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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) has received a consensus rating of “Hold” from the six ratings firms that are currently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $38.1667.

Several equities analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of MidWestOne Financial Group from $37.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MidWestOne Financial Group in a research report on Wednesday. Stephens lowered MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Piper Sandler cut their target price on MidWestOne Financial Group from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Tuesday, July 29th. Finally, Zacks Research raised MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 2nd.

Insiders Place Their Bets

In related news, CEO Charles N. Reeves purchased 1,550 shares of the company’s 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 transaction, the chief executive officer directly owned 60,542 shares in the company, valued at approximately $2,220,075.14. The trade was a 2.63% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders have bought a total of 3,760 shares of company stock worth $138,546 over the last ninety days. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. raised its position in MidWestOne Financial Group by 129.2% in the third quarter. Federated Hermes Inc. now owns 1,242 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 700 shares during the period. Russell Investments Group Ltd. grew its stake in shares of MidWestOne Financial Group by 12,135.7% in the third quarter. Russell Investments Group Ltd. now owns 1,713 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,699 shares in the last quarter. CWM LLC grew its stake in shares of MidWestOne Financial Group by 238.8% in the second quarter. CWM LLC now owns 3,175 shares of the financial services provider’s stock valued at $91,000 after buying an additional 2,238 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of MidWestOne Financial Group by 65.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,298 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,299 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in MidWestOne Financial Group during the 2nd quarter worth about $98,000. Hedge funds and other institutional investors own 65.42% of the company’s stock.

MidWestOne Financial Group Stock Up 1.2%

Shares of MOFG opened at $38.13 on Friday. MidWestOne Financial Group has a 52-week low of $24.62 and a 52-week high of $40.25. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.19. The stock has a fifty day simple moving average of $32.71 and a two-hundred day simple moving average of $30.30. The company has a market capitalization of $786.74 million, a PE ratio of 13.57 and a beta of 1.10.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings results on Wednesday, June 7th. The financial services provider reported $0.88 earnings per share for the quarter. MidWestOne Financial Group had a net margin of 16.66% and a return on equity of 10.35%. The firm had revenue of $50.10 million for the quarter. As a group, equities analysts forecast that MidWestOne Financial Group will post 3.2 EPS for the current year.

MidWestOne Financial Group Announces Dividend

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

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, 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.