MidWestOne Financial Group (NASDAQ:MOFG) Hits New 12-Month High – Should You Buy?

Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) reached a new 52-week high during trading on Monday . The company traded as high as $34.16 and last traded at $34.08, with a volume of 2902 shares trading hands. The stock had previously closed at $33.70.

Analyst Ratings Changes

Several brokerages recently commented on MOFG. Piper Sandler reduced their price objective on shares of 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. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $27.00.

MidWestOne Financial Group Trading Down 1.5 %

The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77. The company’s 50-day moving average is $29.75 and its two-hundred day moving average is $26.47.

MidWestOne Financial Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend yield of 2.97%. The ex-dividend date is Monday, December 2nd. MidWestOne Financial Group’s dividend payout ratio (DPR) is currently -20.77%.

Insider Activity

In other news, Director Matthew J. Hayek acquired 2,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, September 30th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $50,000.00. Following the transaction, the director now owns 11,293 shares of the company’s stock, valued at $282,325. This trade represents a 21.52 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Charles N. Reeves acquired 7,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $175,000.00. Following the completion of the acquisition, the chief executive officer now 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 quarter, insiders have purchased 9,400 shares of company stock worth $235,000. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. MidWestOne Financial Group Inc. lifted its holdings in shares of 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 worth $94,397,000 after acquiring an additional 43,172 shares during the last quarter. Wellington Management Group LLP raised its position 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 during the period. Jennison Associates LLC bought a new stake in MidWestOne Financial Group in the third quarter worth $22,186,000. Dimensional Fund Advisors LP boosted its position in MidWestOne Financial Group by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 707,071 shares of the financial services provider’s stock valued at $15,901,000 after buying an additional 25,767 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of MidWestOne Financial Group by 2.5% during the first quarter. Vanguard Group Inc. now owns 631,230 shares of the financial services provider’s stock valued at $14,796,000 after buying an additional 15,512 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors.

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.