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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders 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 dividend 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% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. MidWestOne Financial Group has a dividend payout ratio of 34.6% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

NASDAQ:MOFG traded down $0.58 during mid-day trading on Friday, reaching $20.41. The stock had a trading volume of 59,418 shares, compared to its average volume of 28,290. The firm has a 50 day moving average price of $22.13 and a two-hundred day moving average price of $22.97. The stock has a market capitalization of $321.46 million, a P/E ratio of 14.17 and a beta of 0.95. MidWestOne Financial Group has a one year low of $17.80 and a one year high of $27.78. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.73 and a current ratio of 0.73.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.04. The company had revenue of $36.42 million during the quarter, compared to the consensus estimate of $43.40 million. MidWestOne Financial Group had a return on equity of 5.52% and a net margin of 7.78%. As a group, analysts expect that MidWestOne Financial Group will post 2.17 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Charles N. Reeves purchased 4,447 shares of the firm's stock in a transaction on Monday, March 11th. The shares were acquired at an average cost of $22.49 per share, with a total value of $100,013.03. Following the purchase, the chief executive officer now directly owns 38,346 shares of the company's stock, valued at $862,401.54. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Hovde Group dropped their target price on MidWestOne Financial Group from $23.50 to $21.50 and set a "market perform" rating for the company in a research report on Friday. StockNews.com upgraded MidWestOne Financial Group from a "sell" rating to a "hold" rating in a research report on Friday, January 19th. Piper Sandler assumed coverage on MidWestOne Financial Group in a research report on Wednesday, March 13th. They issued a "neutral" rating and a $24.00 target price for the company. Finally, Keefe, Bruyette & Woods dropped their target price on MidWestOne Financial Group from $28.00 to $27.00 and set a "market perform" rating for the company in a research report on Friday, April 5th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, MidWestOne Financial Group currently has an average rating of "Hold" and an average target price of $24.63.

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.