MidWestOne Financial Group (NASDAQ:MOFG) Upgraded to “Outperform” at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group (NASDAQ:MOFG) from a market perform rating to an outperform rating in a research note published on Tuesday, Marketbeat reports. The brokerage currently has $39.00 target price on the financial services provider’s stock, up from their previous target price of $34.00.

A number of other analysts have also issued reports on the company. StockNews.com lowered MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. Piper Sandler cut their price objective 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.

MidWestOne Financial Group Trading Down 0.5 %

MOFG opened at $32.55 on Tuesday. The stock has a market capitalization of $676.23 million, a PE ratio of -6.97 and a beta of 1.03. MidWestOne Financial Group has a one year low of $19.43 and a one year high of $34.56. 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 business’s 50 day moving average price is $31.21 and its 200 day moving average price is $27.67.

MidWestOne Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a $0.243 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.97 annualized dividend and a yield of 2.99%. MidWestOne Financial Group’s dividend payout ratio is presently -20.77%.

Insiders Place Their Bets

In other news, Director Matthew J. Hayek acquired 2,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, September 30th. The shares were acquired 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 trade represents a 21.52 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Charles N. Reeves purchased 7,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was acquired at an average price of $25.00 per share, for a total transaction of $175,000.00. Following the completion of the purchase, the chief executive officer now owns 45,712 shares of the company’s stock, valued at $1,142,800. This represents a 18.08 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 9,400 shares of company stock worth $235,000 over the last 90 days. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On MidWestOne Financial Group

Several hedge funds have recently added to or reduced their stakes in MOFG. SG Americas Securities LLC purchased a new stake in shares of MidWestOne Financial Group during the 3rd quarter worth approximately $163,000. Renaissance Technologies LLC acquired a new stake in MidWestOne Financial Group during the 2nd quarter worth $247,000. Virtu Financial LLC purchased a new stake in MidWestOne Financial Group in the third quarter valued at $261,000. Hsbc Holdings PLC acquired a new position in MidWestOne Financial Group in the second quarter valued at $329,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of MidWestOne Financial Group in the 3rd quarter valued at about $353,000. 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.