MidWestOne Financial Group, Inc. (MOFG) To Go Ex-Dividend on March 3rd

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 given 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 dividend yield of 3.13%. The ex-dividend date of this dividend is Monday, March 3rd.

MidWestOne Financial Group has raised its dividend payment by an average of 2.5% per year over the last three years. MidWestOne Financial Group has a payout ratio of 27.7% meaning its dividend is sufficiently covered by earnings. 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 Trading Up 2.6 %

MOFG opened at $30.99 on Friday. The company’s 50 day moving average is $30.89 and its 200 day moving average is $29.23. 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 12-month low of $19.43 and a 12-month high of $34.56.

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

Analysts Set New Price Targets

MOFG has been the topic of several recent research reports. Keefe, Bruyette & Woods raised MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $34.00 to $39.00 in a research note on Tuesday, December 17th. StockNews.com cut shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Finally, Piper Sandler dropped their price target on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating for the company in a research report on Monday, October 28th.

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.