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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Thursday, October 24th, Zacks reports. Shareholders of record on Monday, December 2nd will be paid 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 increased its dividend payment 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. 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 Stock Performance

MidWestOne Financial Group stock traded down $0.97 during trading hours on Friday, reaching $28.26. 103,386 shares of the stock were exchanged, compared to its average volume of 45,063. The firm’s 50 day moving average is $28.42 and its 200 day moving average is $24.78. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a market cap of $445.66 million, a P/E ratio of 14.42 and a beta of 1.02. MidWestOne Financial Group has a 52-week low of $19.37 and a 52-week high of $30.51.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings results 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 company had revenue of $57.90 million during 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%. Analysts predict that MidWestOne Financial Group will post 2.27 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Piper Sandler raised 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 restated a “market perform” rating and set a $28.00 target price (up from $25.00) on shares of MidWestOne Financial Group 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 presently has an average rating of “Hold” and an average price target of $26.50.

Insiders Place Their Bets

In other news, Director Matthew J. Hayek purchased 2,000 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were bought 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 of the company’s stock, valued at approximately $282,325. This trade 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 is available at the SEC website. In other news, Director Matthew J. Hayek purchased 2,000 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were bought 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 of the company’s stock, valued at approximately $282,325. This trade 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 is available at the SEC website. Also, CEO Charles N. Reeves bought 7,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was bought 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 of the company’s stock, valued at approximately $1,142,800. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 9,400 shares of company stock valued at $235,000 in the last ninety days. Insiders own 2.80% of the company’s stock.

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.