MidWestOne Financial Group (NASDAQ:MOFG) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of MidWestOne Financial Group (NASDAQ:MOFG) from a hold rating to a buy rating in a research note published on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $39.00 price target on the financial services provider’s stock.
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. “
MOFG has been the subject of a number of other reports. ValuEngine cut MidWestOne Financial Group from a hold rating to a sell rating in a report on Wednesday, December 4th. BidaskClub cut MidWestOne Financial Group from a hold rating to a sell rating in a report on Saturday, January 18th.
MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.07). The company had revenue of $51.26 million for the quarter, compared to the consensus estimate of $48.20 million. MidWestOne Financial Group had a net margin of 19.56% and a return on equity of 9.98%. On average, equities research analysts expect that MidWestOne Financial Group will post 3.2 EPS for the current year.
In other news, Director Kurt R. Weise sold 1,000 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $31.77, for a total value of $31,770.00. Following the completion of the sale, the director now directly owns 2,731 shares in the company, valued at $86,763.87. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its position in MidWestOne Financial Group by 721.1% in the third quarter. Tower Research Capital LLC TRC now owns 895 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 786 shares during the period. Bank of Montreal Can increased its position in MidWestOne Financial Group by 122.0% in the second quarter. Bank of Montreal Can now owns 1,776 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 976 shares during the period. Rhumbline Advisers increased its position in MidWestOne Financial Group by 9.1% in the third quarter. Rhumbline Advisers now owns 18,423 shares of the financial services provider’s stock worth $562,000 after purchasing an additional 1,544 shares during the period. Renaissance Technologies LLC increased its position in MidWestOne Financial Group by 1.0% in the second quarter. Renaissance Technologies LLC now owns 203,100 shares of the financial services provider’s stock worth $5,679,000 after purchasing an additional 2,000 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in MidWestOne Financial Group by 20.1% during the third quarter. Russell Investments Group Ltd. now owns 13,010 shares of the financial services provider’s stock worth $397,000 after buying an additional 2,181 shares during the last quarter. Hedge funds and other institutional investors own 55.03% of the company’s stock.
MidWestOne Financial Group Company Profile
MidWestOne Financial Group, Inc is a bank holding company. It operates through the following subsidiaries: MidWestOne Bank and MidWestOne Insurance Services, Inc The MidWestOne Bank provides retail banking services, which include deposit products, including checking and other demand deposit accounts, NOW accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts and other time deposits.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for MidWestOne Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MidWestOne Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.