MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Receives $34.17 Consensus Price Target from Analysts

Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) have earned an average recommendation of “Hold” from the five brokerages that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $34.1667.

A number of brokerages have weighed in on MOFG. Piper Sandler dropped their target price on shares of MidWestOne Financial Group from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, July 29th. Zacks Research raised shares of MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 2nd. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of MidWestOne Financial Group in a report on Saturday, September 27th.

Insiders Place Their Bets

In other news, COO Len D. Devaisher acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average price of $28.72 per share, with a total value of $28,720.00. Following the acquisition, the chief operating officer directly owned 3,000 shares in the company, valued at approximately $86,160. The trade was a 50.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles N. Reeves acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost of $28.04 per share, for a total transaction of $140,200.00. Following the acquisition, the chief executive officer owned 58,867 shares in the company, valued at approximately $1,650,630.68. This trade represents a 9.28% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 6,800 shares of company stock worth $190,882 over the last three months. 2.50% of the stock is owned by corporate insiders.

Institutional Trading of MidWestOne Financial Group

A number of large investors have recently modified their holdings of MOFG. Bank of America Corp DE increased its holdings in shares of MidWestOne Financial Group by 63.8% in the 4th quarter. Bank of America Corp DE now owns 24,818 shares of the financial services provider’s stock worth $723,000 after acquiring an additional 9,671 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of MidWestOne Financial Group by 5.4% in the 4th quarter. Nuveen Asset Management LLC now owns 37,410 shares of the financial services provider’s stock worth $1,089,000 after acquiring an additional 1,926 shares during the period. California State Teachers Retirement System increased its holdings 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 acquiring an additional 343 shares during the period. GAMMA Investing LLC increased its holdings in shares of MidWestOne Financial Group by 16,686.9% in the 1st quarter. GAMMA Investing LLC now owns 21,823 shares of the financial services provider’s stock worth $646,000 after acquiring an additional 21,693 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of MidWestOne Financial Group by 7.8% in the 1st quarter. Bank of New York Mellon Corp now owns 95,396 shares of the financial services provider’s stock worth $2,825,000 after acquiring an additional 6,926 shares during the period. Institutional investors and hedge funds own 65.42% of the company’s stock.

MidWestOne Financial Group Trading Up 1.5%

MOFG opened at $28.76 on Friday. The stock has a market capitalization of $595.50 million, a PE ratio of -7.08 and a beta of 1.03. The firm’s fifty day moving average price is $28.87 and its 200 day moving average price is $28.73. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.84 and a quick ratio of 0.83. MidWestOne Financial Group has a 12-month low of $24.62 and a 12-month high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.28). The company had revenue of $61.41 million for the quarter, compared to analysts’ expectations of $60.60 million. As a group, research analysts expect that MidWestOne Financial Group will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, September 2nd. MidWestOne Financial Group’s dividend payout ratio is -23.89%.

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.