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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report) 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 dividend on an annualized basis and a 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 raised 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 Trading Down 3.3 %

NASDAQ:MOFG traded down $0.97 on Friday, hitting $28.26. The stock had a trading volume of 103,386 shares, compared to its average volume of 45,063. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.21. The stock has a market cap of $445.66 million, a price-to-earnings ratio of 14.42 and a beta of 1.02. The company has a fifty day moving average price of $28.42 and a two-hundred day moving average price of $24.80. MidWestOne Financial Group has a 1-year low of $19.37 and a 1-year high of $30.51.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.02). The firm had revenue of $57.90 million during the quarter, compared to analyst estimates of $45.75 million. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 5.27%. Equities research analysts expect that MidWestOne Financial Group will post 2.27 earnings per share for the current fiscal year.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MOFG. Piper Sandler boosted their target price on shares of MidWestOne Financial Group from $22.00 to $30.00 and gave the company a "neutral" rating in a report on Monday, July 29th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $28.00 price target (up from $25.00) on shares of MidWestOne Financial Group in a research note on Monday, July 29th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, MidWestOne Financial Group presently has an average rating of "Hold" and a consensus price target of $26.50.

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.