Basswood Capital Management L.L.C. Takes $7.09 Million Position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Basswood Capital Management L.L.C. bought a new position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 248,639 shares of the financial services provider’s stock, valued at approximately $7,094,000. Basswood Capital Management L.L.C. owned about 1.58% of MidWestOne Financial Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. MidWestOne Financial Group Inc. raised its stake in MidWestOne Financial Group by 1.0% during the second quarter. MidWestOne Financial Group Inc. now owns 4,197,286 shares of the financial services provider’s stock worth $94,397,000 after purchasing an additional 43,172 shares during the period. Emerald Mutual Fund Advisers Trust purchased a new position in shares of MidWestOne Financial Group in the 3rd quarter worth $713,000. Stieven Capital Advisors L.P. acquired a new position in MidWestOne Financial Group in the third quarter valued at $5,706,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in MidWestOne Financial Group in the third quarter valued at $436,000. Finally, Dimensional Fund Advisors LP grew its position in MidWestOne Financial Group by 3.8% during 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 acquiring an additional 25,767 shares during the period. 65.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MOFG has been the topic of several research analyst reports. Piper Sandler reduced their price objective on 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. 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 investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat.com, MidWestOne Financial Group presently has a consensus rating of “Hold” and an average target price of $27.00.

MidWestOne Financial Group Stock Up 0.2 %

NASDAQ MOFG opened at $32.95 on Monday. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20. MidWestOne Financial Group, Inc. has a fifty-two week low of $19.43 and a fifty-two week high of $34.56. The business has a 50 day moving average price of $29.96 and a two-hundred day moving average price of $26.71. The stock has a market cap of $684.37 million, a PE ratio of -7.06 and a beta of 1.01.

MidWestOne Financial Group Announces Dividend

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

Insider Buying and Selling

In other MidWestOne Financial Group news, Director Matthew J. Hayek acquired 2,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $50,000.00. Following the acquisition, the director now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Charles N. Reeves bought 7,000 shares of MidWestOne Financial Group 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 completion of the purchase, the chief executive officer now owns 45,712 shares in the company, valued at approximately $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 9,400 shares of company stock valued at $235,000 in the last quarter. Company insiders own 2.80% of the company’s stock.

MidWestOne Financial Group Company Profile

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.