MidWestOne Financial Group (NASDAQ:MOFG) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

MidWestOne Financial Group (NASDAQ:MOFG) issued its earnings results on Thursday. The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.05, Zacks reports. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 5.13%.

MidWestOne Financial Group Stock Up 2.6 %

Shares of MidWestOne Financial Group stock opened at $30.99 on Friday. The firm’s fifty day simple moving average is $30.89 and its 200-day simple moving average is $29.18. MidWestOne Financial Group has a 12 month low of $19.43 and a 12 month 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 Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.2425 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.97 dividend on an annualized basis and a yield of 3.13%. MidWestOne Financial Group’s payout ratio is currently -20.77%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and raised their target price for the company from $34.00 to $39.00 in a report on Tuesday, December 17th. StockNews.com cut shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Finally, Piper Sandler cut their price objective 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.

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.