Heartland Advisors Inc. Grows Stock Position in MidWestOne Financial Group, Inc. $MOFG

Heartland Advisors Inc. boosted its stake in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 24.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 175,616 shares of the financial services provider’s stock after buying an additional 35,000 shares during the quarter. Heartland Advisors Inc.’s holdings in MidWestOne Financial Group were worth $4,968,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. JPMorgan Chase & Co. lifted its position in MidWestOne Financial Group by 125.7% in the second quarter. JPMorgan Chase & Co. now owns 138,212 shares of the financial services provider’s stock valued at $3,976,000 after purchasing an additional 76,966 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in MidWestOne Financial Group by 16.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 531,724 shares of the financial services provider’s stock valued at $15,744,000 after buying an additional 76,368 shares during the last quarter. Jennison Associates LLC boosted its position in MidWestOne Financial Group by 4.5% during the 2nd quarter. Jennison Associates LLC now owns 1,395,623 shares of the financial services provider’s stock valued at $40,152,000 after buying an additional 60,026 shares during the period. Geode Capital Management LLC boosted its position in MidWestOne Financial Group by 13.2% during the 2nd quarter. Geode Capital Management LLC now owns 502,898 shares of the financial services provider’s stock valued at $14,471,000 after buying an additional 58,709 shares during the period. Finally, Jane Street Group LLC bought a new stake in MidWestOne Financial Group in the 2nd quarter worth $1,133,000. 65.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MOFG. Stephens downgraded shares of MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MidWestOne Financial Group in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods increased their price objective on MidWestOne Financial Group from $37.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, MidWestOne Financial Group has an average rating of “Hold” and a consensus price target of $40.50.

MidWestOne Financial Group Price Performance

MOFG stock opened at $48.00 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.85 and a quick ratio of 0.85. MidWestOne Financial Group, Inc. has a 1 year low of $24.62 and a 1 year high of $49.69. The firm has a 50-day moving average of $42.98 and a 200 day moving average of $36.18. The company has a market cap of $990.24 million, a P/E ratio of 17.08 and a beta of 1.07.

MidWestOne Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 16th were paid a $0.2425 dividend. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, January 16th. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently 34.52%.

MidWestOne Financial Group Profile

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.