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

MidWestOne Financial Group, Inc. (NASDAQ:MOFGGet Free Report) declared a quarterly dividend on Friday, January 24th,Wall Street Journal reports. Shareholders 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 increased its dividend by an average of 2.5% per year over the last three years. MidWestOne Financial Group has a payout ratio of 27.8% indicating that 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 Stock Performance

MidWestOne Financial Group 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 current ratio of 0.78 and a quick ratio of 0.77. The stock has a market capitalization of $643.66 million, a PE ratio of -6.64 and a beta of 1.05. The business’s 50-day moving average is $30.97 and its 200-day moving average is $29.11. MidWestOne Financial Group has a 12-month low of $19.43 and a 12-month high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFGGet Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 5.13%. As a group, sell-side analysts predict that MidWestOne Financial Group will post 2.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Stock Analysis on MOFG

MidWestOne Financial Group Company Profile

(Get Free Report)

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.

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Dividend History for MidWestOne Financial Group (NASDAQ:MOFG)

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