Bank of New York Mellon Corp Has $2.58 Million Stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Bank of New York Mellon Corp boosted its position in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 12.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 88,470 shares of the financial services provider's stock after purchasing an additional 9,510 shares during the period. Bank of New York Mellon Corp owned 0.43% of MidWestOne Financial Group worth $2,576,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its holdings in shares of MidWestOne Financial Group by 35.3% in the 4th quarter. SG Americas Securities LLC now owns 7,723 shares of the financial services provider's stock valued at $225,000 after purchasing an additional 2,014 shares during the period. Virtu Financial LLC acquired a new position in MidWestOne Financial Group in the 3rd quarter valued at approximately $261,000. Apella Capital LLC purchased a new stake in MidWestOne Financial Group in the 4th quarter worth approximately $268,000. Quadrature Capital Ltd acquired a new stake in shares of MidWestOne Financial Group during the 3rd quarter valued at $353,000. Finally, GSA Capital Partners LLP purchased a new position in shares of MidWestOne Financial Group during the 3rd quarter valued at $361,000. 65.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Charles N. Reeves bought 1,785 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average price of $27.98 per share, for a total transaction of $49,944.30. Following the acquisition, the chief executive officer now directly owns 53,621 shares of the company's stock, valued at $1,500,315.58. The trade was a 3.44 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.50% of the company's stock.

Remove Ads

MidWestOne Financial Group Stock Up 2.4 %

MidWestOne Financial Group stock traded up $0.72 during mid-day trading on Monday, hitting $30.22. 92,521 shares of the company's stock were exchanged, compared to its average volume of 72,366. MidWestOne Financial Group, Inc. has a 1-year low of $19.43 and a 1-year high of $34.56. The stock has a 50 day moving average of $30.50 and a two-hundred day moving average of $30.18. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The stock has a market cap of $627.82 million, a P/E ratio of -7.44 and a beta of 1.04.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 6.54% and a net margin of 9.79%. As a group, analysts anticipate that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.2425 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.97 annualized dividend and a yield of 3.21%. MidWestOne Financial Group's dividend payout ratio (DPR) is presently -23.89%.

Analysts Set New Price Targets

Several analysts recently issued reports on MOFG shares. Keefe, Bruyette & Woods upgraded MidWestOne Financial Group from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $34.00 to $39.00 in a report on Tuesday, December 17th. Hovde Group lifted their price target on MidWestOne Financial Group from $30.00 to $33.50 and gave the company a "market perform" rating in a report on Monday, January 27th. Finally, StockNews.com upgraded MidWestOne Financial Group from a "sell" rating to a "hold" rating in a report on Monday, January 27th.

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.