MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Receives Average Recommendation of “Hold” from Brokerages

by · The Cerbat Gem

MidWestOne Financial Group, Inc. (NASDAQ:MOFG – Get Free Report) has been assigned an average recommendation of “Hold” from the five ratings firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $34.1667.

A number of equities analysts recently commented on the company. Piper Sandler decreased their target price on MidWestOne Financial Group from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, July 29th. Zacks Research upgraded MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 2nd. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of MidWestOne Financial Group in a report on Wednesday.

Check Out Our Latest Research Report on MOFG

Insider Buying and Selling

In other news, CEO Charles N. Reeves purchased 5,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $28.04 per share, with a total value of $140,200.00. Following the completion of the purchase, the chief executive officer directly owned 58,867 shares in the company, valued at approximately $1,650,630.68. This trade represents a 9.28% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Len D. Devaisher purchased 1,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost of $28.72 per share, for a total transaction of $28,720.00. Following the completion of the purchase, the chief operating officer owned 3,000 shares of the company’s stock, valued at $86,160. This trade represents a 50.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 6,800 shares of company stock valued at $190,882. 2.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MidWestOne Financial Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its stake in MidWestOne Financial Group by 32.5% in the fourth quarter. California State Teachers Retirement System now owns 1,398 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 343 shares during the period. CWM LLC grew its stake in MidWestOne Financial Group by 238.8% in the second quarter. CWM LLC now owns 3,175 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 2,238 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in MidWestOne Financial Group in the second quarter worth $98,000. AlphaQuest LLC purchased a new stake in MidWestOne Financial Group in the first quarter worth $103,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of MidWestOne Financial Group by 286.8% in the second quarter. Tower Research Capital LLC TRC now owns 3,524 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 2,613 shares during the last quarter. 65.42% of the stock is owned by hedge funds and other institutional investors.

MidWestOne Financial Group Stock Performance

Shares of MOFG stock opened at $28.89 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.84. MidWestOne Financial Group has a fifty-two week low of $24.62 and a fifty-two week high of $34.56. The stock has a 50 day moving average price of $28.96 and a two-hundred day moving average price of $28.72. The company has a market capitalization of $598.31 million, a P/E ratio of -7.12 and a beta of 1.03.

MidWestOne Financial Group (NASDAQ:MOFG – Get Free Report) last announced its quarterly earnings data on Wednesday, June 7th. The financial services provider reported $0.88 earnings per share for the quarter. The company had revenue of $50.10 million during the quarter. Analysts expect that MidWestOne Financial Group will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Tuesday, September 2nd. MidWestOne Financial Group’s dividend payout ratio is currently -23.89%.

About MidWestOne Financial Group

(Get Free Report)

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, governmental units, and institutional customers. It offers range of deposit products, including noninterest bearing and interest bearing demand deposits, savings, money market, and time deposits accounts.

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