MidWestOne Financial Group, Inc. (MOFG) to Issue Quarterly Dividend of $0.24 on March 17th

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) announced a quarterly dividend on Wednesday, January 22nd, Wall Street Journal reports. Stockholders 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 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Monday, March 3rd.

MidWestOne Financial Group has raised its dividend 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. Equities 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 Stock Up 0.5 %

MidWestOne Financial Group stock opened at $30.45 on Friday. MidWestOne Financial Group has a 1-year low of $19.43 and a 1-year high of $34.56. The firm has a market capitalization of $632.60 million, a price-to-earnings ratio of -7.50 and a beta of 1.04. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The firm has a 50 day simple moving average of $30.46 and a 200 day simple moving average of $30.05.

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 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%. On average, analysts predict that MidWestOne Financial Group will post 3.2 earnings per share for the current year.

Analysts Set New Price Targets

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

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.