MidWestOne Financial Group (NASDAQ:MOFG) Sets New 52-Week High – Here’s What Happened

MidWestOne Financial Group, Inc. (NASDAQ:MOFG)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $34.00 and last traded at $33.85, with a volume of 15219 shares. The stock had previously closed at $33.38.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MOFG. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $28.00 target price (up from $25.00) on shares of MidWestOne Financial Group in a report on Monday, July 29th. StockNews.com lowered MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Finally, Piper Sandler lowered their target price on MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $27.00.

MidWestOne Financial Group Stock Performance

The firm’s fifty day moving average is $28.98 and its 200 day moving average is $25.71. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77. The firm has a market capitalization of $512.68 million, a price-to-earnings ratio of -6.96 and a beta of 1.01.

MidWestOne Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.243 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 2.99%. MidWestOne Financial Group’s dividend payout ratio (DPR) is currently -20.77%.

Insider Transactions at MidWestOne Financial Group

In related news, CEO Charles N. Reeves purchased 7,000 shares of MidWestOne Financial Group stock in a transaction on Monday, September 30th. The stock was bought at an average price of $25.00 per share, with a total value of $175,000.00. Following the completion of the transaction, the chief executive officer now directly owns 45,712 shares of the company’s stock, valued at approximately $1,142,800. This represents a 18.08 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew J. Hayek acquired 2,000 shares of the stock in a transaction dated Monday, September 30th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $50,000.00. Following the acquisition, the director now owns 11,293 shares in the company, valued at $282,325. The trade was a 21.52 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 9,400 shares of company stock valued at $235,000 in the last three months. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On MidWestOne Financial Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Rhumbline Advisers boosted its holdings in MidWestOne Financial Group by 3.0% in the 2nd quarter. Rhumbline Advisers now owns 22,750 shares of the financial services provider’s stock valued at $512,000 after purchasing an additional 653 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in MidWestOne Financial Group by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 41,219 shares of the financial services provider’s stock valued at $1,176,000 after purchasing an additional 1,000 shares in the last quarter. Sippican Capital Advisors lifted its position in MidWestOne Financial Group by 1.9% during the 3rd quarter. Sippican Capital Advisors now owns 66,338 shares of the financial services provider’s stock worth $1,893,000 after buying an additional 1,205 shares in the last quarter. Empowered Funds LLC grew its stake in shares of MidWestOne Financial Group by 5.2% during the third quarter. Empowered Funds LLC now owns 60,114 shares of the financial services provider’s stock valued at $1,715,000 after purchasing an additional 2,948 shares during the last quarter. Finally, Martingale Asset Management L P boosted its holdings in MidWestOne Financial Group by 13.1% in the third quarter. Martingale Asset Management L P now owns 33,186 shares of the financial services provider’s stock valued at $947,000 after acquiring an additional 3,852 shares during the last quarter. 65.42% of the stock is owned by institutional investors and hedge funds.

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.