MidWestOne Financial Group (NASDAQ:MOFG) Stock Price Passes Above 200 Day Moving Average of $22.76

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $22.76 and traded as high as $29.08. MidWestOne Financial Group shares last traded at $28.54, with a volume of 52,995 shares traded.

Analyst Upgrades and Downgrades

Several research firms recently commented on MOFG. Hovde Group reduced their price objective on MidWestOne Financial Group from $23.50 to $21.50 and set a “market perform” rating for the company in a report on Friday, April 26th. Keefe, Bruyette & Woods reduced their price objective on MidWestOne Financial Group from $28.00 to $27.00 and set a “market perform” rating for the company in a report on Friday, April 5th. Finally, Piper Sandler reduced their price objective on MidWestOne Financial Group from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Monday, April 29th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $24.13.

MidWestOne Financial Group Price Performance

The firm has a market capitalization of $457.36 million, a PE ratio of 20.15 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a 50-day simple moving average of $22.65 and a 200-day simple moving average of $22.78.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.22). The firm had revenue of $44.48 million during the quarter, compared to analysts’ expectations of $44.50 million. MidWestOne Financial Group had a return on equity of 5.33% and a net margin of 9.79%. As a group, equities analysts forecast that MidWestOne Financial Group, Inc. will post 2.07 earnings per share for the current year.

MidWestOne Financial Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.243 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.35%. MidWestOne Financial Group’s payout ratio is currently 67.36%.

Insider Activity

In other news, Director Charles N. Funk sold 5,000 shares of MidWestOne Financial Group stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $21.54, for a total transaction of $107,700.00. Following the transaction, the director now directly owns 6,672 shares of the company’s stock, valued at approximately $143,714.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Charles N. Funk sold 3,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $21.40, for a total transaction of $64,200.00. Following the transaction, the director now directly owns 14,329 shares of the company’s stock, valued at approximately $306,640.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles N. Funk sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $21.54, for a total value of $107,700.00. Following the completion of the transaction, the director now directly owns 6,672 shares in the company, valued at $143,714.88. The disclosure for this sale can be found here. Insiders have sold a total of 9,351 shares of company stock valued at $200,267 in the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in MidWestOne Financial Group by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 631,230 shares of the financial services provider’s stock worth $14,796,000 after purchasing an additional 15,512 shares in the last quarter. Bank of New York Mellon Corp increased its stake in 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 acquiring an additional 8,490 shares during the last quarter. Empowered Funds LLC increased its stake in MidWestOne Financial Group by 8.2% in the 1st quarter. Empowered Funds LLC now owns 53,206 shares of the financial services provider’s stock worth $1,247,000 after acquiring an additional 4,015 shares during the last quarter. Sippican Capital Advisors increased its stake in MidWestOne Financial Group by 88.9% in 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 during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in MidWestOne Financial Group by 24.8% in the 4th quarter. BNP Paribas Financial Markets now owns 13,738 shares of the financial services provider’s stock worth $370,000 after acquiring an additional 2,728 shares during the last quarter. 65.42% of the stock is owned by hedge funds and other institutional investors.

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.