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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) announced a quarterly dividend on Wednesday, October 23rd,Zacks Dividends reports. Investors 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 payment by an average of 3.3% per year over the last three years and has increased its dividend every year for the last 14 years. MidWestOne Financial Group has a dividend payout ratio of 30.8% meaning its dividend is sufficiently covered by earnings. Research 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 Stock Performance

Shares of NASDAQ:MOFG opened at $32.95 on Friday. The company has a market capitalization of $684.37 million, a price-to-earnings ratio of -7.06 and a beta of 1.01. The firm’s 50 day simple moving average is $29.96 and its 200 day simple moving average is $26.64. 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 has a fifty-two week low of $19.43 and a fifty-two week high of $34.56.

Insider Buying and Selling

In other news, Director Matthew J. Hayek bought 2,000 shares of the stock in a transaction dated Monday, September 30th. The shares were bought at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the completion of the purchase, the director now owns 11,293 shares in the company, valued at approximately $282,325. This trade represents a 21.52 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles N. Reeves bought 7,000 shares of the stock in a transaction dated Monday, September 30th. The shares were purchased at an average price of $25.00 per share, for a total transaction 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 position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 9,400 shares of company stock worth $235,000. Corporate insiders own 2.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on MOFG shares. StockNews.com downgraded shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Piper Sandler dropped 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 analyst has rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $27.00.

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.