MidWestOne Financial Group (NASDAQ:MOFG) Releases Earnings Results, Beats Estimates By $0.05 EPS

MidWestOne Financial Group (NASDAQ:MOFG) issued its quarterly earnings data on Thursday. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05, Zacks reports. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 5.13%.

MidWestOne Financial Group Stock Up 2.6 %

MidWestOne Financial Group stock opened at $30.99 on Friday. MidWestOne Financial Group has a 12-month low of $19.43 and a 12-month high of $34.56. The company has a 50-day moving average price of $30.89 and a 200 day moving average price of $29.18. 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 Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.2425 per share. This represents a $0.97 annualized dividend and a yield of 3.13%. The ex-dividend date is Monday, March 3rd. MidWestOne Financial Group’s payout ratio is currently -20.77%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $34.00 to $39.00 in a research note 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 lowered their target price on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating for the company in a research note on Monday, October 28th.

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, 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.