MidWestOne Financial Group, Inc. (MOFG) To Go Ex-Dividend on June 2nd

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) announced a quarterly dividend on Friday, April 25th, Wall Street Journal reports. Shareholders of record on Monday, June 2nd will be paid a dividend of 0.2425 per share by the financial services provider on Monday, June 16th. This represents a $0.97 annualized dividend and a yield of 3.43%. The ex-dividend date is Monday, June 2nd.

MidWestOne Financial Group has raised its dividend payment by an average of 2.5% annually over the last three years. MidWestOne Financial Group has a dividend payout ratio of 28.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect MidWestOne Financial Group to earn $3.51 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 27.6%.

MidWestOne Financial Group Price Performance

NASDAQ:MOFG opened at $28.24 on Friday. The company has a market cap of $587.84 million, a P/E ratio of -6.96 and a beta of 0.88. The firm’s fifty day moving average price is $28.64 and its two-hundred day moving average price is $30.08. MidWestOne Financial Group has a one year low of $20.01 and a one year high of $34.56. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.73 EPS for the quarter, meeting analysts’ consensus estimates of $0.73. The business had revenue of $57.58 million for the quarter, compared to analyst estimates of $58.87 million. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. Equities analysts expect that MidWestOne Financial Group will post 3.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MOFG. StockNews.com upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research note on Monday, January 27th. Hovde Group upped their price objective on MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a report on Monday, January 27th.

Insider Buying and Selling at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves bought 1,785 shares of the stock in a transaction dated Monday, March 10th. The shares were bought at an average cost of $27.98 per share, with a total value of $49,944.30. Following the completion of the acquisition, the chief executive officer now owns 53,621 shares of the company’s stock, valued at $1,500,315.58. This trade represents a 3.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.50% of the company’s stock.

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.