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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) declared a quarterly dividend on Wednesday, October 23rd,Zacks Dividends reports. Shareholders 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 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% annually over the last three years and has increased its dividend every year for the last 14 years. MidWestOne Financial Group has a payout ratio of 30.8% meaning its dividend is sufficiently covered by earnings. Equities 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 Up 0.2 %

Shares of NASDAQ:MOFG opened at $32.95 on Friday. MidWestOne Financial Group has a 12 month low of $19.43 and a 12 month high of $34.56. The company’s fifty day simple moving average is $29.96 and its 200 day simple moving average is $26.68. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78.

Insider Transactions at MidWestOne Financial Group

In related news, Director Matthew J. Hayek acquired 2,000 shares of the company’s 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 purchase, the director now directly owns 11,293 shares in the company, valued at approximately $282,325. This trade represents a 21.52 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Charles N. Reeves bought 7,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $25.00 per share, with a total value of $175,000.00. Following the completion of the purchase, the chief executive officer now directly owns 45,712 shares of the company’s stock, valued at $1,142,800. This represents a 18.08 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 9,400 shares of company stock worth $235,000 in the last three months. Insiders own 2.80% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. StockNews.com lowered MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Piper Sandler cut their target price on 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. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $27.00.

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.