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

Key Points

• MidWestOne Financial Group announced a quarterly dividend of $0.24 per share, with an ex-dividend date set for September 2nd, leading to a 3.46% dividend yield.
• The company reported earnings of $0.49 EPS for the last quarter, missing consensus estimates, while revenue slightly exceeded expectations at $61.41 million.
• Several analysts have adjusted their target prices for MidWestOne, with Piper Sandler lowering its target from $34.50 to $33.00 and maintaining a "neutral" rating.

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report) announced a quarterly dividend on Friday, July 25th, Wall Street Journal reports. Stockholders of record on Tuesday, September 2nd will be given a dividend of 0.2425 per share by the financial services provider on Tuesday, September 16th. This represents a $0.97 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Tuesday, September 2nd.

MidWestOne Financial Group has a dividend payout ratio of 27.5% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Stock Performance

Shares of NASDAQ:MOFG traded down $0.62 during midday trading on Tuesday, reaching $27.82. The company had a trading volume of 168,849 shares, compared to its average volume of 99,607. The company's 50 day moving average price is $29.05 and its 200 day moving average price is $29.29. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. The stock has a market cap of $579.13 million, a P/E ratio of -6.85 and a beta of 1.00. MidWestOne Financial Group has a 52-week low of $24.62 and a 52-week high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.28). The business had revenue of $61.41 million for the quarter, compared to analyst estimates of $60.60 million. As a group, sell-side analysts anticipate that MidWestOne Financial Group will post 3.2 EPS for the current fiscal year.

Insider Activity at MidWestOne Financial Group

In other MidWestOne Financial Group news, COO Len D. Devaisher purchased 1,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was bought at an average cost of $28.72 per share, for a total transaction of $28,720.00. Following the completion of the purchase, the chief operating officer owned 3,000 shares in the company, valued at $86,160. This represents a 50.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Charles N. Reeves acquired 5,000 shares of MidWestOne Financial Group stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average price of $28.04 per share, with a total value of $140,200.00. Following the completion of the purchase, the chief executive officer owned 58,867 shares of the company's stock, valued at approximately $1,650,630.68. The trade was a 9.28% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its holdings in shares of MidWestOne Financial Group by 16.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 531,724 shares of the financial services provider's stock valued at $15,744,000 after buying an additional 76,368 shares during the period. Empowered Funds LLC boosted its position in shares of MidWestOne Financial Group by 8.4% during the 1st quarter. Empowered Funds LLC now owns 68,431 shares of the financial services provider's stock worth $2,026,000 after acquiring an additional 5,294 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of MidWestOne Financial Group by 242.2% in the 1st quarter. AQR Capital Management LLC now owns 40,228 shares of the financial services provider's stock valued at $1,191,000 after purchasing an additional 28,473 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of MidWestOne Financial Group by 8.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,382 shares of the financial services provider's stock valued at $337,000 after purchasing an additional 841 shares during the period. Institutional investors and hedge funds own 65.42% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on MOFG. Piper Sandler reduced their price target on shares of MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating on the stock in a research report on Tuesday. Keefe, Bruyette & Woods lowered their price objective on MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating for the company in a research 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.