Brokerages expect MidWestOne Financial Group (NASDAQ:MOFG) to announce earnings of $0.65 per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for MidWestOne Financial Group’s earnings, with the lowest EPS estimate coming in at $0.60 and the highest estimate coming in at $0.68. MidWestOne Financial Group reported earnings of $0.58 per share in the same quarter last year, which indicates a positive year over year growth rate of 12.1%. The business is scheduled to issue its next earnings results on Thursday, May 3rd.
According to Zacks, analysts expect that MidWestOne Financial Group will report full-year earnings of $2.74 per share for the current financial year, with EPS estimates ranging from $2.65 to $2.80. For the next year, analysts forecast that the company will post earnings of $2.89 per share, with EPS estimates ranging from $2.80 to $3.00. Zacks’ EPS averages are an average based on a survey of analysts that cover MidWestOne Financial Group.
Several brokerages recently issued reports on MOFG. ValuEngine downgraded shares of MidWestOne Financial Group from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Zacks Investment Research downgraded shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Thursday, March 29th. Sandler O’Neill reissued a “buy” rating and set a $37.00 price objective on shares of MidWestOne Financial Group in a research note on Tuesday, March 27th. Finally, BidaskClub raised shares of MidWestOne Financial Group from a “strong sell” rating to a “sell” rating in a research note on Thursday, March 15th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. MidWestOne Financial Group currently has a consensus rating of “Hold” and an average target price of $38.00.
Shares of MOFG traded down $0.67 on Wednesday, hitting $32.42. 17,449 shares of the stock traded hands, compared to its average volume of 36,215. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $404.86, a price-to-earnings ratio of 17.91, a PEG ratio of 1.51 and a beta of 1.00. MidWestOne Financial Group has a 1 year low of $30.56 and a 1 year high of $37.94.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Thursday, March 1st were paid a dividend of $0.195 per share. This is an increase from MidWestOne Financial Group’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.78 annualized dividend and a dividend yield of 2.41%. MidWestOne Financial Group’s dividend payout ratio is presently 43.09%.
In other news, Director Stephen L. West acquired 3,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, February 5th. The shares were acquired at an average price of $33.02 per share, with a total value of $99,060.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Kevin E. Kramer acquired 1,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Wednesday, January 31st. The shares were purchased at an average cost of $33.34 per share, for a total transaction of $33,340.00. Following the purchase, the chief operating officer now directly owns 4,833 shares of the company’s stock, valued at approximately $161,132.22. The disclosure for this purchase can be found here. Insiders have purchased 5,200 shares of company stock worth $172,059 in the last three months. Insiders own 7.20% of the company’s stock.
Large investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in MidWestOne Financial Group during the third quarter worth approximately $181,000. MetLife Investment Advisors LLC purchased a new position in MidWestOne Financial Group during the fourth quarter worth approximately $187,000. Brandywine Global Investment Management LLC raised its stake in MidWestOne Financial Group by 46.3% during the fourth quarter. Brandywine Global Investment Management LLC now owns 5,671 shares of the financial services provider’s stock worth $191,000 after purchasing an additional 1,794 shares during the period. Citadel Advisors LLC purchased a new position in MidWestOne Financial Group during the third quarter worth approximately $268,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in MidWestOne Financial Group during the fourth quarter worth approximately $286,000. 43.87% of the stock is currently owned by institutional investors.
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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, institutional customers, and government agencies in Iowa, Minnesota, Wisconsin, Florida, and Colorado. It offers deposit products, such as checking and other demand deposit accounts, NOW accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, and other time deposits.
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