Wall Street brokerages expect that MidWestOne Financial Group, Inc. (NASDAQ:MOFG) will post sales of $32.03 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for MidWestOne Financial Group’s earnings, with the highest sales estimate coming in at $32.10 million and the lowest estimate coming in at $31.95 million. MidWestOne Financial Group posted sales of $30.25 million during the same quarter last year, which would suggest a positive year over year growth rate of 5.9%. The business is scheduled to report its next quarterly earnings results on Thursday, March 22nd.
According to Zacks, analysts expect that MidWestOne Financial Group will report full year sales of $32.03 million for the current year, with estimates ranging from $126.50 million to $126.53 million. For the next financial year, analysts expect that the business will report sales of $128.97 million per share, with estimates ranging from $128.70 million to $129.24 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow MidWestOne Financial Group.
Several analysts have recently weighed in on MOFG shares. BidaskClub upgraded MidWestOne Financial Group from a “strong sell” rating to a “sell” rating in a report on Thursday. Zacks Investment Research lowered MidWestOne Financial Group from a “buy” rating to a “hold” rating in a report on Wednesday, February 28th. Finally, Sandler O’Neill restated a “buy” rating and issued a $39.00 price objective on shares of MidWestOne Financial Group in a report on Friday, January 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $38.50.
In other news, Director Stephen L. West bought 3,000 shares of the company’s stock in a transaction on Monday, February 5th. The shares were bought at an average cost of $33.02 per share, with a total value of $99,060.00. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Kevin E. Kramer bought 1,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was purchased at an average cost of $33.34 per share, for a total transaction of $33,340.00. Following the completion of the transaction, the chief operating officer now owns 4,833 shares in the company, valued at $161,132.22. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 5,200 shares of company stock worth $172,059. Insiders own 25.30% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in MOFG. Northern Trust Corp boosted its stake in shares of MidWestOne Financial Group by 27.9% during the 2nd quarter. Northern Trust Corp now owns 135,656 shares of the financial services provider’s stock worth $4,597,000 after acquiring an additional 29,598 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of MidWestOne Financial Group by 13.4% during the 2nd quarter. Vanguard Group Inc. now owns 416,890 shares of the financial services provider’s stock worth $14,128,000 after acquiring an additional 49,377 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in MidWestOne Financial Group by 13.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 199,285 shares of the financial services provider’s stock valued at $6,754,000 after purchasing an additional 23,846 shares during the period. State Street Corp boosted its stake in MidWestOne Financial Group by 30.2% during the 2nd quarter. State Street Corp now owns 169,592 shares of the financial services provider’s stock valued at $5,749,000 after purchasing an additional 39,292 shares during the period. Finally, California State Teachers Retirement System boosted its stake in MidWestOne Financial Group by 22.2% during the 2nd quarter. California State Teachers Retirement System now owns 19,809 shares of the financial services provider’s stock valued at $671,000 after purchasing an additional 3,600 shares during the period. Institutional investors own 43.87% of the company’s stock.
MidWestOne Financial Group stock opened at $34.01 on Monday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.86 and a current ratio of 0.86. MidWestOne Financial Group has a 12-month low of $30.56 and a 12-month high of $37.94. The stock has a market capitalization of $416.11, a price-to-earnings ratio of 16.59, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st were given a $0.195 dividend. This is a positive change from MidWestOne Financial Group’s previous quarterly dividend of $0.17. This represents a $0.78 annualized dividend and a yield of 2.29%. The ex-dividend date was Wednesday, February 28th. MidWestOne Financial Group’s dividend payout ratio is presently 38.42%.
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About MidWestOne Financial Group
MidWestOne Financial Group, Inc is a bank holding and financial holding company. The Company operates through its bank subsidiaries, MidWestOne Bank, Central Bank and MidWestOne Insurance Services, Inc that operates through three agencies located in central and east-central Iowa. As of December 31, 2016, the Bank operated a total of 43 banking offices in Iowa, Minnesota, Wisconsin, and Florida.
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