MidWestOne Financial Group (NASDAQ:MOFG) Hits New 12-Month High – Here’s What Happened

Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) reached a new 52-week high during trading on Thursday . The company traded as high as $42.50 and last traded at $42.6150, with a volume of 104476 shares traded. The stock had previously closed at $41.32.

Analysts Set New Price Targets

Several brokerages have issued reports on MOFG. Stephens cut MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of MidWestOne Financial Group in a research note on Monday, December 29th. Finally, Keefe, Bruyette & Woods boosted their price objective on MidWestOne Financial Group from $37.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $38.17.

MidWestOne Financial Group Trading Down 2.0%

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 stock has a market cap of $854.62 million, a PE ratio of 14.74 and a beta of 1.06. The business has a 50-day moving average of $39.79 and a 200 day moving average of $33.47.

MidWestOne Financial Group (NASDAQ:MOFG) last released its earnings results on Thursday, October 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.05. MidWestOne Financial Group had a net margin of 16.66% and a return on equity of 10.22%. The firm had revenue of $112.27 million during the quarter, compared to the consensus estimate of $63.07 million. Equities research analysts predict that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Friday, January 16th will be issued a $0.2425 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, January 16th. MidWestOne Financial Group’s payout ratio is currently 34.52%.

Insider Transactions at MidWestOne Financial Group

In related news, CEO Charles N. Reeves purchased 1,550 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The shares were acquired at an average price of $36.67 per share, with a total value of $56,838.50. Following the acquisition, the chief executive officer owned 60,542 shares in the company, valued at approximately $2,220,075.14. This trade represents a 2.63% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 3,760 shares of company stock valued at $138,546 over the last quarter. Company insiders own 2.50% of the company’s stock.

Institutional Trading of MidWestOne Financial Group

Several institutional investors have recently modified their holdings of the company. Federated Hermes Inc. lifted its holdings in shares of MidWestOne Financial Group by 129.2% during 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 last quarter. Russell Investments Group Ltd. lifted its stake in 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 acquiring an additional 1,699 shares during the last quarter. CWM LLC increased its position in MidWestOne Financial Group by 238.8% during the second quarter. CWM LLC now owns 3,175 shares of the financial services provider’s stock worth $91,000 after buying an additional 2,238 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in 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 worth $93,000 after purchasing an additional 1,299 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of MidWestOne Financial Group during the 2nd quarter worth $98,000. Institutional investors and hedge funds own 65.42% of the company’s stock.

About MidWestOne Financial Group

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.