MidWestOne Financial Group (NASDAQ:MOFG) Stock Passes Above 200 Day Moving Average – What’s Next?

by · The Cerbat Gem

MidWestOne Financial Group, Inc. (NASDAQ:MOFG – Get Free Report)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $32.39 and traded as high as $39.32. MidWestOne Financial Group shares last traded at $38.98, with a volume of 85,502 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of MidWestOne Financial Group from $37.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Stephens cut shares of MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Zacks Research upgraded shares of MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 2nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MidWestOne Financial Group in a research report on Monday. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $38.17.

Get Our Latest Research Report on MidWestOne Financial Group

MidWestOne Financial Group Trading Down 0.1%

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $794.26 million, a P/E ratio of 13.70 and a beta of 1.06. The company’s fifty day simple moving average is $39.14 and its 200-day simple moving average is $32.51.

MidWestOne Financial Group (NASDAQ:MOFG – Get Free Report) last released its quarterly earnings data on Wednesday, June 7th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter. The firm had revenue of $50.10 million for the quarter. MidWestOne Financial Group had a net margin of 16.66% and a return on equity of 10.22%. Research analysts predict that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a $0.2425 dividend. This represents a $0.97 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, December 1st. MidWestOne Financial Group’s payout ratio is 34.52%.

Insider Buying and Selling

In other news, CEO Charles N. Reeves bought 1,550 shares of MidWestOne Financial Group stock in a transaction on Thursday, October 30th. The stock was acquired at an average cost of $36.67 per share, for a total transaction of $56,838.50. Following the completion of the acquisition, the chief executive officer owned 60,542 shares of the company’s stock, valued at $2,220,075.14. This trade represents a 2.63% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have bought 3,760 shares of company stock valued at $138,546 in the last ninety days. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On MidWestOne Financial Group

Several institutional investors have recently bought and sold shares of MOFG. Wellington Management Group LLP increased its position in shares of MidWestOne Financial Group by 11.4% during the third quarter. Wellington Management Group LLP now owns 1,354,527 shares of the financial services provider’s stock worth $38,320,000 after purchasing an additional 139,033 shares in the last quarter. Millennium Management LLC grew its stake in MidWestOne Financial Group by 187.6% during the 3rd quarter. Millennium Management LLC now owns 197,522 shares of the financial services provider’s stock worth $5,588,000 after buying an additional 128,845 shares during the last quarter. JPMorgan Chase & Co. grew its stake in MidWestOne Financial Group by 125.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 138,212 shares of the financial services provider’s stock worth $3,976,000 after buying an additional 76,966 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in MidWestOne Financial Group by 16.8% in the first quarter. Goldman Sachs Group Inc. now owns 531,724 shares of the financial services provider’s stock valued at $15,744,000 after buying an additional 76,368 shares during the last quarter. Finally, Jennison Associates LLC boosted its holdings in MidWestOne Financial Group by 4.5% in the second quarter. Jennison Associates LLC now owns 1,395,623 shares of the financial services provider’s stock worth $40,152,000 after acquiring an additional 60,026 shares in the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

MidWestOne Financial Group Company Profile

(Get Free Report)

MidWestOne Financial Group, Inc (NASDAQ: MOFG) is a registered bank holding company headquartered in West Des Moines, Iowa. Through its principal subsidiary, MidWestOne Bank, the company provides a comprehensive range of commercial and consumer banking products and services. Its commercial banking division offers business lending solutions, including commercial real estate loans, business lines of credit, equipment financing and treasury management services. For individual customers, MidWestOne delivers checking and savings accounts, home mortgage and home equity loans, and personal lending solutions.

Beyond traditional banking, MidWestOne offers trust, wealth management and insurance services through specialized teams of financial advisors.

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