MidWestOne Financial Group (NASDAQ:MOFG) Hits New 12-Month High – Still a Buy?

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $34.16 and last traded at $34.08, with a volume of 2902 shares traded. The stock had previously closed at $33.70.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $28.00 price objective (up previously from $25.00) on shares of MidWestOne Financial Group in a research report on Monday, July 29th. Piper Sandler dropped their price target 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. Finally, StockNews.com cut shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.00.

MidWestOne Financial Group Trading Down 0.2 %

The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78. The stock has a 50-day moving average of $29.60 and a two-hundred day moving average of $26.31. The company has a market cap of $698.50 million, a P/E ratio of -7.22 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 issued a $0.243 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.97 annualized dividend and a yield of 2.89%. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently -20.77%.

Insider Activity

In other MidWestOne Financial Group news, Director Matthew J. Hayek acquired 2,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, September 30th. The stock was 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 of the company’s stock, valued at $282,325. This represents a 21.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Charles N. Reeves bought 7,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was acquired at an average cost of $25.00 per share, with a total value of $175,000.00. Following the transaction, the chief executive officer now owns 45,712 shares in the company, valued at $1,142,800. The trade was a 18.08 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 9,400 shares of company stock worth $235,000 over the last 90 days. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MidWestOne Financial Group

A number of hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in shares of MidWestOne Financial Group in the 3rd quarter worth $163,000. Virtu Financial LLC purchased a new position in MidWestOne Financial Group in the third quarter worth about $261,000. Renaissance Technologies LLC bought a new stake in shares of MidWestOne Financial Group during the 2nd quarter valued at about $247,000. Quadrature Capital Ltd purchased a new stake in shares of MidWestOne Financial Group during the 3rd quarter valued at about $353,000. Finally, GSA Capital Partners LLP bought a new position in shares of MidWestOne Financial Group in the 3rd quarter worth approximately $361,000. 65.42% of the stock is currently 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.