MidWestOne Financial Group, Inc. (NASDAQ:MOFG) announced a quarterly dividend on Tuesday, April 23rd, Wall Street Journal reports. Stockholders of record on Monday, April 29th will be given a dividend of 0.2025 per share by the financial services provider on Monday, June 17th. This represents a $0.81 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Friday, April 26th.
MidWestOne Financial Group has increased its dividend payment by an average of 9.1% annually over the last three years and has raised its dividend every year for the last 6 years. MidWestOne Financial Group has a payout ratio of 30.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect MidWestOne Financial Group to earn $3.25 per share next year, which means the company should continue to be able to cover its $0.81 annual dividend with an expected future payout ratio of 24.9%.
MOFG stock opened at $28.84 on Thursday. MidWestOne Financial Group has a 12-month low of $23.80 and a 12-month high of $35.20. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $354.91 million, a PE ratio of 11.35, a P/E/G ratio of 1.17 and a beta of 1.07.
MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings data on Thursday, January 24th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.03). MidWestOne Financial Group had a return on equity of 9.04% and a net margin of 20.02%. The company had revenue of $32.37 million for the quarter, compared to analyst estimates of $32.59 million. On average, analysts forecast that MidWestOne Financial Group will post 3.12 earnings per share for the current year.
An institutional investor recently raised its position in MidWestOne Financial Group stock. Geode Capital Management LLC boosted its position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 6.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 106,610 shares of the financial services provider’s stock after acquiring an additional 6,046 shares during the period. Geode Capital Management LLC owned about 0.87% of MidWestOne Financial Group worth $2,647,000 at the end of the most recent reporting period. 45.64% of the stock is owned by institutional investors.
Several research analysts recently issued reports on MOFG shares. BidaskClub upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Zacks Investment Research cut shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Wednesday, January 2nd. ValuEngine raised shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research note on Friday, January 4th. Finally, TheStreet raised shares of MidWestOne Financial Group from a “c+” rating to a “b-” rating in a research note on Friday, March 1st.
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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, 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.
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