MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Given Average Rating of “Hold” by Brokerages

Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) have been given an average recommendation of “Hold” by the six research firms that are currently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $38.1667.

Several equities research analysts recently commented on MOFG shares. Stephens downgraded MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Keefe, Bruyette & Woods increased their price target on shares of MidWestOne Financial Group from $37.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MidWestOne Financial Group in a report on Monday, December 29th.

MidWestOne Financial Group Stock Performance

MidWestOne Financial Group stock opened at $42.25 on Friday. MidWestOne Financial Group has a 12 month low of $24.62 and a 12 month high of $42.67. The stock’s 50-day moving average is $39.74 and its 200-day moving average is $33.38. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market cap of $871.62 million, a price-to-earnings ratio of 15.04 and a beta of 1.06.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.05. The company had revenue of $112.27 million during the quarter, compared to the consensus estimate of $63.07 million. MidWestOne Financial Group had a net margin of 16.66% and a return on equity of 10.22%. Equities analysts anticipate that MidWestOne Financial Group will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 16th will be given a dividend of $0.2425 per share. The ex-dividend date is Friday, January 16th. This represents a $0.97 dividend on an annualized basis and a yield of 2.3%. MidWestOne Financial Group’s payout ratio is currently 34.52%.

Insider Activity at MidWestOne Financial Group

In other news, CEO Charles N. Reeves purchased 1,550 shares of the stock in a transaction dated Thursday, October 30th. The stock was acquired at an average price of $36.67 per share, for a total transaction of $56,838.50. Following the completion of the transaction, the chief executive officer owned 60,542 shares of the company’s stock, valued at approximately $2,220,075.14. The trade was a 2.63% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 3,760 shares of company stock worth $138,546 in the last three months. 2.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in shares of MidWestOne Financial Group by 13.2% in the second quarter. Geode Capital Management LLC now owns 502,898 shares of the financial services provider’s stock worth $14,471,000 after purchasing an additional 58,709 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of MidWestOne Financial Group by 34.2% during the second quarter. Thrivent Financial for Lutherans now owns 125,073 shares of the financial services provider’s stock valued at $3,598,000 after acquiring an additional 31,867 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of MidWestOne Financial Group in the second quarter worth approximately $1,074,000. Y Intercept Hong Kong Ltd acquired a new stake in MidWestOne Financial Group during the second quarter valued at $715,000. Finally, Jennison Associates LLC lifted its stake in MidWestOne Financial Group by 4.5% in the second quarter. Jennison Associates LLC now owns 1,395,623 shares of the financial services provider’s stock valued at $40,152,000 after acquiring an additional 60,026 shares during the last quarter. 65.42% of the stock is owned by institutional investors.

About MidWestOne Financial Group

MidWestOne Financial Group, Inc (NASDAQ: MOFG) is a registered bank holding company headquartered in West Des Moines, Iowa. Through its principal subsidiary, MidWestOne Bank, the company provides a comprehensive range of commercial and consumer banking products and services. Its commercial banking division offers business lending solutions, including commercial real estate loans, business lines of credit, equipment financing and treasury management services. For individual customers, MidWestOne delivers checking and savings accounts, home mortgage and home equity loans, and personal lending solutions.

Beyond traditional banking, MidWestOne offers trust, wealth management and insurance services through specialized teams of financial advisors.