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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $32.00 and last traded at $31.76, with a volume of 103696 shares trading hands. The stock had previously closed at $29.24.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MOFG shares. Piper Sandler dropped their price target 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. StockNews.com lowered shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Finally, Keefe, Bruyette & Woods restated 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 note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat, MidWestOne Financial Group has a consensus rating of “Hold” and a consensus price target of $27.00.

MidWestOne Financial Group Trading Up 10.3 %

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.74 and a current ratio of 0.74. The business has a fifty day simple moving average of $28.62 and a 200 day simple moving average of $25.31. The stock has a market cap of $508.74 million, a price-to-earnings ratio of -6.91 and a beta of 1.01.

MidWestOne Financial Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.243 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Monday, December 2nd. MidWestOne Financial Group’s dividend payout ratio is presently -20.77%.

Insider Activity at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves acquired 7,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was bought at an average cost of $25.00 per share, for a total transaction of $175,000.00. Following the completion of the purchase, the chief executive officer now directly owns 45,712 shares in the company, 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 SEC, which is available at this hyperlink. In other MidWestOne Financial Group news, CEO Charles N. Reeves bought 7,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, September 30th. The stock was bought at an average cost of $25.00 per share, for a total transaction of $175,000.00. Following the purchase, the chief executive officer now owns 45,712 shares in the company, valued at $1,142,800. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew J. Hayek acquired 2,000 shares of MidWestOne Financial Group stock in a transaction on Monday, September 30th. The shares were bought at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the completion of the purchase, the director now directly owns 11,293 shares in the company, valued at $282,325. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 9,400 shares of company stock worth $235,000. 3.20% of the stock is currently owned by insiders.

Institutional Trading of MidWestOne Financial Group

Institutional investors have recently made changes to their positions in the stock. Curi RMB Capital LLC bought a new stake in MidWestOne Financial Group in the third quarter worth about $4,402,000. MidWestOne Financial Group Inc. boosted its stake in shares of MidWestOne Financial Group by 1.0% during the 2nd quarter. MidWestOne Financial Group Inc. now owns 4,197,286 shares of the financial services provider’s stock worth $94,397,000 after acquiring an additional 43,172 shares in the last quarter. Choreo LLC acquired a new position in shares of MidWestOne Financial Group in the 2nd quarter worth $584,000. Dimensional Fund Advisors LP raised its position in shares of 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 worth $15,901,000 after purchasing an additional 25,767 shares during the period. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in shares of MidWestOne Financial Group in the third quarter worth about $713,000. 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.