Bank of New York Mellon Corp boosted its position in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 6.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,671 shares of the financial services provider’s stock after buying an additional 3,344 shares during the period. Bank of New York Mellon Corp owned about 0.45% of MidWestOne Financial Group worth $1,840,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of the stock. Nationwide Fund Advisors increased its stake in MidWestOne Financial Group by 138.3% in the first quarter. Nationwide Fund Advisors now owns 14,602 shares of the financial services provider’s stock worth $501,000 after buying an additional 8,475 shares during the last quarter. Monarch Partners Asset Management LLC acquired a new stake in MidWestOne Financial Group during the first quarter valued at about $343,000. Renaissance Technologies LLC increased its stake in MidWestOne Financial Group by 10.6% in the fourth quarter. Renaissance Technologies LLC now owns 123,100 shares of the financial services provider’s stock valued at $4,629,000 after buying an additional 11,800 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of MidWestOne Financial Group by 9.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 163,289 shares of the financial services provider’s stock valued at $6,140,000 after buying an additional 14,101 shares during the period. Finally, AT Bancorp increased its position in shares of MidWestOne Financial Group by 5.5% in the first quarter. AT Bancorp now owns 304,134 shares of the financial services provider’s stock valued at $10,429,000 after buying an additional 15,878 shares during the period. 44.28% of the stock is owned by institutional investors and hedge funds.
MidWestOne Financial Group, Inc. (NASDAQ:MOFG) traded up 0.27% during trading on Wednesday, hitting $32.83. 16,507 shares of the stock traded hands. MidWestOne Financial Group, Inc. has a 52 week low of $27.93 and a 52 week high of $39.20. The stock has a market cap of $401.12 million, a P/E ratio of 15.98 and a beta of 1.23. The firm’s 50-day moving average is $34.29 and its 200 day moving average is $34.99.
MidWestOne Financial Group (NASDAQ:MOFG) last released its earnings results on Thursday, July 27th. The financial services provider reported $0.59 EPS for the quarter, hitting the consensus estimate of $0.59. MidWestOne Financial Group had a return on equity of 7.55% and a net margin of 17.60%. The business had revenue of $31.57 million during the quarter, compared to analysts’ expectations of $31.17 million. Equities research analysts forecast that MidWestOne Financial Group, Inc. will post $2.45 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.17 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.68 annualized dividend and a yield of 2.08%. This is a boost from MidWestOne Financial Group’s previous quarterly dividend of $0.17. MidWestOne Financial Group’s dividend payout ratio (DPR) is currently 32.20%.
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MOFG has been the subject of several analyst reports. Zacks Investment Research downgraded shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Wednesday, April 19th. BidaskClub cut shares of MidWestOne Financial Group from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 19th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $40.00 target price on shares of MidWestOne Financial Group in a report on Friday, May 19th. Finally, Piper Jaffray Companies set a $37.00 price objective on shares of MidWestOne Financial Group and gave the stock a “hold” rating in a report on Thursday, July 27th.
About MidWestOne Financial Group
MidWestOne Financial Group, Inc is a bank holding and financial holding company. The Company operates through its bank subsidiaries, MidWestOne Bank, Central Bank and MidWestOne Insurance Services, Inc that operates through three agencies located in central and east-central Iowa. As of December 31, 2016, the Bank operated a total of 43 banking offices in Iowa, Minnesota, Wisconsin, and Florida.
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