MidWestOne Financial Group (NASDAQ:MOFG) Share Price Passes Above 200 Day Moving Average of $23.92

MidWestOne Financial Group, Inc. (NASDAQ:MOFG)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $23.92 and traded as high as $28.53. MidWestOne Financial Group shares last traded at $27.90, with a volume of 36,139 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MOFG. Keefe, Bruyette & Woods restated 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. Piper Sandler raised their price target on MidWestOne Financial Group from $22.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $26.38.

MidWestOne Financial Group Price Performance

The stock has a 50-day moving average price of $27.97 and a 200 day moving average price of $23.92. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market cap of $439.56 million, a price-to-earnings ratio of 19.38 and a beta of 1.02.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). The firm had revenue of $57.90 million for the quarter, compared to analyst estimates of $45.75 million. MidWestOne Financial Group had a return on equity of 5.27% and a net margin of 9.79%. As a group, equities research analysts forecast that MidWestOne Financial Group, Inc. will post 2.16 earnings per share for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a $0.243 dividend. This represents a $0.97 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend was Tuesday, September 3rd. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently 67.36%.

Institutional Investors Weigh In On MidWestOne Financial Group

A number of institutional investors have recently added to or reduced their stakes in MOFG. MidWestOne Financial Group Inc. boosted its holdings in MidWestOne Financial Group by 1.0% in the 2nd quarter. MidWestOne Financial Group Inc. now owns 4,197,286 shares of the financial services provider’s stock valued at $94,397,000 after purchasing an additional 43,172 shares in the last quarter. Choreo LLC purchased a new stake in MidWestOne Financial Group in the 2nd quarter valued at approximately $584,000. Dimensional Fund Advisors LP boosted its holdings in MidWestOne Financial Group by 3.8% in 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 purchasing an additional 25,767 shares in the last quarter. Sippican Capital Advisors boosted its stake in shares of MidWestOne Financial Group by 88.9% during the 1st quarter. Sippican Capital Advisors now owns 41,430 shares of the financial services provider’s stock worth $971,000 after acquiring an additional 19,495 shares in the last quarter. Finally, Bank of Montreal Can purchased a new stake in shares of MidWestOne Financial Group during the 2nd quarter worth approximately $388,000. Hedge funds and other institutional investors 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.