MidWestOne Financial Group (NASDAQ:MOFG) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of MidWestOne Financial Group (NASDAQ:MOFG) from a sell rating to a hold rating in a research report sent to investors on Monday.

MOFG has been the subject of a number of other reports. Hovde Group increased their price target on MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a research report on Monday. Keefe, Bruyette & Woods upgraded MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $34.00 to $39.00 in a research note on Tuesday, December 17th. Finally, Piper Sandler cut their price target on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a report on Monday, October 28th.

MidWestOne Financial Group Trading Down 1.2 %

NASDAQ MOFG opened at $31.61 on Monday. 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 firm has a market capitalization of $656.54 million, a P/E ratio of -6.77 and a beta of 1.05. The business has a fifty day simple moving average of $30.88 and a 200 day simple moving average of $29.38. MidWestOne Financial Group has a 12 month low of $19.43 and a 12 month high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings results 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 5.13%. On average, analysts predict that MidWestOne Financial Group will post 2.3 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. Shareholders of record on Monday, March 3rd will be paid a $0.2425 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.97 annualized dividend and a dividend yield of 3.07%. MidWestOne Financial Group’s payout ratio is presently -20.77%.

Institutional Investors Weigh In On MidWestOne Financial Group

Several large investors have recently added to or reduced their stakes in MOFG. Jennison Associates LLC lifted its holdings in MidWestOne Financial Group by 6.2% during the fourth quarter. Jennison Associates LLC now owns 825,632 shares of the financial services provider’s stock valued at $24,042,000 after purchasing an additional 47,979 shares during the last quarter. Wellington Management Group LLP raised its position in shares of MidWestOne Financial Group by 318.0% in the third quarter. Wellington Management Group LLP now owns 800,334 shares of the financial services provider’s stock valued at $22,834,000 after purchasing an additional 608,883 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of MidWestOne Financial Group by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 707,071 shares of the financial services provider’s stock valued at $15,901,000 after buying an additional 25,767 shares in the last quarter. Geode Capital Management LLC boosted its holdings in MidWestOne Financial Group by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 335,677 shares of the financial services provider’s stock worth $9,579,000 after buying an additional 9,787 shares during the period. Finally, State Street Corp grew its stake in MidWestOne Financial Group by 5.7% in the 3rd quarter. State Street Corp now owns 300,394 shares of the financial services provider’s stock valued at $8,570,000 after buying an additional 16,132 shares in the last quarter. 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.