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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Thursday, October 24th, Zacks reports. Investors 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 annualized dividend and a yield of 3.44%. The ex-dividend date is Monday, December 2nd.

MidWestOne Financial Group has raised its dividend payment by an average of 3.3% annually over the last three years and has raised its dividend every year for the last 14 years. MidWestOne Financial Group has a dividend payout ratio of 30.8% indicating that its dividend is sufficiently covered by earnings. Research 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 Trading Down 3.3 %

NASDAQ MOFG traded down $0.97 during mid-day trading on Friday, hitting $28.26. The company’s stock had a trading volume of 103,386 shares, compared to its average volume of 45,063. MidWestOne Financial Group has a 52-week low of $19.37 and a 52-week high of $30.51. The stock’s fifty day simple moving average is $28.42 and its two-hundred day simple moving average is $24.78. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market capitalization of $445.66 million, a P/E ratio of 14.42 and a beta of 1.02.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). The firm had revenue of $57.90 million for the quarter, compared to analysts’ expectations of $45.75 million. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 5.27%. Research analysts expect that MidWestOne Financial Group will post 2.27 EPS for the current year.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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

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.