Jennison Associates LLC Has $24.04 Million Stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Jennison Associates LLC grew its stake in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 6.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 825,632 shares of the financial services provider’s stock after purchasing an additional 47,979 shares during the period. Jennison Associates LLC’s holdings in MidWestOne Financial Group were worth $24,042,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Renaissance Technologies LLC bought a new stake in MidWestOne Financial Group during the second quarter worth $247,000. Bank of Montreal Can purchased a new position in MidWestOne Financial Group during the 2nd quarter worth $388,000. SG Americas Securities LLC bought a new stake in shares of MidWestOne Financial Group in the 3rd quarter worth $163,000. Sippican Capital Advisors raised its holdings in shares of MidWestOne Financial Group by 1.9% in the third quarter. Sippican Capital Advisors now owns 66,338 shares of the financial services provider’s stock valued at $1,893,000 after purchasing an additional 1,205 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust bought a new position in shares of MidWestOne Financial Group during the third quarter valued at about $713,000. 65.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MOFG has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $34.00 to $39.00 in a research report on Tuesday, December 17th. Hovde Group increased their price target on MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a research report on Monday, January 27th. Piper Sandler cut their price objective on MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a research report on Monday, October 28th. Finally, StockNews.com raised MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, January 27th.

MidWestOne Financial Group Trading Up 1.6 %

Shares of MOFG stock opened at $32.56 on Thursday. 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 firm has a market cap of $676.27 million, a P/E ratio of -8.02 and a beta of 1.04. The company has a 50 day moving average of $30.75 and a 200-day moving average of $29.56. MidWestOne Financial Group, Inc. has a 12-month low of $19.43 and a 12-month high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 6.54% and a net margin of 9.79%. Sell-side analysts anticipate that MidWestOne Financial Group, Inc. will post 3.12 earnings per share for the current year.

MidWestOne Financial Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.2425 per share. This represents a $0.97 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Monday, March 3rd. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently -23.89%.

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.