MidWestOne Financial Group (NASDAQ:MOFG) Sets New 52-Week High – Here’s What Happened

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) reached a new 52-week high during trading on Wednesday . The company traded as high as $34.00 and last traded at $33.85, with a volume of 15219 shares trading hands. The stock had previously closed at $33.38.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MOFG. StockNews.com downgraded shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $28.00 price objective (up previously from $25.00) on shares of MidWestOne Financial Group in a research note on Monday, July 29th. Finally, Piper Sandler dropped their price objective on shares of 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. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $27.00.

MidWestOne Financial Group Stock Performance

The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $512.68 million, a price-to-earnings ratio of -6.96 and a beta of 1.01. The company has a 50-day moving average of $28.98 and a 200-day moving average of $25.71.

MidWestOne Financial Group Dividend Announcement

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 given a dividend of $0.243 per share. This represents a $0.97 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Monday, December 2nd. MidWestOne Financial Group’s dividend payout ratio is currently -20.77%.

Insider Activity at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves purchased 7,000 shares of the stock in a transaction dated Monday, September 30th. The shares were bought at an average cost of $25.00 per share, with a total value of $175,000.00. Following the completion of the acquisition, the chief executive officer now owns 45,712 shares of the company’s stock, valued at approximately $1,142,800. This trade represents a 18.08 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew J. Hayek purchased 2,000 shares of the 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 completion of the acquisition, the director now directly owns 11,293 shares of the company’s stock, valued at approximately $282,325. This trade represents a 21.52 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 9,400 shares of company stock valued at $235,000. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. SG Americas Securities LLC acquired a new position in shares of MidWestOne Financial Group during the third quarter valued at $163,000. Renaissance Technologies LLC acquired a new position in shares of MidWestOne Financial Group during the second quarter valued at $247,000. Hsbc Holdings PLC acquired a new position in shares of MidWestOne Financial Group during the second quarter valued at $329,000. GSA Capital Partners LLP acquired a new position in shares of MidWestOne Financial Group during the third quarter valued at $361,000. Finally, Bank of Montreal Can acquired a new position in shares of MidWestOne Financial Group during the second quarter valued at $388,000. 65.42% of the stock is owned by institutional investors and hedge funds.

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.