Hovde Group Issues Positive Forecast for MidWestOne Financial Group (NASDAQ:MOFG) Stock Price

MidWestOne Financial Group (NASDAQ:MOFG) had its target price raised by Hovde Group from $30.00 to $33.50 in a research report report published on Monday, Marketbeat.com reports. Hovde Group currently has a market perform rating on the financial services provider’s stock.

Several other equities research analysts have also commented on MOFG. StockNews.com lowered shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Piper Sandler dropped 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 research note on Monday, October 28th. Finally, Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and raised their price target for the company from $34.00 to $39.00 in a research note on Tuesday, December 17th.

MidWestOne Financial Group Stock Performance

Shares of NASDAQ MOFG opened at $32.06 on Monday. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20. The firm’s 50-day moving average price is $30.89 and its two-hundred day moving average price is $29.28. MidWestOne Financial Group has a 52-week low of $19.43 and a 52-week high of $34.56. The stock has a market capitalization of $666.05 million, a P/E ratio of -6.87 and a beta of 1.05.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, beating 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%. As a group, sell-side analysts forecast that MidWestOne Financial Group will post 2.3 earnings per share for the current year.

MidWestOne Financial Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a dividend of $0.2425 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.03%. MidWestOne Financial Group’s dividend payout ratio is presently -23.89%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in MidWestOne Financial Group in the third quarter worth approximately $163,000. Renaissance Technologies LLC acquired a new position in MidWestOne Financial Group in the second quarter worth approximately $247,000. Virtu Financial LLC acquired a new position in MidWestOne Financial Group in the third quarter worth approximately $261,000. Apella Capital LLC acquired a new position in MidWestOne Financial Group in the fourth quarter worth approximately $268,000. Finally, Hsbc Holdings PLC acquired a new position in MidWestOne Financial Group in the second quarter worth approximately $329,000. Institutional investors and hedge funds own 65.42% of the company’s stock.

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.