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

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 given a dividend of 0.243 per share by the financial services provider on Monday, June 17th. This represents a $0.97 dividend on an annualized basis and a dividend 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% per year 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% indicating that 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

NASDAQ MOFG traded down $0.58 during trading hours on Friday, reaching $20.41. 59,418 shares of the company were exchanged, compared to its average volume of 28,290. MidWestOne Financial Group has a 1 year low of $17.80 and a 1 year high of $27.78. The business’s 50 day simple moving average is $22.13 and its 200-day simple moving average is $22.97. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $321.46 million, a P/E ratio of 14.17 and a beta of 0.95.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $36.42 million during the quarter, compared to the consensus estimate of $43.40 million. On average, equities research analysts expect that MidWestOne Financial Group will post 2.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Transactions at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves bought 4,447 shares of MidWestOne Financial Group stock in a transaction dated Monday, March 11th. The stock was purchased at an average price of $22.49 per share, for a total transaction of $100,013.03. Following the completion of the purchase, the chief executive officer now directly owns 38,346 shares of the company’s stock, valued at $862,401.54. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.80% of the company’s stock.

About MidWestOne Financial Group

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.