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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) announced a quarterly dividend on Friday, January 24th,Wall Street Journal reports. Shareholders 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 3.13%. The ex-dividend date is Monday, March 3rd.

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 payout ratio of 27.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect MidWestOne Financial Group to earn $3.11 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 31.2%.

MidWestOne Financial Group Stock Up 2.6 %

MOFG stock opened at $30.99 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77. The stock has a 50-day moving average price of $30.89 and a 200-day moving average price of $29.18. MidWestOne Financial Group has a 1-year low of $19.43 and a 1-year high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 5.13% and a net margin of 9.79%. Equities research analysts expect that MidWestOne Financial Group will post 2.3 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Piper Sandler cut 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 research note on Monday, October 28th. StockNews.com lowered MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods upgraded MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $34.00 to $39.00 in a 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.