Bank of New York Mellon Corp Buys 8,490 Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Bank of New York Mellon Corp increased its position in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 10.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 89,619 shares of the financial services provider’s stock after purchasing an additional 8,490 shares during the quarter. Bank of New York Mellon Corp owned 0.57% of MidWestOne Financial Group worth $2,016,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of MidWestOne Financial Group by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 631,230 shares of the financial services provider’s stock worth $14,796,000 after acquiring an additional 15,512 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of MidWestOne Financial Group by 8.2% in the 1st quarter. Empowered Funds LLC now owns 53,206 shares of the financial services provider’s stock valued at $1,247,000 after purchasing an additional 4,015 shares in the last quarter. Sippican Capital Advisors increased its stake in shares of MidWestOne Financial Group by 88.9% in the 1st quarter. Sippican Capital Advisors now owns 41,430 shares of the financial services provider’s stock valued at $971,000 after purchasing an additional 19,495 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of MidWestOne Financial Group by 24.8% during the 4th quarter. BNP Paribas Financial Markets now owns 13,738 shares of the financial services provider’s stock worth $370,000 after buying an additional 2,728 shares in the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

MidWestOne Financial Group Stock Up 0.7 %

MidWestOne Financial Group stock opened at $29.31 on Wednesday. The firm has a market capitalization of $461.78 million, a price-to-earnings ratio of 20.35 and a beta of 1.02. The firm’s fifty day moving average price is $27.53 and its two-hundred day moving average price is $23.65. MidWestOne Financial Group, Inc. has a 1-year low of $19.19 and a 1-year high of $30.15. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.21.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.02). The company had revenue of $57.90 million for the quarter, compared to the consensus estimate of $45.75 million. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 5.27%. On average, equities research analysts predict that MidWestOne Financial Group, Inc. will post 2.16 earnings per share for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.243 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date was Tuesday, September 3rd. MidWestOne Financial Group’s dividend payout ratio is currently 67.36%.

Analyst Upgrades and Downgrades

MOFG has been the subject of several research reports. Piper Sandler increased their price objective on shares of MidWestOne Financial Group from $22.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $28.00 price target (up from $25.00) on shares of MidWestOne Financial Group in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, MidWestOne Financial Group currently has an average rating of “Hold” and an average price target of $26.38.

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.