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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Monday, June 3rd will be given 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 dividend yield of 4.76%. The ex-dividend date of this dividend is Monday, June 3rd.

MidWestOne Financial Group has raised its dividend payment by an average of 3.3% annually over the last three years and has raised its dividend every year for the last 13 years. MidWestOne Financial Group has a payout ratio of 34.6% meaning its dividend is sufficiently covered by earnings. Equities research 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 Stock Performance

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

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.04. The firm had revenue of $36.42 million during the quarter, compared to analysts’ expectations of $43.40 million. MidWestOne Financial Group had a net margin of 7.78% and a return on equity of 5.52%. As a group, analysts predict that MidWestOne Financial Group will post 2.17 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other MidWestOne Financial Group news, CEO Charles N. Reeves bought 4,447 shares of the stock in a transaction on Monday, March 11th. The stock was purchased at an average price of $22.49 per share, with a total value of $100,013.03. Following the acquisition, the chief executive officer now owns 38,346 shares of the company’s stock, valued at $862,401.54. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 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.