Hovde Group Forecasts Strong Price Appreciation for MidWestOne Financial Group (NASDAQ:MOFG) Stock

MidWestOne Financial Group (NASDAQ:MOFG) had its target price hoisted by Hovde Group from $30.00 to $33.50 in a research note published on Monday, Marketbeat.com reports. They currently have a market perform rating on the financial services provider’s stock.

Other equities analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $34.00 to $39.00 in a research note on Tuesday, December 17th. StockNews.com cut shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Finally, Piper Sandler reduced their price objective on MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating for the company in a research note on Monday, October 28th.

MidWestOne Financial Group Trading Down 1.2 %

NASDAQ:MOFG opened at $31.61 on Monday. The company has a market cap of $656.54 million, a PE ratio of -6.77 and a beta of 1.05. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The company has a 50 day simple moving average of $30.88 and a two-hundred day simple moving average of $29.38. MidWestOne Financial Group has a 12 month low of $19.43 and a 12 month high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 5.13% and a net margin of 9.79%. Research analysts forecast that MidWestOne Financial Group will post 2.3 earnings per share for the current year.

MidWestOne Financial Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.2425 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.07%. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently -20.77%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in MidWestOne Financial Group in the 3rd quarter worth $163,000. Renaissance Technologies LLC bought a new position in shares of MidWestOne Financial Group in the second quarter worth about $247,000. Virtu Financial LLC purchased a new stake in shares of MidWestOne Financial Group during the third quarter worth about $261,000. Apella Capital LLC bought a new stake in MidWestOne Financial Group during the 4th quarter valued at approximately $268,000. Finally, Hsbc Holdings PLC purchased a new position in MidWestOne Financial Group in the 2nd quarter worth approximately $329,000. Hedge funds and other institutional investors own 65.42% of the company’s stock.

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.