MidWestOne Financial Group (NASDAQ:MOFG) CEO Purchases $56,838.50 in Stock

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) CEO Charles Reeves purchased 1,550 shares of the company’s stock in a transaction on Thursday, October 30th. The stock was acquired at an average cost of $36.67 per share, for a total transaction of $56,838.50. Following the completion of the transaction, the chief executive officer owned 60,542 shares in the company, valued at approximately $2,220,075.14. This trade represents a 2.63% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

MidWestOne Financial Group Stock Performance

MOFG opened at $36.99 on Monday. The stock has a market cap of $765.91 million, a PE ratio of 13.16 and a beta of 1.03. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19. MidWestOne Financial Group, Inc. has a 1 year low of $24.62 and a 1 year high of $40.25. The stock’s 50 day simple moving average is $30.10 and its 200-day simple moving average is $29.21.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings data on Wednesday, June 7th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter. The business had revenue of $50.10 million for the quarter. MidWestOne Financial Group had a return on equity of 10.35% and a net margin of 16.66%. Sell-side analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current year.

MidWestOne Financial Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a dividend of $0.2425 per share. The ex-dividend date is Monday, December 1st. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.6%. MidWestOne Financial Group’s payout ratio is currently 34.52%.

Analysts Set New Price Targets

MOFG has been the topic of a number of research reports. Piper Sandler lowered their price objective on MidWestOne Financial Group from $33.00 to $31.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 29th. Stephens cut MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Keefe, Bruyette & Woods boosted their price objective on MidWestOne Financial Group from $37.00 to $50.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Zacks Research upgraded MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 2nd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of MidWestOne Financial Group in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $38.17.

Institutional Trading of MidWestOne Financial Group

A number of large investors have recently bought and sold shares of the stock. Jennison Associates LLC grew its position in MidWestOne Financial Group by 4.5% in the second quarter. Jennison Associates LLC now owns 1,395,623 shares of the financial services provider’s stock valued at $40,152,000 after acquiring an additional 60,026 shares during the period. Vanguard Group Inc. boosted its stake in MidWestOne Financial Group by 3.5% in the first quarter. Vanguard Group Inc. now owns 927,614 shares of the financial services provider’s stock worth $27,467,000 after purchasing an additional 31,340 shares in the last quarter. FJ Capital Management LLC boosted its stake in MidWestOne Financial Group by 2.5% in the second quarter. FJ Capital Management LLC now owns 766,202 shares of the financial services provider’s stock worth $22,044,000 after purchasing an additional 18,746 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in MidWestOne Financial Group by 16.8% in the first quarter. Goldman Sachs Group Inc. now owns 531,724 shares of the financial services provider’s stock worth $15,744,000 after purchasing an additional 76,368 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in MidWestOne Financial Group by 13.2% in the second quarter. Geode Capital Management LLC now owns 502,898 shares of the financial services provider’s stock worth $14,471,000 after purchasing an additional 58,709 shares in the last quarter. 65.42% of the stock is currently owned by 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.