MidWestOne Financial Group, Inc. (MOFG) to Issue Quarterly Dividend of $0.24 on December 16th

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Wednesday, October 23rd,Zacks Dividends reports. Stockholders of record on Monday, December 2nd will be paid a dividend of 0.243 per share by the financial services provider on Monday, December 16th. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date is Monday, December 2nd.

MidWestOne Financial Group has raised its dividend by an average of 3.3% annually over the last three years and has raised its dividend every year for the last 14 years. MidWestOne Financial Group has a dividend payout ratio of 30.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect MidWestOne Financial Group to earn $3.12 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 31.1%.

MidWestOne Financial Group Trading Up 0.2 %

Shares of MOFG stock opened at $32.95 on Friday. MidWestOne Financial Group has a 52-week low of $19.43 and a 52-week high of $34.56. The stock has a market cap of $684.37 million, a price-to-earnings ratio of -7.06 and a beta of 1.01. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78. The firm has a fifty day moving average of $29.96 and a 200-day moving average of $26.64.

Insiders Place Their Bets

In other MidWestOne Financial Group news, CEO Charles N. Reeves bought 7,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, September 30th. The shares were bought at an average price of $25.00 per share, with a total value of $175,000.00. Following the purchase, the chief executive officer now owns 45,712 shares of the company’s stock, valued at $1,142,800. This trade represents a 18.08 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Matthew J. Hayek bought 2,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, September 30th. The stock was acquired at an average cost of $25.00 per share, for a total transaction of $50,000.00. Following the purchase, the director now directly owns 11,293 shares in the company, valued at approximately $282,325. The trade was a 21.52 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 9,400 shares of company stock valued at $235,000 in the last 90 days. 2.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. StockNews.com lowered shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Piper Sandler lowered their target price on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat, MidWestOne Financial Group presently has an average rating of “Hold” and a consensus price target of $27.00.

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.