Piper Sandler Issues Pessimistic Forecast for MidWestOne Financial Group (NASDAQ:MOFG) Stock Price

MidWestOne Financial Group (NASDAQ:MOFG) had its target price cut by analysts at Piper Sandler from $34.50 to $33.00 in a report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target indicates a potential upside of 16.90% from the company’s previous close.

A number of other brokerages have also commented on MOFG. Hovde Group increased their price objective on MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a report on Monday, January 27th. StockNews.com upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods dropped their target price on MidWestOne Financial Group from $39.00 to $38.00 and set an “outperform” rating on the stock in a research report on Monday.

MidWestOne Financial Group Stock Performance

NASDAQ MOFG opened at $28.23 on Monday. The business’s 50-day simple moving average is $28.50 and its 200-day simple moving average is $30.09. The firm has a market capitalization of $587.64 million, a P/E ratio of -6.95 and a beta of 0.88. 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 has a 1-year low of $20.01 and a 1-year high of $34.56.

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

Insider Activity at MidWestOne Financial Group

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its stake in shares of MidWestOne Financial Group by 32.5% in the 4th quarter. California State Teachers Retirement System now owns 1,398 shares of the financial services provider’s stock worth $41,000 after buying an additional 343 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of MidWestOne Financial Group by 38.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the financial services provider’s stock worth $57,000 after buying an additional 541 shares during the period. Price T Rowe Associates Inc. MD purchased a new position in shares of MidWestOne Financial Group in the fourth quarter valued at about $211,000. Polymer Capital Management US LLC bought a new stake in MidWestOne Financial Group in the fourth quarter valued at $222,000. Finally, SG Americas Securities LLC grew its holdings in shares of MidWestOne Financial Group by 35.3% during the 4th quarter. SG Americas Securities LLC now owns 7,723 shares of the financial services provider’s stock worth $225,000 after acquiring an additional 2,014 shares during the period. 65.42% of the stock is owned by institutional investors and hedge funds.

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.