MidWestOne Financial Group (NASDAQ:MOFG) PT Lowered to $21.50 at Hovde Group

MidWestOne Financial Group (NASDAQ:MOFG) had its price target cut by Hovde Group from $23.50 to $21.50 in a research report report published on Friday, MarketBeat.com reports. They currently have a market perform rating on the financial services provider’s stock.

Several other equities analysts have also commented on the company. Piper Sandler started coverage on MidWestOne Financial Group in a research note on Wednesday, March 13th. They issued a neutral rating and a $24.00 target price for the company. StockNews.com raised MidWestOne Financial Group from a sell rating to a hold rating in a research report on Friday, January 19th. Finally, Keefe, Bruyette & Woods decreased their target price on MidWestOne Financial Group from $28.00 to $27.00 and set a market perform rating for the company in a research report on Friday, April 5th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat.com, MidWestOne Financial Group currently has an average rating of Hold and an average price target of $24.63.

MidWestOne Financial Group Stock Performance

NASDAQ MOFG opened at $20.41 on Friday. MidWestOne Financial Group has a fifty-two week low of $17.80 and a fifty-two week high of $27.78. The stock has a market cap of $321.46 million, a price-to-earnings ratio of 14.17 and a beta of 0.95. The business has a fifty day moving average of $22.13 and a 200-day moving average of $22.97. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.24.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.04. The company had revenue of $36.42 million during the quarter, compared to analysts’ expectations of $43.40 million. MidWestOne Financial Group had a return on equity of 5.52% and a net margin of 7.78%. As a group, analysts predict that MidWestOne Financial Group will post 2.17 earnings per share for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.243 per share. This represents a $0.97 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date is Monday, June 3rd. MidWestOne Financial Group’s dividend payout ratio is presently 67.36%.

Insiders Place Their Bets

In related news, CEO Charles N. Reeves purchased 4,447 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were acquired at an average cost of $22.49 per share, for a total transaction of $100,013.03. Following the transaction, the chief executive officer now owns 38,346 shares of the company’s stock, valued at $862,401.54. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.80% of the stock is currently owned by company insiders.

Institutional Trading of MidWestOne Financial Group

A number of institutional investors and hedge funds have recently made changes to their positions in MOFG. SG Americas Securities LLC acquired a new stake in MidWestOne Financial Group in the 3rd quarter valued at approximately $129,000. Investment Advisory Services Inc. TX ADV acquired a new position in MidWestOne Financial Group in the fourth quarter worth approximately $242,000. Bailard Inc. acquired a new stake in shares of MidWestOne Financial Group during the fourth quarter worth $346,000. BNP Paribas Financial Markets raised its holdings in MidWestOne Financial Group by 24.8% during the 4th quarter. BNP Paribas Financial Markets now owns 13,738 shares of the financial services provider’s stock worth $370,000 after buying an additional 2,728 shares during the period. Finally, Strs Ohio raised its holdings in shares of MidWestOne Financial Group by 10.0% during the third quarter. Strs Ohio now owns 23,100 shares of the financial services provider’s stock valued at $469,000 after acquiring an additional 2,100 shares during the period. 65.42% of the stock is currently owned by institutional investors and hedge funds.

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, 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.