Wells Fargo & Company MN Increases Holdings in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Wells Fargo & Company MN increased its stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 13.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,276 shares of the financial services provider’s stock after acquiring an additional 4,231 shares during the period. Wells Fargo & Company MN owned approximately 0.17% of MidWestOne Financial Group worth $1,027,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Trexquant Investment LP lifted its stake in shares of MidWestOne Financial Group by 406.2% in the 4th quarter. Trexquant Investment LP now owns 48,373 shares of the financial services provider’s stock valued at $1,409,000 after purchasing an additional 38,817 shares during the last quarter. Geode Capital Management LLC raised its holdings in MidWestOne Financial Group by 29.0% during the 4th quarter. Geode Capital Management LLC now owns 433,179 shares of the financial services provider’s stock valued at $12,617,000 after buying an additional 97,502 shares during the period. Franklin Resources Inc. lifted its position in MidWestOne Financial Group by 81.8% in the fourth quarter. Franklin Resources Inc. now owns 70,988 shares of the financial services provider’s stock worth $2,067,000 after buying an additional 31,946 shares during the last quarter. Wellington Management Group LLP boosted its stake in MidWestOne Financial Group by 30.8% during the fourth quarter. Wellington Management Group LLP now owns 1,046,451 shares of the financial services provider’s stock worth $30,473,000 after buying an additional 246,117 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in MidWestOne Financial Group by 50.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 92,104 shares of the financial services provider’s stock valued at $2,682,000 after acquiring an additional 31,016 shares during the last quarter. 65.42% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MOFG. Hovde Group raised their target price on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the stock a “market perform” rating in a report on Monday, January 27th. Keefe, Bruyette & Woods dropped their target price on MidWestOne Financial Group from $39.00 to $38.00 and set an “outperform” rating for the company in a research report on Monday. StockNews.com upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Monday, January 27th. Finally, Piper Sandler dropped their price objective on MidWestOne Financial Group from $34.50 to $33.00 and set a “neutral” rating for the company in a report on Monday.

MidWestOne Financial Group Stock Performance

Shares of NASDAQ:MOFG opened at $28.23 on Wednesday. The firm’s 50 day simple moving average is $28.50 and its 200-day simple moving average is $30.09. 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 $20.01 and a one year high of $34.56. The firm 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 released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.73 EPS for the quarter, hitting 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 company had revenue of $57.58 million for the quarter, compared to the consensus estimate of $58.87 million. As a group, equities analysts predict that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current year.

MidWestOne Financial Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $0.2425 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date is Monday, June 2nd. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently -27.40%.

Insider Buying and Selling

In other MidWestOne Financial Group news, CEO Charles N. Reeves purchased 1,785 shares of MidWestOne Financial Group stock in a transaction dated Monday, March 10th. The stock was acquired at an average price of $27.98 per share, for a total transaction of $49,944.30. Following the acquisition, the chief executive officer now owns 53,621 shares in the company, valued at $1,500,315.58. This trade represents a 3.44 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.50% of the stock is owned by insiders.

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.