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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Tuesday, July 23rd, Zacks reports. Stockholders of record on Tuesday, September 3rd will be given a dividend of 0.243 per share by the financial services provider on Tuesday, September 17th. This represents a $0.97 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Tuesday, September 3rd.

MidWestOne Financial Group has increased its dividend payment 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 35.8% meaning its dividend is sufficiently covered by earnings. Equities 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 Up 0.8 %

Shares of MOFG traded up $0.22 during midday trading on Friday, hitting $29.22. The stock had a trading volume of 19,440 shares, compared to its average volume of 31,210. MidWestOne Financial Group has a twelve month low of $19.19 and a twelve month high of $30.15. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.74 and a quick ratio of 0.74. The company has a 50 day simple moving average of $25.90 and a two-hundred day simple moving average of $23.21. The firm has a market cap of $460.80 million, a price-to-earnings ratio of 20.29 and a beta of 1.03.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). MidWestOne Financial Group had a return on equity of 5.27% and a net margin of 9.79%. The business had revenue of $57.90 million during the quarter, compared to the consensus estimate of $45.75 million. On average, analysts anticipate that MidWestOne Financial Group will post 2.14 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MOFG shares. Piper Sandler upped 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 objective (up from $25.00) on shares of MidWestOne Financial Group in a research report on Monday, July 29th. Five analysts have rated the stock with a hold rating, According to MarketBeat, MidWestOne Financial Group currently has a consensus rating of “Hold” and an average price target of $26.38.

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.