MidWestOne Financial Group (NASDAQ:MOFG) Price Target Cut to $21.50

MidWestOne Financial Group (NASDAQ:MOFG) had its target price lowered by Hovde Group from $23.50 to $21.50 in a research note published on Friday morning, MarketBeat Ratings reports. The firm currently has a market perform rating on the financial services provider’s stock.

MOFG has been the topic of a number of other reports. Keefe, Bruyette & Woods reduced their target price on shares of MidWestOne Financial Group from $28.00 to $27.00 and set a market perform rating on the stock in a report on Friday, April 5th. StockNews.com upgraded MidWestOne Financial Group from a sell rating to a hold rating in a report on Friday, January 19th. Finally, Piper Sandler initiated coverage on MidWestOne Financial Group in a report on Wednesday, March 13th. They set a neutral rating and a $24.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, MidWestOne Financial Group has a consensus rating of Hold and a consensus price target of $24.13.

MidWestOne Financial Group Trading Up 1.1 %

Shares of MOFG opened at $20.63 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.73 and a current ratio of 0.73. MidWestOne Financial Group has a 52-week low of $17.80 and a 52-week high of $27.78. The firm has a market cap of $324.92 million, a price-to-earnings ratio of 14.33 and a beta of 0.95. The business’s fifty day moving average is $22.06 and its 200-day moving average is $23.00.

MidWestOne Financial Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a $0.243 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date is Monday, June 3rd. MidWestOne Financial Group’s payout ratio is presently 67.36%.

Insider Buying and Selling at MidWestOne Financial Group

In related news, CEO Charles N. Reeves acquired 4,447 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were purchased at an average price of $22.49 per share, for a total transaction of $100,013.03. Following the completion of the acquisition, the chief executive officer now owns 38,346 shares in the company, valued at $862,401.54. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On MidWestOne Financial Group

Several hedge funds have recently made changes to their positions in MOFG. SG Americas Securities LLC purchased a new stake in MidWestOne Financial Group in the third quarter worth $129,000. Investment Advisory Services Inc. TX ADV purchased a new stake in shares of MidWestOne Financial Group in the 4th quarter worth about $242,000. Bailard Inc. bought a new stake in shares of MidWestOne Financial Group during the 4th quarter valued at about $346,000. BNP Paribas Financial Markets increased its position in shares of MidWestOne Financial Group by 24.8% during the fourth quarter. BNP Paribas Financial Markets now owns 13,738 shares of the financial services provider’s stock valued at $370,000 after buying an additional 2,728 shares during the period. Finally, Strs Ohio raised its stake in MidWestOne Financial Group by 10.0% in the third quarter. Strs Ohio now owns 23,100 shares of the financial services provider’s stock worth $469,000 after buying an additional 2,100 shares in the last quarter. 65.42% of the stock is owned by hedge funds and other institutional investors.

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.