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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders 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 of this dividend is Monday, June 3rd.

MidWestOne Financial Group has increased 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 dividend payout ratio of 34.6% meaning 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 Trading Down 2.8 %

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

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

Insider Activity at MidWestOne Financial Group

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MOFG shares. Piper Sandler started coverage on shares of MidWestOne Financial Group in a research note on Wednesday, March 13th. They issued a “neutral” rating and a $24.00 price target on the stock. StockNews.com raised shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research note on Friday, January 19th. Hovde Group reduced their price target on shares of MidWestOne Financial Group from $23.50 to $21.50 and set a “market perform” rating on the stock in a research note on Friday. Finally, Keefe, Bruyette & Woods dropped 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. Five analysts have rated the stock with a hold rating, According to MarketBeat, MidWestOne Financial Group currently has a consensus rating of “Hold” and an average target price of $24.63.

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.