Keefe, Bruyette & Woods Issues Pessimistic Forecast for MidWestOne Financial Group (NASDAQ:MOFG) Stock Price

MidWestOne Financial Group (NASDAQ:MOFG) had its target price dropped by analysts at Keefe, Bruyette & Woods from $39.00 to $38.00 in a report released on Monday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 34.61% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. StockNews.com upgraded shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, January 27th. Hovde Group increased their price objective on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a research report on Monday, January 27th.

MidWestOne Financial Group Price Performance

NASDAQ MOFG opened at $28.23 on Monday. MidWestOne Financial Group has a 52 week low of $20.01 and a 52 week high of $34.56. The firm’s 50-day simple moving average is $28.50 and its two-hundred day simple moving average is $30.09. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20. The company has a market cap of $587.64 million, a PE ratio of -6.95 and a beta of 0.88.

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

Insiders Place Their Bets

In other MidWestOne Financial Group news, CEO Charles N. Reeves acquired 1,785 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average cost of $27.98 per share, for a total transaction of $49,944.30. Following the completion of the transaction, the chief executive officer now owns 53,621 shares of the company’s stock, valued at approximately $1,500,315.58. The trade was a 3.44 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MidWestOne Financial Group

Several hedge funds have recently added to or reduced their stakes in MOFG. Franklin Resources Inc. purchased a new stake in MidWestOne Financial Group during the third quarter worth about $1,116,000. Geode Capital Management LLC grew its stake in MidWestOne Financial Group by 3.0% in the third quarter. Geode Capital Management LLC now owns 335,677 shares of the financial services provider’s stock worth $9,579,000 after purchasing an additional 9,787 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in MidWestOne Financial Group during the 4th quarter valued at approximately $518,000. Bank of New York Mellon Corp grew its position in MidWestOne Financial Group by 12.0% in the 4th quarter. Bank of New York Mellon Corp now owns 88,470 shares of the financial services provider’s stock valued at $2,576,000 after buying an additional 9,510 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of MidWestOne Financial Group by 30.3% during the 3rd quarter. Jane Street Group LLC now owns 28,169 shares of the financial services provider’s stock valued at $804,000 after purchasing an additional 6,545 shares in the last quarter. 65.42% of the stock is currently owned by hedge funds and other institutional investors.

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.