Wall Street analysts forecast that MidWestOne Financial Group, Inc. (NASDAQ:MOFG) will announce sales of $35.67 million for the current quarter, according to Zacks. Two analysts have provided estimates for MidWestOne Financial Group’s earnings, with estimates ranging from $32.44 million to $38.90 million. MidWestOne Financial Group posted sales of $31.99 million in the same quarter last year, which would indicate a positive year over year growth rate of 11.5%. The firm is scheduled to issue its next quarterly earnings results on Thursday, April 25th.
On average, analysts expect that MidWestOne Financial Group will report full-year sales of $182.50 million for the current fiscal year, with estimates ranging from $182.40 million to $182.60 million. For the next financial year, analysts expect that the firm will post sales of $199.67 million, with estimates ranging from $196.20 million to $203.14 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow MidWestOne Financial Group.
MOFG has been the subject of a number of recent research reports. TheStreet downgraded shares of MidWestOne Financial Group from a “b” rating to a “c+” rating in a report on Thursday, November 15th. Zacks Investment Research downgraded shares of MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 25th. BidaskClub downgraded shares of MidWestOne Financial Group from a “buy” rating to a “hold” rating in a report on Friday, October 19th. Finally, ValuEngine raised shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Friday, January 4th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. MidWestOne Financial Group has a consensus rating of “Hold” and a consensus price target of $36.50.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Thursday, February 28th will be given a dividend of $0.203 per share. This represents a $0.81 dividend on an annualized basis and a yield of 2.82%. This is a boost from MidWestOne Financial Group’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Wednesday, February 27th. MidWestOne Financial Group’s dividend payout ratio is currently 30.71%.
Hedge funds have recently added to or reduced their stakes in the stock. Ramsey Quantitative Systems increased its position in MidWestOne Financial Group by 75.8% during the 3rd quarter. Ramsey Quantitative Systems now owns 3,622 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 1,562 shares in the last quarter. Great Lakes Advisors LLC acquired a new position in MidWestOne Financial Group during the 3rd quarter worth approximately $200,000. Acadian Asset Management LLC increased its position in MidWestOne Financial Group by 19.3% during the 4th quarter. Acadian Asset Management LLC now owns 11,260 shares of the financial services provider’s stock worth $280,000 after purchasing an additional 1,822 shares in the last quarter. MetLife Investment Advisors LLC increased its position in MidWestOne Financial Group by 55.4% during the 3rd quarter. MetLife Investment Advisors LLC now owns 8,677 shares of the financial services provider’s stock worth $289,000 after purchasing an additional 3,092 shares in the last quarter. Finally, Bailard Inc. acquired a new position in MidWestOne Financial Group during the 3rd quarter worth approximately $350,000. Institutional investors and hedge funds own 46.18% of the company’s stock.
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, 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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