Hovde Group Forecasts Strong Price Appreciation for MidWestOne Financial Group (NASDAQ:MOFG) Stock

MidWestOne Financial Group (NASDAQ:MOFG) had its target price increased by equities researchers at Hovde Group from $30.00 to $33.50 in a report released on Monday,Briefing.com Automated Import reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s target price would suggest a potential upside of 8.10% from the stock’s previous close.

MOFG has been the subject of several other research reports. Keefe, Bruyette & Woods upgraded MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $34.00 to $39.00 in a report on Tuesday, December 17th. Piper Sandler lowered their price objective on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a report on Monday, October 28th. Finally, StockNews.com lowered shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th.

MidWestOne Financial Group Trading Up 2.6 %

NASDAQ:MOFG opened at $30.99 on Monday. MidWestOne Financial Group has a 12 month low of $19.43 and a 12 month high of $34.56. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $643.66 million, a price-to-earnings ratio of -6.64 and a beta of 1.05. The firm has a fifty day simple moving average of $30.89 and a two-hundred day simple moving average of $29.28.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 5.13% and a net margin of 9.79%. Analysts expect that MidWestOne Financial Group will post 2.3 EPS for the current fiscal year.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of hedge funds have recently bought and sold shares of MOFG. SG Americas Securities LLC purchased a new stake in shares of MidWestOne Financial Group in the third quarter valued at about $163,000. Virtu Financial LLC purchased a new stake in MidWestOne Financial Group in the 3rd quarter valued at about $261,000. Apella Capital LLC bought a new position in shares of MidWestOne Financial Group during the 4th quarter worth approximately $268,000. Renaissance Technologies LLC purchased a new position in shares of MidWestOne Financial Group in the 2nd quarter worth approximately $247,000. Finally, Quadrature Capital Ltd bought a new position in shares of MidWestOne Financial Group in the third quarter valued at approximately $353,000. 65.42% of the stock is owned by hedge funds and other institutional investors.

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.