Geode Capital Management LLC Raises Position in MidWestOne Financial Group, Inc. $MOFG

Geode Capital Management LLC increased its holdings in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 13.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 502,898 shares of the financial services provider’s stock after buying an additional 58,709 shares during the quarter. Geode Capital Management LLC owned 2.42% of MidWestOne Financial Group worth $14,471,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Jennison Associates LLC boosted its holdings in MidWestOne Financial Group by 4.5% in the second quarter. Jennison Associates LLC now owns 1,395,623 shares of the financial services provider’s stock worth $40,152,000 after acquiring an additional 60,026 shares in the last quarter. Vanguard Group Inc. raised its position in shares of MidWestOne Financial Group by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 927,614 shares of the financial services provider’s stock valued at $27,467,000 after purchasing an additional 31,340 shares during the last quarter. FJ Capital Management LLC boosted its stake in MidWestOne Financial Group by 22.8% in the 1st quarter. FJ Capital Management LLC now owns 747,456 shares of the financial services provider’s stock worth $22,132,000 after purchasing an additional 138,959 shares in the last quarter. Goldman Sachs Group Inc. grew its position in MidWestOne Financial Group by 16.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 531,724 shares of the financial services provider’s stock worth $15,744,000 after purchasing an additional 76,368 shares during the last quarter. Finally, Bridgeway Capital Management LLC grew its position in MidWestOne Financial Group by 4.7% during the 1st quarter. Bridgeway Capital Management LLC now owns 117,691 shares of the financial services provider’s stock worth $3,485,000 after purchasing an additional 5,294 shares during the last quarter. 65.42% of the stock is owned by institutional investors and hedge funds.

MidWestOne Financial Group Trading Up 0.4%

NASDAQ MOFG opened at $39.74 on Tuesday. MidWestOne Financial Group, Inc. has a 1 year low of $24.62 and a 1 year high of $40.25. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market capitalization of $819.96 million, a PE ratio of 14.14 and a beta of 1.10. The company has a fifty day moving average of $33.97 and a 200 day moving average of $30.76.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings data on Wednesday, June 7th. The financial services provider reported $0.88 earnings per share for the quarter. MidWestOne Financial Group had a return on equity of 10.35% and a net margin of 16.66%.The business had revenue of $50.10 million during the quarter. Research analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a $0.2425 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.97 dividend on an annualized basis and a yield of 2.4%. MidWestOne Financial Group’s payout ratio is presently 34.52%.

Insider Buying and Selling

In other news, CEO Charles N. Reeves acquired 760 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were acquired at an average price of $37.91 per share, with a total value of $28,811.60. Following the purchase, the chief executive officer directly owned 62,752 shares of the company’s stock, valued at $2,378,928.32. This trade represents a 1.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders purchased 3,760 shares of company stock valued at $138,546. Corporate insiders own 2.50% of the company’s stock.

Analyst Ratings Changes

MOFG has been the subject of a number of research analyst reports. Zacks Research raised shares of MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 2nd. Stephens lowered MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MidWestOne Financial Group in a research report on Tuesday, November 25th. Finally, Keefe, Bruyette & Woods increased their price objective on MidWestOne Financial Group from $37.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, October 27th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $38.17.

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.