MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Receives $34.17 Average Price Target from Analysts

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) has been given a consensus recommendation of “Hold” by the five brokerages that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $34.1667.

Several equities research analysts recently commented on MOFG shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of MidWestOne Financial Group in a research report on Saturday, September 27th. Piper Sandler lowered their price target on shares of MidWestOne Financial Group from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, July 29th. Finally, Zacks Research upgraded shares of MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 2nd.

MidWestOne Financial Group Stock Down 0.5%

NASDAQ:MOFG opened at $29.12 on Friday. The firm’s 50 day simple moving average is $28.92 and its 200 day simple moving average is $28.73. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.84 and a quick ratio of 0.83. MidWestOne Financial Group has a one year low of $24.62 and a one year high of $34.56. The company has a market cap of $603.08 million, a PE ratio of -7.17 and a beta of 1.03.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.28). The company had revenue of $61.41 million for the quarter, compared to analyst estimates of $60.60 million. On average, research analysts anticipate that MidWestOne Financial Group will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.2425 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.97 annualized dividend and a yield of 3.3%. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently -23.89%.

Insider Activity at MidWestOne Financial Group

In other news, CEO Charles N. Reeves purchased 5,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $28.04 per share, for a total transaction of $140,200.00. Following the acquisition, the chief executive officer owned 58,867 shares in the company, valued at $1,650,630.68. This trade represents a 9.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Len D. Devaisher purchased 1,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price of $28.72 per share, with a total value of $28,720.00. Following the acquisition, the chief operating officer owned 3,000 shares in the company, valued at approximately $86,160. The trade was a 50.00% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 6,800 shares of company stock valued at $190,882. Company insiders own 2.50% of the company’s stock.

Institutional Trading of MidWestOne Financial Group

Hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System increased its stake in shares of MidWestOne Financial Group by 32.5% in the 4th quarter. California State Teachers Retirement System now owns 1,398 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 343 shares in the last quarter. CWM LLC increased its stake in shares of MidWestOne Financial Group by 238.8% in the 2nd quarter. CWM LLC now owns 3,175 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 2,238 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of MidWestOne Financial Group in the 2nd quarter valued at $98,000. AlphaQuest LLC bought a new stake in shares of MidWestOne Financial Group in the 1st quarter valued at $103,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of MidWestOne Financial Group by 286.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,524 shares of the financial services provider’s stock valued at $101,000 after acquiring an additional 2,613 shares in the last quarter. Institutional investors own 65.42% of the company’s stock.

About MidWestOne Financial Group

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.