MidWestOne Financial Group (NASDAQ:MOFG) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $34.29 and traded as high as $45.73. MidWestOne Financial Group shares last traded at $44.88, with a volume of 103,178 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MOFG shares. Weiss Ratings reissued a “hold (c+)” rating on shares of MidWestOne Financial Group in a report on Monday, December 29th. Stephens cut MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. 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 analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, MidWestOne Financial Group currently has a consensus rating of “Hold” and an average price target of $40.50.

MidWestOne Financial Group Trading Down 1.3%

The company has a fifty day moving average of $40.70 and a two-hundred day moving average of $34.29. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $925.87 million, a price-to-earnings ratio of 15.97 and a beta of 1.06.

MidWestOne Financial Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 16th will be issued a $0.2425 dividend. The ex-dividend date of this dividend is Friday, January 16th. This represents a $0.97 annualized dividend and a dividend yield of 2.2%. MidWestOne Financial Group’s payout ratio is presently 34.52%.

Insider Transactions at MidWestOne Financial Group

In other news, CEO Charles N. Reeves acquired 1,450 shares of MidWestOne Financial Group stock in a transaction that occurred on Friday, October 31st. The stock was purchased at an average price of $36.48 per share, for a total transaction of $52,896.00. Following the completion of the transaction, the chief executive officer directly owned 61,992 shares in the company, valued at approximately $2,261,468.16. This trade represents a 2.40% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. increased its holdings in MidWestOne Financial Group by 129.2% in the third quarter. Federated Hermes Inc. now owns 1,242 shares of the financial services provider’s stock valued at $35,000 after buying an additional 700 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of MidWestOne Financial Group by 12,135.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,713 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,699 shares during the period. Signaturefd LLC increased its stake in MidWestOne Financial Group by 402.1% in the 4th quarter. Signaturefd LLC now owns 2,124 shares of the financial services provider’s stock valued at $82,000 after purchasing an additional 1,701 shares in the last quarter. CWM LLC raised its holdings in MidWestOne Financial Group by 238.8% during the second quarter. CWM LLC now owns 3,175 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 2,238 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in MidWestOne Financial Group by 65.0% during the third quarter. BNP Paribas Financial Markets now owns 3,298 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,299 shares in the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

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.