Connor Clark & Lunn Investment Management Ltd. Acquires New Stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 15,266 shares of the financial services provider’s stock, valued at approximately $436,000. Connor Clark & Lunn Investment Management Ltd. owned 0.10% of MidWestOne Financial Group at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in MidWestOne Financial Group by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 631,230 shares of the financial services provider’s stock worth $14,796,000 after buying an additional 15,512 shares in the last quarter. Bank of New York Mellon Corp grew its stake in MidWestOne Financial Group by 10.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 89,619 shares of the financial services provider’s stock worth $2,016,000 after purchasing an additional 8,490 shares in the last quarter. Rhumbline Advisers increased its holdings in MidWestOne Financial Group by 3.0% during the 2nd quarter. Rhumbline Advisers now owns 22,750 shares of the financial services provider’s stock worth $512,000 after purchasing an additional 653 shares during the period. Choreo LLC purchased a new position in MidWestOne Financial Group in the second quarter worth approximately $584,000. Finally, American Century Companies Inc. increased its position in shares of MidWestOne Financial Group by 8.5% in the 2nd quarter. American Century Companies Inc. now owns 137,963 shares of the financial services provider’s stock valued at $3,103,000 after purchasing an additional 10,798 shares during the last quarter. 65.42% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Matthew J. Hayek bought 2,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the purchase, the director now owns 11,293 shares of the company’s stock, valued at approximately $282,325. The trade was a 21.52 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Charles N. Reeves purchased 7,000 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $175,000.00. Following the completion of the purchase, the chief executive officer now owns 45,712 shares of the company’s stock, valued at approximately $1,142,800. This trade represents a 18.08 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 9,400 shares of company stock valued at $235,000. Insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MOFG shares. StockNews.com downgraded MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Piper Sandler cut their price objective on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $27.00.

MidWestOne Financial Group Stock Up 0.2 %

MOFG opened at $32.95 on Friday. The stock has a market capitalization of $684.37 million, a P/E ratio of -7.06 and a beta of 1.01. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78. MidWestOne Financial Group, Inc. has a one year low of $19.43 and a one year high of $34.56. The business’s 50-day simple moving average is $29.96 and its 200-day simple moving average is $26.64.

MidWestOne Financial Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.243 per share. This represents a $0.97 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Monday, December 2nd. MidWestOne Financial Group’s payout ratio is currently -20.77%.

About MidWestOne Financial Group

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.