MidWestOne Financial Group (NASDAQ:MOFG) Sets New 1-Year High – What’s Next?

MidWestOne Financial Group, Inc. (NASDAQ:MOFG)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $44.48 and last traded at $44.26, with a volume of 134841 shares traded. The stock had previously closed at $41.58.

Analysts Set New Price Targets

MOFG has been the topic of a number of recent research reports. Stephens cut MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MidWestOne Financial Group in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods increased their price target 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. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, MidWestOne Financial Group currently has a consensus rating of “Hold” and an average target price of $38.17.

MidWestOne Financial Group Price Performance

The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $913.29 million, a PE ratio of 15.75 and a beta of 1.06. The firm’s fifty day moving average price is $39.87 and its two-hundred day moving average price is $33.67.

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

MidWestOne Financial Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 16th will be paid a dividend of $0.2425 per share. This represents a $0.97 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, January 16th. MidWestOne Financial Group’s dividend payout ratio (DPR) is currently 34.52%.

Insider Activity at MidWestOne Financial Group

In related news, CEO Charles N. Reeves bought 760 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were bought at an average cost of $37.91 per share, for a total transaction of $28,811.60. Following the completion of the transaction, the chief executive officer owned 62,752 shares of the company’s stock, valued at approximately $2,378,928.32. This trade represents a 1.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders acquired 3,760 shares of company stock valued at $138,546. Corporate insiders own 2.50% of the company’s stock.

Institutional Trading of MidWestOne Financial Group

Several institutional investors have recently made changes to their positions in the business. Federated Hermes Inc. grew 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 worth $35,000 after acquiring an additional 700 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of MidWestOne Financial Group by 12,135.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,713 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,699 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of MidWestOne Financial Group by 402.1% in the 4th quarter. Signaturefd LLC now owns 2,124 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 1,701 shares during the period. CWM LLC increased its position in shares of MidWestOne Financial Group by 238.8% during the 2nd quarter. CWM LLC now owns 3,175 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 2,238 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in MidWestOne Financial Group by 65.0% during 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. Hedge funds and other institutional investors own 65.42% of the company’s stock.

MidWestOne Financial Group Company Profile

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.