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

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 3.46%. The ex-dividend date is Tuesday, September 2nd.

MidWestOne Financial Group has a dividend payout ratio of 27.5% meaning 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 MOFG stock traded down $1.18 during trading hours on Friday, hitting $28.00. The company's stock had a trading volume of 280,837 shares, compared to its average volume of 114,225. The company has a 50 day moving average of $29.11 and a 200 day moving average of $29.27. The stock has a market cap of $582.96 million, a PE ratio of -7.91 and a beta of 1.00. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. MidWestOne Financial Group has a 12-month low of $24.62 and a 12-month 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 firm had revenue of $61.41 million for the quarter, compared to analyst estimates of $60.60 million. On average, sell-side analysts forecast that MidWestOne Financial Group will post 3.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MOFG shares. Piper Sandler decreased their target price on shares of MidWestOne Financial Group from $34.50 to $33.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Keefe, Bruyette & Woods decreased their target price on shares of MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating for the company in a research note on Monday, April 28th.

Institutional Investors Weigh In On MidWestOne Financial Group

A number of hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 valued at $337,000 after buying an additional 841 shares during the last quarter. Empowered Funds LLC increased its position in MidWestOne Financial Group by 8.4% during the first quarter. Empowered Funds LLC now owns 68,431 shares of the financial services provider's stock worth $2,026,000 after purchasing an additional 5,294 shares during the last quarter. AQR Capital Management LLC increased its position in MidWestOne Financial Group by 242.2% during the first quarter. AQR Capital Management LLC now owns 40,228 shares of the financial services provider's stock worth $1,191,000 after purchasing an additional 28,473 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in MidWestOne Financial Group by 16.8% during the first quarter. Goldman Sachs Group Inc. now owns 531,724 shares of the financial services provider's stock worth $15,744,000 after purchasing an additional 76,368 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

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.

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