Brokerages Set MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Target Price at $38.17

Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) have received an average recommendation of “Hold” from the six analysts that are currently covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $38.1667.

Several research firms have recently weighed in on MOFG. Keefe, Bruyette & Woods boosted their target price on MidWestOne Financial Group from $37.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MidWestOne Financial Group in a research report on Monday, December 29th. Finally, Stephens cut MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th.

Insider Activity at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves bought 760 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was acquired at an average price of $37.91 per share, for a total transaction of $28,811.60. Following the completion of the purchase, the chief executive officer owned 62,752 shares of the company’s stock, valued at approximately $2,378,928.32. This represents a 1.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought 3,760 shares of company stock valued at $138,546 over the last three months. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MidWestOne Financial Group

Several hedge funds have recently modified their holdings of MOFG. Wellington Management Group LLP lifted its position in shares of MidWestOne Financial Group by 11.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,354,527 shares of the financial services provider’s stock valued at $38,320,000 after acquiring an additional 139,033 shares during the period. Millennium Management LLC increased its stake in MidWestOne Financial Group by 187.6% in the 3rd quarter. Millennium Management LLC now owns 197,522 shares of the financial services provider’s stock valued at $5,588,000 after purchasing an additional 128,845 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in MidWestOne Financial Group by 125.7% during the second quarter. JPMorgan Chase & Co. now owns 138,212 shares of the financial services provider’s stock worth $3,976,000 after purchasing an additional 76,966 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in MidWestOne Financial Group by 16.8% during the first 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 in the last quarter. Finally, Jennison Associates LLC boosted its position in MidWestOne Financial Group by 4.5% during the second quarter. Jennison Associates LLC now owns 1,395,623 shares of the financial services provider’s stock worth $40,152,000 after purchasing an additional 60,026 shares in the last quarter. 65.42% of the stock is owned by institutional investors and hedge funds.

MidWestOne Financial Group Trading Up 0.6%

Shares of MidWestOne Financial Group stock opened at $40.10 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $39.64 and a 200-day simple moving average of $33.26. The stock has a market cap of $827.26 million, a price-to-earnings ratio of 14.27 and a beta of 1.06. MidWestOne Financial Group has a 12-month low of $24.62 and a 12-month high of $42.38.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.05. MidWestOne Financial Group had a net margin of 16.66% and a return on equity of 10.22%. The firm had revenue of $112.27 million during the quarter, compared to analysts’ expectations of $63.07 million. On average, equities analysts forecast that MidWestOne Financial Group will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 16th will be given a $0.2425 dividend. The ex-dividend date is Friday, January 16th. This represents a $0.97 annualized dividend and a yield of 2.4%. MidWestOne Financial Group’s dividend payout ratio is 34.52%.

About MidWestOne Financial Group

MidWestOne Financial Group, Inc (NASDAQ: MOFG) is a registered bank holding company headquartered in West Des Moines, Iowa. Through its principal subsidiary, MidWestOne Bank, the company provides a comprehensive range of commercial and consumer banking products and services. Its commercial banking division offers business lending solutions, including commercial real estate loans, business lines of credit, equipment financing and treasury management services. For individual customers, MidWestOne delivers checking and savings accounts, home mortgage and home equity loans, and personal lending solutions.

Beyond traditional banking, MidWestOne offers trust, wealth management and insurance services through specialized teams of financial advisors.