MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Plans Quarterly Dividend of $0.24

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Wednesday, January 22nd, Wall Street Journal reports. Investors of record on Monday, March 3rd will be paid a dividend of 0.2425 per share by the financial services provider on Monday, March 17th. This represents a $0.97 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Monday, March 3rd.

MidWestOne Financial Group has increased its dividend payment by an average of 2.5% annually over the last three years. MidWestOne Financial Group has a payout ratio of 27.6% meaning 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

Shares of NASDAQ:MOFG opened at $30.45 on Friday. The stock has a market cap of $632.60 million, a PE ratio of -7.50 and a beta of 1.04. The company’s fifty day moving average is $30.46 and its 200 day moving average is $30.05. MidWestOne Financial Group has a 52 week low of $19.43 and a 52 week high of $34.56. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.05. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. Research analysts anticipate that MidWestOne Financial Group will post 3.2 earnings per share for the current year.

Analyst Ratings Changes

MOFG has been the topic of a number of analyst reports. Hovde Group boosted their price objective on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a research report on Monday, January 27th. StockNews.com upgraded shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $34.00 to $39.00 in a research report on Tuesday, December 17th.

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.