MidWestOne Financial Group (MOFG) Upgraded to “Hold” by Zacks Investment Research
Zacks Investment Research upgraded shares of MidWestOne Financial Group (NASDAQ:MOFG) from a sell rating to a hold rating in a research note published on Tuesday.
According to Zacks, “MIDWESTONE FINANCIAL publicly trades common stock on the NASDAQ under the symbol MOFG. It includes the banking affiliates of MidWestOne Bank, Iowa State Bank & Trust Company, Iowa City, Iowa and First State Bank, Conrad, Iowa and is committed to expansion in existing and new markets to continually enhance shareholder value. “
A number of other research firms also recently issued reports on MOFG. BidaskClub upgraded shares of MidWestOne Financial Group from a hold rating to a buy rating in a research report on Thursday, October 11th. ValuEngine downgraded shares of MidWestOne Financial Group from a hold rating to a sell rating in a research report on Tuesday, October 2nd. Finally, TheStreet downgraded shares of MidWestOne Financial Group from a b rating to a c+ rating in a research report on Thursday, November 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $36.50.
MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.07). The firm had revenue of $32.35 million during the quarter, compared to analyst estimates of $32.53 million. MidWestOne Financial Group had a net margin of 14.22% and a return on equity of 7.33%. Analysts expect that MidWestOne Financial Group will post 2.53 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, December 17th. Stockholders of record on Saturday, December 1st were given a dividend of $0.195 per share. The ex-dividend date of this dividend was Thursday, November 29th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 3.07%. MidWestOne Financial Group’s payout ratio is 43.09%.
Several hedge funds have recently bought and sold shares of MOFG. Ramsey Quantitative Systems increased its stake in shares of MidWestOne Financial Group by 75.8% during the 3rd quarter. Ramsey Quantitative Systems now owns 3,622 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 1,562 shares in the last quarter. Great Lakes Advisors LLC purchased a new position in shares of MidWestOne Financial Group during the 3rd quarter worth approximately $200,000. MetLife Investment Advisors LLC increased its stake in shares of MidWestOne Financial Group by 55.4% during the 3rd quarter. MetLife Investment Advisors LLC now owns 8,677 shares of the financial services provider’s stock worth $289,000 after purchasing an additional 3,092 shares in the last quarter. Bailard Inc. purchased a new position in shares of MidWestOne Financial Group during the 3rd quarter worth approximately $350,000. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of MidWestOne Financial Group by 11.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 24,561 shares of the financial services provider’s stock worth $830,000 after purchasing an additional 2,500 shares in the last quarter. Institutional investors own 45.95% of the company’s stock.
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, 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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