MidWestOne Financial Group (NASDAQ:MOFG) Stock Rating Upgraded by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group (NASDAQ:MOFG) from a market perform rating to an outperform rating in a report published on Tuesday, Marketbeat.com reports. They currently have $39.00 price objective on the financial services provider’s stock, up from their prior price objective of $34.00.

A number of other research analysts also recently issued reports on MOFG. Piper Sandler reduced their price objective on MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating for the company in a research note on Monday, October 28th. StockNews.com lowered shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th.

MidWestOne Financial Group Price Performance

Shares of NASDAQ MOFG opened at $29.83 on Tuesday. 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 company has a market capitalization of $619.72 million, a PE ratio of -6.39 and a beta of 1.03. The stock’s 50 day moving average price is $31.33 and its 200-day moving average price is $27.71. MidWestOne Financial Group has a twelve month low of $19.43 and a twelve month high of $34.56.

MidWestOne Financial Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.243 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.26%. MidWestOne Financial Group’s dividend payout ratio is presently -20.77%.

Insider Transactions at MidWestOne Financial Group

In related news, Director Matthew J. Hayek purchased 2,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, September 30th. The stock was bought at an average cost of $25.00 per share, for a total transaction of $50,000.00. Following the completion of the transaction, the director now owns 11,293 shares in the company, valued at $282,325. This trade represents a 21.52 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles N. Reeves acquired 7,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $175,000.00. Following the acquisition, the chief executive officer now directly owns 45,712 shares in the company, valued at $1,142,800. This represents a 18.08 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 9,400 shares of company stock worth $235,000. 2.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. MidWestOne Financial Group Inc. lifted its holdings in shares of MidWestOne Financial Group by 1.0% in the second quarter. MidWestOne Financial Group Inc. now owns 4,197,286 shares of the financial services provider’s stock worth $94,397,000 after buying an additional 43,172 shares in the last quarter. Wellington Management Group LLP lifted its stake in MidWestOne Financial Group by 318.0% in the 3rd quarter. Wellington Management Group LLP now owns 800,334 shares of the financial services provider’s stock worth $22,834,000 after purchasing an additional 608,883 shares in the last quarter. Jennison Associates LLC bought a new position in MidWestOne Financial Group in the 3rd quarter valued at $22,186,000. Dimensional Fund Advisors LP grew its position 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 purchasing an additional 25,767 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of MidWestOne Financial Group by 3.0% during the 3rd quarter. Geode Capital Management LLC now owns 335,677 shares of the financial services provider’s stock valued at $9,579,000 after purchasing an additional 9,787 shares in the last quarter. 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.