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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Tuesday, April 22nd, Wall Street Journal reports. Investors of record on Monday, June 2nd will be paid a dividend of 0.2425 per share by the financial services provider on Monday, June 16th. This represents a $0.97 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend is Monday, June 2nd.

MidWestOne Financial Group has raised its dividend payment by an average of 2.5% per year over the last three years. MidWestOne Financial Group has a dividend payout ratio of 27.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect MidWestOne Financial Group to earn $3.51 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 27.6%.

MidWestOne Financial Group Price Performance

Shares of MOFG stock opened at $28.87 on Friday. MidWestOne Financial Group has a fifty-two week low of $20.04 and a fifty-two week high of $34.56. The firm has a market capitalization of $600.99 million, a price-to-earnings ratio of -7.11 and a beta of 0.99. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78. The stock’s 50-day simple moving average is $28.20 and its 200-day simple moving average is $29.93.

MidWestOne Financial Group (NASDAQ:MOFG) last released its earnings results on Thursday, April 24th. The financial services provider reported $0.73 earnings per share for the quarter, hitting the consensus estimate of $0.73. The company had revenue of $57.58 million for the quarter, compared to the consensus estimate of $58.87 million. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. As a group, equities analysts forecast that MidWestOne Financial Group will post 3.2 earnings per share for the current fiscal year.

Insider Activity at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves acquired 1,785 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $27.98 per share, with a total value of $49,944.30. Following the acquisition, the chief executive officer now directly owns 53,621 shares of the company’s stock, valued at approximately $1,500,315.58. The trade was a 3.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 2.50% of the stock is owned by insiders.

Institutional Investors Weigh In On MidWestOne Financial Group

Several hedge funds have recently added to or reduced their stakes in MOFG. Goldman Sachs Group Inc. boosted its stake in shares of MidWestOne Financial Group by 16.8% in the first quarter. Goldman Sachs Group Inc. now owns 531,724 shares of the financial services provider’s stock worth $15,744,000 after buying an additional 76,368 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of MidWestOne Financial Group by 8.4% in the first quarter. Empowered Funds LLC now owns 68,431 shares of the financial services provider’s stock worth $2,026,000 after buying an additional 5,294 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of MidWestOne Financial Group by 242.2% in the first quarter. AQR Capital Management LLC now owns 40,228 shares of the financial services provider’s stock worth $1,191,000 after buying an additional 28,473 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of MidWestOne Financial Group by 8.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,382 shares of the financial services provider’s stock worth $337,000 after buying an additional 841 shares during the last quarter. 65.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on MOFG shares. Keefe, Bruyette & Woods dropped their target price on shares of MidWestOne Financial Group from $39.00 to $38.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Piper Sandler dropped their price objective on shares of MidWestOne Financial Group from $34.50 to $33.00 and set a “neutral” rating on the stock in a report on Monday, April 28th.

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.