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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders 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 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 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 Down 2.8 %

NASDAQ:MOFG traded down $0.58 during mid-day trading on Friday, hitting $20.41. 59,418 shares of the company’s stock were exchanged, compared to its average volume of 28,290. MidWestOne Financial Group has a one year low of $17.80 and a one year high of $27.78. 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 company has a market cap of $321.46 million, a PE ratio of 14.17 and a beta of 0.95. The business has a fifty day moving average price of $22.13 and a 200 day moving average price of $22.97.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.51 earnings per share 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 company had revenue of $36.42 million during the quarter, compared to the consensus estimate of $43.40 million. Equities analysts predict that MidWestOne Financial Group will post 2.17 EPS for the current year.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, CEO Charles N. Reeves acquired 4,447 shares of MidWestOne Financial Group stock in a transaction on Monday, March 11th. The shares were bought at an average cost of $22.49 per share, with a total value 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 approximately $862,401.54. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate 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.