Insider Buying: MidWestOne Financial Group (NASDAQ:MOFG) CEO Acquires $28,811.60 in Stock

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) CEO Charles Reeves bought 760 shares of MidWestOne Financial Group stock in a transaction on Monday, November 3rd. The shares were acquired at an average price of $37.91 per share, for a total transaction of $28,811.60. Following the completion of the acquisition, the chief executive officer owned 62,752 shares in the company, valued at $2,378,928.32. This represents a 1.23% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

MidWestOne Financial Group Stock Up 3.4%

Shares of NASDAQ MOFG opened at $39.20 on Thursday. The stock has a market cap of $811.68 million, a P/E ratio of 13.95 and a beta of 1.10. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19. MidWestOne Financial Group, Inc. has a 12-month low of $24.62 and a 12-month high of $40.25. The business’s fifty day simple moving average is $30.59 and its 200-day simple moving average is $29.43.

MidWestOne Financial Group (NASDAQ:MOFG) last released its earnings results on Wednesday, June 7th. The financial services provider reported $0.88 EPS for the quarter. The firm had revenue of $50.10 million during the quarter. MidWestOne Financial Group had a return on equity of 10.35% and a net margin of 16.66%. As a group, equities analysts predict that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a $0.2425 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.97 annualized dividend and a yield of 2.5%. MidWestOne Financial Group’s dividend payout ratio (DPR) is 34.52%.

Hedge Funds Weigh In On MidWestOne Financial Group

Several large investors have recently bought and sold shares of MOFG. Federated Hermes Inc. increased its position in shares of MidWestOne Financial Group by 129.2% during the third quarter. Federated Hermes Inc. now owns 1,242 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 700 shares in the last quarter. CWM LLC lifted its holdings in shares of MidWestOne Financial Group by 238.8% in the 2nd quarter. CWM LLC now owns 3,175 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 2,238 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in MidWestOne Financial Group during the 2nd quarter worth approximately $98,000. Tower Research Capital LLC TRC increased its position in MidWestOne Financial Group by 286.8% during the second quarter. Tower Research Capital LLC TRC now owns 3,524 shares of the financial services provider’s stock worth $101,000 after buying an additional 2,613 shares during the period. Finally, AlphaQuest LLC acquired a new position in MidWestOne Financial Group during the first quarter worth approximately $103,000. Institutional investors and hedge funds own 65.42% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on MOFG. Weiss Ratings reiterated a “sell (d+)” rating on shares of MidWestOne Financial Group in a report on Wednesday, October 8th. Stephens downgraded shares of MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Zacks Research upgraded MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 2nd. Keefe, Bruyette & Woods lifted their price target on MidWestOne Financial Group from $37.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Finally, Piper Sandler dropped their price objective on MidWestOne Financial Group from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, July 29th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.17.

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.