MidWestOne Financial Group, Inc. (MOFG) Given Average Recommendation of “Buy” by Brokerages

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) has been given a consensus broker rating score of 2.00 (Buy) from the three analysts that provide coverage for the company, Zacks Investment Research reports. One analyst has rated the stock with a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company.

Brokers have set a 12-month consensus price target of $36.67 for the company and are predicting that the company will post $0.64 earnings per share for the current quarter, according to Zacks. Zacks has also assigned MidWestOne Financial Group an industry rank of 8 out of 265 based on the ratings given to related companies.

Several research firms have recently issued reports on MOFG. BidaskClub lowered MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Tuesday, January 23rd. Sandler O’Neill reaffirmed a “buy” rating and issued a $39.00 target price on shares of MidWestOne Financial Group in a report on Friday, January 19th. Finally, Zacks Investment Research raised MidWestOne Financial Group from a “sell” rating to a “hold” rating and set a $38.00 target price for the company in a report on Saturday, December 30th.

In other news, COO Kevin E. Kramer acquired 1,000 shares of MidWestOne Financial Group stock in a transaction on Wednesday, January 31st. The stock was acquired at an average cost of $33.34 per share, with a total value of $33,340.00. Following the completion of the acquisition, the chief operating officer now owns 4,833 shares in the company, valued at $161,132.22. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen L. West acquired 3,000 shares of MidWestOne Financial Group stock in a transaction on Monday, February 5th. The shares were purchased at an average cost of $33.02 per share, with a total value of $99,060.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 5,500 shares of company stock valued at $183,246. 25.30% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. First Trust Advisors LP grew its holdings in MidWestOne Financial Group by 75.8% during the third quarter. First Trust Advisors LP now owns 45,268 shares of the financial services provider’s stock valued at $1,528,000 after purchasing an additional 19,513 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in MidWestOne Financial Group by 66.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 18,800 shares of the financial services provider’s stock valued at $638,000 after purchasing an additional 7,500 shares during the period. Maltese Capital Management LLC grew its holdings in MidWestOne Financial Group by 10.0% during the third quarter. Maltese Capital Management LLC now owns 237,300 shares of the financial services provider’s stock valued at $8,011,000 after purchasing an additional 21,500 shares during the period. State Street Corp grew its holdings in MidWestOne Financial Group by 30.2% during the second quarter. State Street Corp now owns 169,592 shares of the financial services provider’s stock valued at $5,749,000 after purchasing an additional 39,292 shares during the period. Finally, OxFORD Asset Management LLP grew its holdings in MidWestOne Financial Group by 16.5% during the third quarter. OxFORD Asset Management LLP now owns 21,328 shares of the financial services provider’s stock valued at $726,000 after purchasing an additional 3,026 shares during the period. 46.22% of the stock is owned by institutional investors and hedge funds.

MidWestOne Financial Group (MOFG) opened at $31.19 on Tuesday. The stock has a market capitalization of $389.32, a P/E ratio of 15.36, a PEG ratio of 1.50 and a beta of 1.07. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.53. MidWestOne Financial Group has a twelve month low of $30.56 and a twelve month high of $38.29.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, March 1st will be issued a $0.195 dividend. The ex-dividend date of this dividend is Wednesday, February 28th. This is a positive change from MidWestOne Financial Group’s previous quarterly dividend of $0.17. This represents a $0.78 annualized dividend and a dividend yield of 2.50%. MidWestOne Financial Group’s dividend payout ratio is currently 33.50%.

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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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