MidWestOne Financial Group (NASDAQ:MOFG) Price Target Lowered to $21.50 at Hovde Group

MidWestOne Financial Group (NASDAQ:MOFG) had its price target cut by Hovde Group from $23.50 to $21.50 in a report released on Friday, Marketbeat Ratings reports. They currently have a market perform rating on the financial services provider’s stock.

Several other brokerages have also issued reports on MOFG. Keefe, Bruyette & Woods dropped their target price on shares of MidWestOne Financial Group from $28.00 to $27.00 and set a market perform rating for the company in a research report on Friday, April 5th. StockNews.com upgraded shares of MidWestOne Financial Group from a sell rating to a hold rating in a research report on Friday, January 19th. Finally, Piper Sandler began coverage on shares of MidWestOne Financial Group in a research report on Wednesday, March 13th. They set a neutral rating and a $24.00 target price for the company. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, MidWestOne Financial Group presently has a consensus rating of Hold and an average target price of $24.63.

MidWestOne Financial Group Price Performance

Shares of NASDAQ:MOFG opened at $20.41 on Friday. The company has a 50 day moving average of $22.13 and a 200 day moving average of $22.97. The stock has a market cap of $321.46 million, a P/E ratio of 14.17 and a beta of 0.95. MidWestOne Financial Group has a 12 month low of $17.80 and a 12 month high of $27.78. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.24.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.47 by $0.04. MidWestOne Financial Group had a net margin of 7.78% and a return on equity of 5.52%. The company had revenue of $36.42 million during the quarter, compared to analysts’ expectations of $43.40 million. As a group, sell-side analysts forecast that MidWestOne Financial Group will post 2.17 EPS for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a $0.243 dividend. The ex-dividend date is Monday, June 3rd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 4.76%. MidWestOne Financial Group’s payout ratio is 67.36%.

Insider Transactions at MidWestOne Financial Group

In other news, CEO Charles N. Reeves purchased 4,447 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was bought at an average cost of $22.49 per share, for a total transaction of $100,013.03. Following the acquisition, the chief executive officer now directly owns 38,346 shares of the company’s stock, valued at approximately $862,401.54. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in shares of MidWestOne Financial Group by 0.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 94,360 shares of the financial services provider’s stock worth $1,918,000 after buying an additional 591 shares during the period. Swiss National Bank raised its position in shares of MidWestOne Financial Group by 2.5% during the third quarter. Swiss National Bank now owns 32,800 shares of the financial services provider’s stock valued at $667,000 after buying an additional 800 shares during the last quarter. SG Americas Securities LLC increased its position in MidWestOne Financial Group by 27.3% in the fourth quarter. SG Americas Securities LLC now owns 8,051 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 1,727 shares during the last quarter. Strs Ohio increased its position in MidWestOne Financial Group by 10.0% in the third quarter. Strs Ohio now owns 23,100 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 2,100 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in MidWestOne Financial Group by 24.8% during the fourth quarter. BNP Paribas Financial Markets now owns 13,738 shares of the financial services provider’s stock worth $370,000 after buying an additional 2,728 shares during the period. 65.42% of the stock is owned by hedge funds and other institutional investors.

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.