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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Friday, April 25th, Wall Street Journal reports. Investors of record on Monday, June 2nd will be paid a dividend of 0.2425 per share by the financial services provider on Monday, June 16th. This represents a $0.97 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date is Monday, June 2nd.

MidWestOne Financial Group has raised its dividend payment by an average of 2.5% per year over the last three years. MidWestOne Financial Group has a dividend payout ratio of 28.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect MidWestOne Financial Group to earn $3.51 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 27.6%.

MidWestOne Financial Group Stock Performance

MidWestOne Financial Group stock opened at $28.24 on Friday. The stock has a market cap of $587.84 million, a PE ratio of -6.96 and a beta of 0.88. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20. MidWestOne Financial Group has a 12-month low of $20.01 and a 12-month high of $34.56. The business’s 50-day moving average price is $28.64 and its two-hundred day moving average price is $30.08.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.73 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.73. MidWestOne Financial Group had a return on equity of 6.54% and a net margin of 9.79%. The business had revenue of $57.58 million for the quarter, compared to analyst estimates of $58.87 million. As a group, analysts expect that MidWestOne Financial Group will post 3.2 earnings per share for the current fiscal year.

Insider Transactions at MidWestOne Financial Group

In other news, CEO Charles N. Reeves bought 1,785 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $27.98 per share, with a total value of $49,944.30. Following the transaction, the chief executive officer now owns 53,621 shares of the company’s stock, valued at $1,500,315.58. This trade represents a 3.44 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MOFG. Hovde Group boosted their target price on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the stock a “market perform” rating in a report on Monday, January 27th. StockNews.com raised shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research note on Monday, January 27th.

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.