. BNP Paribas Arbitrage SA now owns 4,212 shares of the financial services provider’s stock worth $127,000 after purchasing an additional 1,768 shares in the last quarter. Zebra Capital Management LLC bought a new stake in shares of MidWestOne Financial Group in the first quarter worth $235,000. Finally, MetLife Investment Management LLC raised its position in MidWestOne Financial Group by 16.8% during the first quarter. MetLife Investment Management LLC now owns 7,351 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 1,059 shares in the last quarter. 65.04% of the stock is currently owned by institutional investors and hedge funds.

Separately, StockNews.com cut shares of MidWestOne Financial Group from a “buy” rating to a “hold” rating in a report on Monday, May 23rd.

About MidWestOne Financial Group (Get Rating)

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 deposit products, such as noninterest bearing and interest-bearing demand deposit accounts, interest checking accounts, savings accounts, money market accounts, certificates of deposit, and time deposits.

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