Renaissance Technologies LLC Increases Stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Renaissance Technologies LLC lifted its position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 202.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,400 shares of the financial services provider’s stock after acquiring an additional 15,000 shares during the period. Renaissance Technologies LLC owned 0.11% of MidWestOne Financial Group worth $652,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Polymer Capital Management US LLC acquired a new position in MidWestOne Financial Group in the 4th quarter worth approximately $222,000. SG Americas Securities LLC increased its holdings in MidWestOne Financial Group by 35.3% in the fourth quarter. SG Americas Securities LLC now owns 7,723 shares of the financial services provider’s stock valued at $225,000 after buying an additional 2,014 shares in the last quarter. Quantbot Technologies LP purchased a new position in MidWestOne Financial Group during the fourth quarter worth approximately $237,000. Virtu Financial LLC purchased a new stake in MidWestOne Financial Group in the 3rd quarter worth $261,000. Finally, Apella Capital LLC acquired a new position in MidWestOne Financial Group during the fourth quarter worth $268,000. Hedge funds and other institutional investors own 65.42% of the company’s stock.

Insiders Place Their Bets

In other MidWestOne Financial Group news, CEO Charles N. Reeves acquired 1,785 shares of the stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $27.98 per share, with a total value of $49,944.30. Following the transaction, the chief executive officer now owns 53,621 shares in the company, valued at $1,500,315.58. The trade was a 3.44 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.50% of the stock is owned by company insiders.

MidWestOne Financial Group Stock Performance

MidWestOne Financial Group stock opened at $28.61 on Friday. MidWestOne Financial Group, Inc. has a 1-year low of $20.04 and a 1-year high of $34.56. The stock has a market cap of $595.55 million, a price-to-earnings ratio of -7.05 and a beta of 0.88. The firm has a 50 day simple moving average of $28.34 and a 200-day simple moving average of $30.06. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.73 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.73. The firm had revenue of $57.58 million during the quarter, compared to analysts’ expectations of $58.87 million. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. On average, analysts expect that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current year.

MidWestOne Financial Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a dividend of $0.2425 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 3.39%. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently -27.40%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Keefe, Bruyette & Woods cut their price objective on MidWestOne Financial Group from $39.00 to $38.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. Hovde Group boosted their price target on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the stock a “market perform” rating in a research report on Monday, January 27th. Piper Sandler cut their price objective on shares of MidWestOne Financial Group from $34.50 to $33.00 and set a “neutral” rating for the company in a report on Monday, April 28th. Finally, StockNews.com upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Monday, January 27th.

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.