MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Receives $26.38 Consensus Target Price from Analysts

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) has been assigned a consensus rating of “Hold” from the four brokerages that are presently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $26.38.

A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $28.00 price target (up from $25.00) on shares of MidWestOne Financial Group in a report on Monday, July 29th. Hovde Group lowered their price target on MidWestOne Financial Group from $23.50 to $21.50 and set a “market perform” rating for the company in a report on Friday, April 26th. Finally, Piper Sandler increased their price objective on MidWestOne Financial Group from $22.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, July 29th.

MidWestOne Financial Group Stock Performance

Shares of MOFG opened at $25.60 on Thursday. The stock has a 50 day moving average price of $23.81 and a 200 day moving average price of $22.88. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $403.33 million, a price-to-earnings ratio of 17.78 and a beta of 1.03. MidWestOne Financial Group has a 52-week low of $19.19 and a 52-week high of $30.00.

MidWestOne Financial Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be issued a $0.243 dividend. This represents a $0.97 annualized dividend and a dividend yield of 3.80%. The ex-dividend date is Tuesday, September 3rd. MidWestOne Financial Group’s payout ratio is currently 67.36%.

Institutional Investors Weigh In On MidWestOne Financial Group

Several hedge funds have recently modified their holdings of the stock. Rhumbline Advisers lifted its holdings in shares of MidWestOne Financial Group by 3.0% during the second quarter. Rhumbline Advisers now owns 22,750 shares of the financial services provider’s stock worth $512,000 after purchasing an additional 653 shares during the period. SG Americas Securities LLC raised 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 acquiring an additional 1,727 shares in the last quarter. BNP Paribas Financial Markets raised its position in MidWestOne Financial Group by 24.8% in the fourth quarter. BNP Paribas Financial Markets now owns 13,738 shares of the financial services provider’s stock worth $370,000 after acquiring an additional 2,728 shares in the last quarter. Empowered Funds LLC raised its position in MidWestOne Financial Group by 8.2% in the first quarter. Empowered Funds LLC now owns 53,206 shares of the financial services provider’s stock worth $1,247,000 after acquiring an additional 4,015 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in MidWestOne Financial Group by 10.5% in the second quarter. Bank of New York Mellon Corp now owns 89,619 shares of the financial services provider’s stock worth $2,016,000 after acquiring an additional 8,490 shares in the last quarter. 65.42% of the stock is owned by institutional investors and hedge funds.

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.