Analysts predict that MidWestOne Financial Group, Inc. (NASDAQ:MOFG) will announce $32.93 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for MidWestOne Financial Group’s earnings, with the lowest sales estimate coming in at $32.70 million and the highest estimate coming in at $33.08 million. MidWestOne Financial Group reported sales of $31.95 million during the same quarter last year, which would suggest a positive year over year growth rate of 3.1%. The business is scheduled to report its next quarterly earnings report on Thursday, January 24th.
According to Zacks, analysts expect that MidWestOne Financial Group will report full year sales of $129.20 million for the current financial year, with estimates ranging from $128.29 million to $129.80 million. For the next fiscal year, analysts expect that the firm will post sales of $192.77 million, with estimates ranging from $186.80 million to $198.73 million. Zacks’ sales calculations are an average based on a survey of research firms that follow MidWestOne Financial Group.
MOFG has been the topic of a number of recent research reports. Zacks Investment Research cut MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. BidaskClub raised MidWestOne Financial Group from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Finally, ValuEngine raised MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Saturday, December 1st will be given a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Thursday, November 29th. MidWestOne Financial Group’s payout ratio is 43.09%.
In other MidWestOne Financial Group news, insider Charles N. Funk bought 1,000 shares of the company’s stock in a transaction dated Thursday, August 30th. The shares were acquired at an average cost of $33.50 per share, with a total value of $33,500.00. Following the completion of the transaction, the insider now owns 104,829 shares in the company, valued at $3,511,771.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have bought 2,700 shares of company stock worth $85,815. Corporate insiders own 7.20% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Ramsey Quantitative Systems increased its position in shares of MidWestOne Financial Group by 75.8% during the third quarter. Ramsey Quantitative Systems now owns 3,622 shares of the financial services provider’s stock worth $121,000 after acquiring an additional 1,562 shares during the last quarter. Acadian Asset Management LLC bought a new stake in MidWestOne Financial Group in the second quarter valued at about $281,000. Schwab Charles Investment Management Inc. increased its holdings in MidWestOne Financial Group by 11.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 24,561 shares of the financial services provider’s stock valued at $830,000 after buying an additional 2,500 shares during the last quarter. California Public Employees Retirement System increased its holdings in MidWestOne Financial Group by 26.0% in the first quarter. California Public Employees Retirement System now owns 34,134 shares of the financial services provider’s stock valued at $1,136,000 after buying an additional 7,034 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in MidWestOne Financial Group by 15.1% in the first quarter. JPMorgan Chase & Co. now owns 38,635 shares of the financial services provider’s stock valued at $1,286,000 after buying an additional 5,057 shares during the last quarter. 45.34% of the stock is currently owned by institutional investors and hedge funds.
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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