Wall Street brokerages expect MidWestOne Financial Group, Inc. (NASDAQ:MOFG) to announce $0.83 earnings per share for the current quarter, Zacks reports. Two analysts have made estimates for MidWestOne Financial Group’s earnings, with the lowest EPS estimate coming in at $0.82 and the highest estimate coming in at $0.84. MidWestOne Financial Group reported earnings of $0.59 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 40.7%. The business is expected to announce its next quarterly earnings report after the market closes on Thursday, October 24th.
On average, analysts expect that MidWestOne Financial Group will report full-year earnings of $3.06 per share for the current year, with EPS estimates ranging from $2.96 to $3.14. For the next financial year, analysts forecast that the firm will report earnings of $3.20 per share, with EPS estimates ranging from $3.20 to $3.21. Zacks’ EPS averages are an average based on a survey of sell-side research analysts that follow MidWestOne Financial Group.
MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.15. MidWestOne Financial Group had a return on equity of 9.13% and a net margin of 19.03%. The business had revenue of $43.63 million during the quarter, compared to analyst estimates of $45.87 million.
MOFG has been the subject of several research analyst reports. BidaskClub upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Tuesday, July 2nd. Zacks Investment Research lowered MidWestOne Financial Group from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, ValuEngine upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Saturday, July 27th.
Shares of MOFG traded up $0.06 on Friday, hitting $30.91. The company’s stock had a trading volume of 22,993 shares, compared to its average volume of 32,345. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.52. The firm’s fifty day moving average price is $30.07 and its 200-day moving average price is $28.93. MidWestOne Financial Group has a fifty-two week low of $23.80 and a fifty-two week high of $33.47. The firm has a market capitalization of $500.30 million, a price-to-earnings ratio of 12.17 and a beta of 0.99.
In related news, Director Kurt R. Weise sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $30.09, for a total value of $45,135.00. Following the completion of the transaction, the director now directly owns 2,731 shares in the company, valued at approximately $82,175.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.30% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. lifted its stake in MidWestOne Financial Group by 497.0% in the 2nd quarter. Meeder Asset Management Inc. now owns 1,194 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 994 shares in the last quarter. Bank of Montreal Can lifted its stake in MidWestOne Financial Group by 122.0% in the 2nd quarter. Bank of Montreal Can now owns 1,776 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 976 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in MidWestOne Financial Group by 100.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 5,456 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 2,734 shares in the last quarter. Chicago Equity Partners LLC bought a new stake in MidWestOne Financial Group in the 2nd quarter valued at approximately $224,000. Finally, Morgan Stanley lifted its stake in MidWestOne Financial Group by 381.1% in the 2nd quarter. Morgan Stanley now owns 9,198 shares of the financial services provider’s stock valued at $257,000 after acquiring an additional 7,286 shares in the last quarter. Hedge funds and other institutional investors own 54.74% of the company’s stock.
About MidWestOne Financial Group
MidWestOne Financial Group, Inc is a bank holding company. It operates through the following subsidiaries: MidWestOne Bank and MidWestOne Insurance Services, Inc The MidWestOne Bank provides retail banking services, which include deposit products, including checking and other demand deposit accounts, NOW accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts and other time deposits.
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