Piper Sandler Has Lowered Expectations for MidWestOne Financial Group (NASDAQ:MOFG) Stock Price

MidWestOne Financial Group (NASDAQ:MOFG) had its price target reduced by Piper Sandler from $33.00 to $31.50 in a report issued on Monday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $28.00 price target (up previously from $25.00) on shares of MidWestOne Financial Group in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $27.00.

MidWestOne Financial Group Stock Performance

NASDAQ MOFG opened at $28.94 on Monday. The business has a 50 day moving average price of $28.56 and a 200 day moving average price of $25.01. The company has a market capitalization of $456.47 million, a P/E ratio of -6.20 and a beta of 1.02. MidWestOne Financial Group has a 1-year low of $19.43 and a 1-year high of $30.51. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.74 and a quick ratio of 0.74.

MidWestOne Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.243 per share. This represents a $0.97 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend is Monday, December 2nd. MidWestOne Financial Group’s payout ratio is -20.77%.

Insider Activity

In related news, Director Matthew J. Hayek acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the transaction, the director now owns 11,293 shares in the company, valued at $282,325. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other MidWestOne Financial Group news, CEO Charles N. Reeves acquired 7,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $175,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 45,712 shares of the company’s stock, valued at $1,142,800. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Matthew J. Hayek bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $25.00 per share, with a total value of $50,000.00. Following the completion of the purchase, the director now directly owns 11,293 shares of the company’s stock, valued at approximately $282,325. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 9,400 shares of company stock worth $235,000 over the last three months. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of MidWestOne Financial Group

A number of hedge funds have recently added to or reduced their stakes in MOFG. Rhumbline Advisers grew its holdings in MidWestOne Financial Group by 3.0% in the second quarter. Rhumbline Advisers now owns 22,750 shares of the financial services provider’s stock valued at $512,000 after purchasing an additional 653 shares during the period. Sippican Capital Advisors boosted its holdings in shares of MidWestOne Financial Group by 1.9% in the 3rd quarter. Sippican Capital Advisors now owns 66,338 shares of the financial services provider’s stock valued at $1,893,000 after purchasing an additional 1,205 shares during the last quarter. Empowered Funds LLC grew its stake in shares of MidWestOne Financial Group by 8.2% during the 1st quarter. Empowered Funds LLC now owns 53,206 shares of the financial services provider’s stock valued at $1,247,000 after buying an additional 4,015 shares during the period. SG Americas Securities LLC acquired a new stake in shares of MidWestOne Financial Group during the 3rd quarter worth $163,000. Finally, Bank of New York Mellon Corp raised its position in shares of MidWestOne Financial Group by 10.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 89,619 shares of the financial services provider’s stock worth $2,016,000 after buying an additional 8,490 shares during the period. 65.42% of the stock is owned by institutional investors and hedge funds.

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.