Banc Funds Co. LLC Makes New Investment in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Banc Funds Co. LLC bought a new stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 50,000 shares of the financial services provider’s stock, valued at approximately $1,426,000. Banc Funds Co. LLC owned approximately 0.32% of MidWestOne Financial Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position 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 valued at $14,796,000 after buying an additional 15,512 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in MidWestOne Financial Group by 10.5% during 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 purchasing an additional 8,490 shares during the last quarter. Rhumbline Advisers lifted its position in MidWestOne Financial Group by 3.0% during the 2nd 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. Choreo LLC bought a new position in shares of MidWestOne Financial Group in the 2nd quarter valued at about $584,000. Finally, American Century Companies Inc. boosted its stake in shares of MidWestOne Financial Group by 8.5% in the 2nd quarter. American Century Companies Inc. now owns 137,963 shares of the financial services provider’s stock valued at $3,103,000 after purchasing an additional 10,798 shares during the last quarter. 65.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MOFG. StockNews.com downgraded MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Piper Sandler lowered their price target 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. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $27.00.

Insider Buying and Selling at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves acquired 7,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $25.00 per share, with a total value of $175,000.00. Following the completion of the purchase, the chief executive officer now directly owns 45,712 shares in the company, valued at $1,142,800. This trade represents a 18.08 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Matthew J. Hayek acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average price of $25.00 per share, with a total value of $50,000.00. Following the completion of the acquisition, the director now directly 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 disclosure for this purchase can be found here. In the last ninety days, insiders acquired 9,400 shares of company stock worth $235,000. 2.80% of the stock is currently owned by company insiders.

MidWestOne Financial Group Price Performance

MidWestOne Financial Group stock opened at $32.95 on Monday. The stock has a 50-day moving average price of $29.96 and a two-hundred day moving average price of $26.71. MidWestOne Financial Group, Inc. has a 12 month low of $19.43 and a 12 month high of $34.56. The company has a market capitalization of $684.37 million, a PE ratio of -7.06 and a beta of 1.01. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20.

MidWestOne Financial Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.243 per share. This represents a $0.97 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Monday, December 2nd. MidWestOne Financial Group’s payout ratio is -20.77%.

MidWestOne Financial Group 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.