Insider Buying: MidWestOne Financial Group, Inc. (NASDAQ:MOFG) CEO Purchases 1,785 Shares of Stock

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) CEO Charles N. Reeves bought 1,785 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average price of $27.98 per share, for a total transaction of $49,944.30. Following the transaction, the chief executive officer now directly owns 53,621 shares in the company, valued at $1,500,315.58. This trade represents a 3.44 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

MidWestOne Financial Group Stock Performance

MOFG opened at $28.22 on Thursday. 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 company’s fifty day moving average price is $30.37 and its two-hundred day moving average price is $30.15. MidWestOne Financial Group, Inc. has a 1-year low of $19.43 and a 1-year high of $34.56. The company has a market cap of $586.27 million, a price-to-earnings ratio of -6.95 and a beta of 1.04.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. On average, analysts expect that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.2425 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.97 annualized dividend and a dividend yield of 3.44%. MidWestOne Financial Group’s dividend payout ratio is currently -23.89%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MOFG shares. Hovde Group boosted their target price on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a research report on Monday, January 27th. Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $34.00 to $39.00 in a research report on Tuesday, December 17th. Finally, StockNews.com upgraded shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Monday, January 27th.

Institutional Trading of MidWestOne Financial Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Summit Investment Advisors Inc. raised its holdings in shares of MidWestOne Financial Group by 38.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 541 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new stake in shares of MidWestOne Financial Group in the fourth quarter valued at about $211,000. Polymer Capital Management US LLC purchased a new stake in shares of MidWestOne Financial Group in the fourth quarter valued at about $222,000. SG Americas Securities LLC raised its holdings in shares of MidWestOne Financial Group by 35.3% in the fourth quarter. SG Americas Securities LLC now owns 7,723 shares of the financial services provider’s stock valued at $225,000 after purchasing an additional 2,014 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of MidWestOne Financial Group in the fourth quarter valued at about $237,000. Hedge funds and other institutional investors 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.