Alliancebernstein L.P. Cuts Stock Holdings in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Alliancebernstein L.P. lowered its stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 307,990 shares of the financial services provider’s stock after selling 4,500 shares during the period. Alliancebernstein L.P. owned approximately 1.48% of MidWestOne Financial Group worth $8,969,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of MOFG. SG Americas Securities LLC increased its stake in MidWestOne Financial Group by 35.3% in the 4th quarter. SG Americas Securities LLC now owns 7,723 shares of the financial services provider’s stock worth $225,000 after purchasing an additional 2,014 shares during the period. Quantbot Technologies LP purchased a new position in shares of MidWestOne Financial Group in the fourth quarter worth $237,000. Virtu Financial LLC bought a new stake in MidWestOne Financial Group during the 3rd quarter valued at $261,000. Apella Capital LLC purchased a new stake in MidWestOne Financial Group during the 4th quarter valued at $268,000. Finally, Corebridge Financial Inc. grew its holdings in MidWestOne Financial Group by 18.8% in the 4th quarter. Corebridge Financial Inc. now owns 9,244 shares of the financial services provider’s stock worth $269,000 after acquiring an additional 1,462 shares during the last quarter. Institutional investors own 65.42% of the company’s stock.

MidWestOne Financial Group Price Performance

Shares of NASDAQ MOFG opened at $25.89 on Friday. MidWestOne Financial Group, Inc. has a 1 year low of $19.43 and a 1 year high of $34.56. The stock has a market capitalization of $538.93 million, a P/E ratio of -6.38 and a beta of 0.88. The company’s 50-day moving average is $29.75 and its 200 day moving average is $30.10. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77.

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

MidWestOne Financial Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a dividend of $0.2425 per share. This represents a $0.97 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend was Monday, March 3rd. MidWestOne Financial Group’s dividend payout ratio is currently -23.89%.

Insider Activity

In other MidWestOne Financial Group news, CEO Charles N. Reeves acquired 1,785 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $27.98 per share, with a total value of $49,944.30. Following the completion of the purchase, the chief executive officer now directly owns 53,621 shares of the company’s stock, valued at approximately $1,500,315.58. The trade was a 3.44 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

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

MidWestOne Financial Group 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.