MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Receives $38.17 Consensus Target Price from Brokerages

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) has earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $38.1667.

Several research firms have recently weighed in on MOFG. Keefe, Bruyette & Woods boosted their target price on shares of MidWestOne Financial Group from $37.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of MidWestOne Financial Group in a research note on Monday, December 29th. Finally, Stephens cut MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th.

MidWestOne Financial Group Price Performance

MOFG stock opened at $41.42 on Friday. The stock’s 50 day moving average is $39.79 and its two-hundred day moving average is $33.50. MidWestOne Financial Group has a 52-week low of $24.62 and a 52-week high of $42.67. The company has a market capitalization of $854.49 million, a PE ratio of 14.74 and a beta of 1.06. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.16.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.05. The business had revenue of $112.27 million during the quarter, compared to the consensus estimate of $63.07 million. MidWestOne Financial Group had a net margin of 16.66% and a return on equity of 10.22%. Analysts predict that MidWestOne Financial Group will post 3.2 earnings per share for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 16th will be paid a dividend of $0.2425 per share. The ex-dividend date is Friday, January 16th. This represents a $0.97 annualized dividend and a yield of 2.3%. MidWestOne Financial Group’s dividend payout ratio (DPR) is 34.52%.

Insiders Place Their Bets

In other MidWestOne Financial Group news, CEO Charles N. Reeves bought 760 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were bought at an average cost of $37.91 per share, with a total value of $28,811.60. Following the completion of the acquisition, the chief executive officer owned 62,752 shares of the company’s stock, valued at approximately $2,378,928.32. This trade represents a 1.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired a total of 3,760 shares of company stock worth $138,546 in the last three months. 2.50% of the stock is owned by insiders.

Institutional Investors Weigh In On MidWestOne Financial Group

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC grew its holdings in shares of MidWestOne Financial Group by 80.9% during the fourth quarter. SG Americas Securities LLC now owns 8,074 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 3,610 shares during the last quarter. JPMorgan Chase & Co. grew its stake in MidWestOne Financial Group by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 141,671 shares of the financial services provider’s stock worth $4,008,000 after buying an additional 3,459 shares during the last quarter. Verition Fund Management LLC acquired a new stake in MidWestOne Financial Group in the third quarter worth $472,000. Numerai GP LLC increased its position in MidWestOne Financial Group by 70.9% in the third quarter. Numerai GP LLC now owns 38,031 shares of the financial services provider’s stock worth $1,076,000 after buying an additional 15,781 shares during the period. Finally, Maltese Capital Management LLC lifted its stake in MidWestOne Financial Group by 5.6% in the third quarter. Maltese Capital Management LLC now owns 363,402 shares of the financial services provider’s stock valued at $10,281,000 after buying an additional 19,301 shares during the last quarter. Institutional investors and hedge funds own 65.42% of the company’s stock.

MidWestOne Financial Group Company Profile

MidWestOne Financial Group, Inc (NASDAQ: MOFG) is a registered bank holding company headquartered in West Des Moines, Iowa. Through its principal subsidiary, MidWestOne Bank, the company provides a comprehensive range of commercial and consumer banking products and services. Its commercial banking division offers business lending solutions, including commercial real estate loans, business lines of credit, equipment financing and treasury management services. For individual customers, MidWestOne delivers checking and savings accounts, home mortgage and home equity loans, and personal lending solutions.

Beyond traditional banking, MidWestOne offers trust, wealth management and insurance services through specialized teams of financial advisors.