MidWestOne Financial Group (NASDAQ:MOFG) Reaches New 1-Year High – Here’s Why

Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) reached a new 52-week high during trading on Wednesday . The stock 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.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MOFG. 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 research note on Monday, July 29th. Piper Sandler lowered their target price on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a research note on Monday, October 28th. Finally, StockNews.com cut MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $27.00.

MidWestOne Financial Group Stock Performance

The firm’s fifty day moving average is $28.81 and its 200 day moving average is $25.57. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20.

MidWestOne Financial Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.243 dividend. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Monday, December 2nd. MidWestOne Financial Group’s payout ratio is presently -20.77%.

Insider Transactions at MidWestOne Financial Group

In other news, CEO Charles N. Reeves purchased 7,000 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were acquired at an average price 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 of the company’s stock, valued at $1,142,800. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Matthew J. Hayek bought 2,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the purchase, the director now directly owns 11,293 shares of the company’s stock, valued at approximately $282,325. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal 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 that occurred on Monday, September 30th. The shares were purchased at an average cost of $25.00 per share, with a total value of $175,000.00. Following the acquisition, the chief executive officer now directly owns 45,712 shares of the company’s stock, valued at approximately $1,142,800. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 9,400 shares of company stock valued at $235,000. 2.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MidWestOne Financial Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. MidWestOne Financial Group Inc. raised its holdings in MidWestOne Financial Group by 1.0% in the second quarter. MidWestOne Financial Group Inc. now owns 4,197,286 shares of the financial services provider’s stock valued at $94,397,000 after acquiring an additional 43,172 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new position in shares of MidWestOne Financial Group during the 3rd quarter worth approximately $713,000. Dimensional Fund Advisors LP boosted its stake in shares of MidWestOne Financial Group by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 707,071 shares of the financial services provider’s stock valued at $15,901,000 after buying an additional 25,767 shares in the last quarter. SG Americas Securities LLC acquired a new position in MidWestOne Financial Group during the third quarter worth $163,000. Finally, Vanguard Group Inc. lifted its holdings in MidWestOne Financial Group by 2.5% in the first quarter. Vanguard Group Inc. now owns 631,230 shares of the financial services provider’s stock valued at $14,796,000 after acquiring an additional 15,512 shares during the period. Institutional investors and hedge funds 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.