Piper Sandler Trims MidWestOne Financial Group (NASDAQ:MOFG) Target Price to $22.00

MidWestOne Financial Group (NASDAQ:MOFG) had its price objective lowered by Piper Sandler from $24.00 to $22.00 in a report published on Monday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

MOFG has been the topic of several other research reports. Keefe, Bruyette & Woods dropped their price objective on shares of MidWestOne Financial Group from $28.00 to $27.00 and set a market perform rating on the stock in a research note on Friday, April 5th. Hovde Group dropped their price objective on shares of MidWestOne Financial Group from $23.50 to $21.50 and set a market perform rating on the stock in a research note on Friday, April 26th. Finally, StockNews.com upgraded shares of MidWestOne Financial Group from a sell rating to a hold rating in a research note on Friday, January 19th. Five analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $24.13.

MidWestOne Financial Group Stock Performance

Shares of MOFG stock opened at $21.03 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.73 and a current ratio of 0.73. MidWestOne Financial Group has a one year low of $17.80 and a one year high of $27.78. The company’s 50-day simple moving average is $21.96 and its 200-day simple moving average is $22.98. The stock has a market capitalization of $331.22 million, a price-to-earnings ratio of 14.60 and a beta of 0.95.

MidWestOne Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid a $0.243 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.97 annualized dividend and a dividend yield of 4.62%. MidWestOne Financial Group’s payout ratio is currently 67.36%.

Insider Buying and Selling at MidWestOne Financial Group

In other news, CEO Charles N. Reeves purchased 4,447 shares of the company’s stock in a transaction on Monday, March 11th. The shares were bought at an average price of $22.49 per share, for a total transaction of $100,013.03. Following the completion of the purchase, the chief executive officer now owns 38,346 shares of the company’s stock, valued at $862,401.54. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

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.