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

by · The Cerbat Gem

MidWestOne Financial Group, Inc. (NASDAQ:MOFG – Get Free Report) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Stockholders of record on Monday, December 2nd will be given a dividend of 0.243 per share by the financial services provider on Monday, December 16th. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Monday, December 2nd.

MidWestOne Financial Group has raised its dividend by an average of 3.3% per year over the last three years and has increased its dividend every year for the last 14 years. MidWestOne Financial Group has a payout ratio of 30.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect MidWestOne Financial Group to earn $2.67 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 36.3%.

MidWestOne Financial Group Stock Down 3.3 %

NASDAQ:MOFG traded down $0.97 during midday trading on Friday, reaching $28.26. The company had a trading volume of 103,386 shares, compared to its average volume of 45,063. The stock’s fifty day simple moving average is $28.42 and its 200-day simple moving average is $24.78. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.21. MidWestOne Financial Group has a 12-month low of $19.37 and a 12-month high of $30.51. The firm has a market capitalization of $445.66 million, a price-to-earnings ratio of 14.42 and a beta of 1.02.

MidWestOne Financial Group (NASDAQ:MOFG – Get Free Report) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). The company had revenue of $57.90 million for the quarter, compared to analyst estimates of $45.75 million. MidWestOne Financial Group had a return on equity of 5.27% and a net margin of 9.79%. On average, sell-side analysts anticipate that MidWestOne Financial Group will post 2.27 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Charles N. Reeves purchased 7,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $25.00 per share, with a total value of $175,000.00. Following the completion of the transaction, the chief executive officer now directly owns 45,712 shares in the company, valued at approximately $1,142,800. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other MidWestOne Financial Group news, Director Matthew J. Hayek purchased 2,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the transaction, the director now directly owns 11,293 shares in the company, valued at $282,325. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Charles N. Reeves acquired 7,000 shares of the stock in a transaction on Monday, September 30th. The shares were acquired at an average cost of $25.00 per share, for a total transaction of $175,000.00. Following the completion of the transaction, the chief executive officer now directly owns 45,712 shares in the company, valued at $1,142,800. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 9,400 shares of company stock worth $235,000. Corporate insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MOFG shares. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $28.00 price objective (up from $25.00) on shares of MidWestOne Financial Group in a research report on Monday, July 29th. Piper Sandler increased their target price on MidWestOne Financial Group from $22.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat.com, MidWestOne Financial Group has an average rating of “Hold” and a consensus price target of $26.50.

Read Our Latest Stock Report on MOFG

MidWestOne Financial Group Company Profile

(Get Free Report)

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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