Brokerages Expect MidWestOne Financial Group, Inc. (MOFG) Will Post Quarterly Sales of $32.39 Million

Brokerages expect MidWestOne Financial Group, Inc. (NASDAQ:MOFG) to report $32.39 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for MidWestOne Financial Group’s earnings, with estimates ranging from $32.10 million to $32.67 million. MidWestOne Financial Group posted sales of $30.25 million during the same quarter last year, which suggests a positive year-over-year growth rate of 7.1%. The firm is scheduled to announce its next quarterly earnings results on Thursday, March 1st.

According to Zacks, analysts expect that MidWestOne Financial Group will report full year sales of $32.39 million for the current year, with estimates ranging from $126.50 million to $127.21 million. For the next fiscal year, analysts forecast that the business will report sales of $132.39 million per share, with estimates ranging from $130.90 million to $133.89 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow MidWestOne Financial Group.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.52 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.11). MidWestOne Financial Group had a net margin of 17.35% and a return on equity of 7.38%.

Several equities research analysts have weighed in on MOFG shares. Zacks Investment Research cut shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Thursday, November 2nd. BidaskClub cut shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Friday, December 22nd. Finally, Sandler O’Neill reissued a “buy” rating and set a $39.00 price target on shares of MidWestOne Financial Group in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $38.50.

In other MidWestOne Financial Group news, Director Kurt R. Weise sold 1,000 shares of the stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $35.21, for a total transaction of $35,210.00. Following the completion of the sale, the director now owns 2,275 shares of the company’s stock, valued at approximately $80,102.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 25.30% of the company’s stock.

Large investors have recently bought and sold shares of the company. Archford Capital Strategies LLC lifted its position in shares of MidWestOne Financial Group by 133.9% in the 2nd quarter. Archford Capital Strategies LLC now owns 2,000 shares of the financial services provider’s stock worth $116,000 after purchasing an additional 1,145 shares during the period. Brandywine Global Investment Management LLC purchased a new stake in shares of MidWestOne Financial Group in the 2nd quarter worth about $133,000. SG Americas Securities LLC purchased a new stake in shares of MidWestOne Financial Group in the 3rd quarter worth about $181,000. Alliancebernstein L.P. purchased a new stake in shares of MidWestOne Financial Group in the 2nd quarter worth about $217,000. Finally, Citadel Advisors LLC purchased a new stake in shares of MidWestOne Financial Group in the 3rd quarter worth about $268,000. 46.45% of the stock is owned by hedge funds and other institutional investors.

Shares of MidWestOne Financial Group (MOFG) opened at $33.36 on Friday. The firm has a market cap of $415.20, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 2.13 and a beta of 1.24. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.53. MidWestOne Financial Group has a 12-month low of $30.56 and a 12-month high of $38.29.

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be given a dividend of $0.195 per share. The ex-dividend date is Wednesday, February 28th. This represents a $0.78 annualized dividend and a yield of 2.34%. This is a boost from MidWestOne Financial Group’s previous quarterly dividend of $0.17. MidWestOne Financial Group’s dividend payout ratio is presently 33.50%.

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MidWestOne Financial Group Company Profile

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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