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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Friday, January 24th,Wall Street Journal reports. Investors of record on Monday, March 3rd will be given a dividend of 0.2425 per share by the financial services provider on Monday, March 17th. This represents a $0.97 annualized dividend and a yield of 3.13%. The ex-dividend date is Monday, March 3rd.

MidWestOne Financial Group has raised its dividend by an average of 2.5% annually over the last three years. MidWestOne Financial Group has a payout ratio of 27.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect MidWestOne Financial Group to earn $3.11 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 31.2%.

MidWestOne Financial Group Trading Up 2.6 %

MOFG stock traded up $0.80 during mid-day trading on Friday, reaching $30.99. 123,264 shares of the stock traded hands, compared to its average volume of 104,878. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78. MidWestOne Financial Group has a one year low of $19.43 and a one year high of $34.56. The stock has a market capitalization of $643.66 million, a PE ratio of -6.64 and a beta of 1.05. The business has a 50-day moving average price of $30.97 and a two-hundred day moving average price of $29.11.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 5.13% and a net margin of 9.79%. Equities research analysts expect that MidWestOne Financial Group will post 2.3 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Piper Sandler dropped their price objective on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a research note on Monday, October 28th. Keefe, Bruyette & Woods upgraded MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $34.00 to $39.00 in a report on Tuesday, December 17th. Finally, StockNews.com downgraded MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th.

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.