Banc Funds Co. LLC Acquires Shares of 50,000 MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Banc Funds Co. LLC purchased a new stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jennison Associates LLC bought a new stake in shares of MidWestOne Financial Group during the third quarter worth $22,186,000. Basswood Capital Management L.L.C. bought a new stake in MidWestOne Financial Group during the 3rd quarter worth $7,094,000. Stieven Capital Advisors L.P. acquired a new position in MidWestOne Financial Group in the 3rd quarter worth about $5,706,000. Curi RMB Capital LLC bought a new position in MidWestOne Financial Group in the third quarter valued at about $4,402,000. Finally, Fourthstone LLC grew its holdings in shares of MidWestOne Financial Group by 298.8% during the third quarter. Fourthstone LLC now owns 100,100 shares of the financial services provider's stock worth $2,856,000 after purchasing an additional 75,000 shares during the last quarter. 65.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Piper Sandler cut their price target on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a "neutral" rating on the stock in a report on Monday, October 28th. StockNews.com cut MidWestOne Financial Group from a "hold" rating to a "sell" rating in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $27.00.

MidWestOne Financial Group Trading Up 0.9 %

MOFG traded up $0.29 during trading on Monday, reaching $33.00. 46,752 shares of the stock traded hands, compared to its average volume of 49,571. 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 stock's 50-day moving average is $29.96 and its 200 day moving average is $26.71. MidWestOne Financial Group, Inc. has a 12 month low of $19.43 and a 12 month high of $34.56. The stock has a market capitalization of $685.58 million, a PE ratio of -6.92 and a beta of 1.01.

MidWestOne Financial Group Dividend Announcement

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 $0.243 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 2.95%. MidWestOne Financial Group's payout ratio is currently -20.77%.

Insiders Place Their Bets

In other news, CEO Charles N. Reeves purchased 7,000 shares of the business's stock in a transaction on Monday, September 30th. The shares were acquired at an average price 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 approximately $1,142,800. The trade was a 18.08 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew J. Hayek bought 2,000 shares of the 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 completion of the transaction, 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 three months, insiders have acquired 9,400 shares of company stock worth $235,000. Corporate insiders own 2.80% of the company's stock.

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.