Douglas K. True Purchases 300 Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Stock
MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Director Douglas K. True acquired 300 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was purchased at an average price of $34.15 per share, for a total transaction of $10,245.00. Following the completion of the acquisition, the director now owns 700 shares in the company, valued at approximately $23,905. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
MidWestOne Financial Group, Inc. (NASDAQ MOFG) traded up 0.06% during midday trading on Tuesday, reaching $33.82. The company had a trading volume of 13,662 shares. MidWestOne Financial Group, Inc. has a 1-year low of $27.32 and a 1-year high of $39.20. The firm’s 50 day moving average is $34.80 and its 200 day moving average is $35.16. The stock has a market capitalization of $413.21 million, a PE ratio of 16.46 and a beta of 1.23.
MidWestOne Financial Group (NASDAQ:MOFG) last issued its earnings results on Thursday, July 27th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.59. The company had revenue of $31.57 million during the quarter, compared to analysts’ expectations of $31.17 million. MidWestOne Financial Group had a net margin of 17.60% and a return on equity of 7.55%. On average, equities analysts anticipate that MidWestOne Financial Group, Inc. will post $2.46 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a $0.17 dividend. The ex-dividend date is Wednesday, August 30th. This is a positive change from MidWestOne Financial Group’s previous quarterly dividend of $0.17. This represents a $0.68 annualized dividend and a dividend yield of 2.01%. MidWestOne Financial Group’s dividend payout ratio is currently 32.20%.
MOFG has been the topic of several research analyst reports. Zacks Investment Research upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Thursday, April 13th. Keefe, Bruyette & Woods initiated coverage on MidWestOne Financial Group in a report on Monday, April 17th. They issued an “outperform” rating and a $40.00 price objective on the stock. BidaskClub cut MidWestOne Financial Group from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. Finally, Piper Jaffray Companies set a $37.00 price objective on MidWestOne Financial Group and gave the stock a “hold” rating in a report on Thursday, July 27th.
Several hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP acquired a new stake in MidWestOne Financial Group during the first quarter valued at approximately $20,031,000. EJF Capital LLC acquired a new stake in MidWestOne Financial Group during the first quarter valued at approximately $12,859,000. Kennedy Capital Management Inc. raised its stake in MidWestOne Financial Group by 392.3% in the first quarter. Kennedy Capital Management Inc. now owns 196,958 shares of the financial services provider’s stock valued at $6,754,000 after buying an additional 156,954 shares in the last quarter. Stieven Capital Advisors L.P. acquired a new stake in MidWestOne Financial Group during the first quarter valued at approximately $5,144,000. Finally, Emerald Mutual Fund Advisers Trust raised its stake in MidWestOne Financial Group by 482.5% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 150,908 shares of the financial services provider’s stock valued at $5,175,000 after buying an additional 125,000 shares in the last quarter. Institutional investors and hedge funds own 43.82% of the company’s stock.
About MidWestOne Financial Group
MidWestOne Financial Group, Inc is a bank holding and financial holding company. The Company operates through its bank subsidiaries, MidWestOne Bank, Central Bank and MidWestOne Insurance Services, Inc that operates through three agencies located in central and east-central Iowa. As of December 31, 2016, the Bank operated a total of 43 banking offices in Iowa, Minnesota, Wisconsin, and Florida.
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