MidWestOne Financial Group, Inc. (MOFG) to Issue Quarterly Dividend of $0.24 on June 17th

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 paid 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 yield of 4.76%. The ex-dividend date 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 increased 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. 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

MidWestOne Financial Group stock traded down $0.58 during midday trading on Friday, reaching $20.41. 59,418 shares of the company traded hands, compared to its average volume of 28,290. The firm has a market capitalization of $321.46 million, a price-to-earnings ratio of 14.17 and a beta of 0.95. The business has a 50 day moving average of $22.13 and a two-hundred day moving average of $22.97. MidWestOne Financial Group has a 12 month low of $17.80 and a 12 month 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.

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. 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 report on Friday. StockNews.com raised shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Friday, January 19th. Keefe, Bruyette & Woods reduced their target price 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, Piper Sandler assumed coverage on shares of MidWestOne Financial Group in a report on Wednesday, March 13th. They set a “neutral” rating and a $24.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $24.63.

Insider Buying and Selling

In other news, CEO Charles N. Reeves bought 4,447 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was bought 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 approximately $862,401.54. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is currently owned by insiders.

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.