MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Plans Quarterly Dividend of $0.20

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MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Thursday, October 18th, Wall Street Journal reports. Investors of record on Saturday, December 1st will be given a dividend of 0.195 per share by the financial services provider on Monday, December 17th. This represents a $0.78 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Thursday, November 29th.

MidWestOne Financial Group has raised its dividend by an average of 4.9% per year over the last three years and has increased its dividend every year for the last 5 years. MidWestOne Financial Group has a dividend payout ratio of 29.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect MidWestOne Financial Group to earn $3.18 per share next year, which means the company should continue to be able to cover its $0.78 annual dividend with an expected future payout ratio of 24.5%.

MOFG traded up $0.65 on Friday, hitting $31.00. The company had a trading volume of 21,387 shares, compared to its average volume of 23,197. MidWestOne Financial Group has a 12-month low of $28.22 and a 12-month high of $37.67. The firm has a market cap of $371.54 million, a P/E ratio of 17.13, a P/E/G ratio of 1.41 and a beta of 1.00. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.50.

In other news, insider Charles N. Funk purchased 1,000 shares of the stock in a transaction that occurred on Thursday, August 30th. The stock was purchased at an average price of $33.50 per share, for a total transaction of $33,500.00. Following the completion of the acquisition, the insider now owns 104,829 shares of the company’s stock, valued at $3,511,771.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have acquired 2,700 shares of company stock valued at $85,815 in the last 90 days. Company insiders own 7.20% of the company’s stock.

Several brokerages have issued reports on MOFG. Zacks Investment Research lowered MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. BidaskClub upgraded MidWestOne Financial Group from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Finally, ValuEngine lowered MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd.

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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, institutional customers, and government agencies in Iowa, Minnesota, Wisconsin, Florida, and Colorado. It offers deposit products, such as checking and other demand deposit accounts, NOW accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, and other time deposits.

Further Reading: Penny Stocks, Risk and Reward Factors

Dividend History for MidWestOne Financial Group (NASDAQ:MOFG)

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