Basswood Capital Management L.L.C. Acquires Shares of 248,639 MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Basswood Capital Management L.L.C. bought a new stake in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 248,639 shares of the financial services provider's stock, valued at approximately $7,094,000. Basswood Capital Management L.L.C. owned about 1.58% of MidWestOne Financial Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Verition Fund Management LLC bought a new stake in MidWestOne Financial Group during the third quarter valued at about $1,781,000. Martingale Asset Management L P raised its stake in shares of MidWestOne Financial Group by 13.1% during the third quarter. Martingale Asset Management L P now owns 33,186 shares of the financial services provider's stock valued at $947,000 after acquiring an additional 3,852 shares in the last quarter. Fourthstone LLC raised its stake 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 valued at $2,856,000 after acquiring an additional 75,000 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of MidWestOne Financial Group by 1,350.1% during the third quarter. BNP Paribas Financial Markets now owns 39,936 shares of the financial services provider's stock valued at $1,139,000 after acquiring an additional 37,182 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in MidWestOne Financial Group by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 41,219 shares of the financial services provider's stock worth $1,176,000 after buying an additional 1,000 shares in the last quarter. 65.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MidWestOne Financial Group

In related news, CEO Charles N. Reeves purchased 7,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $175,000.00. Following the transaction, the chief executive officer now directly owns 45,712 shares in the company, valued at approximately $1,142,800. This trade represents a 18.08 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew J. Hayek purchased 2,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $25.00 per share, with a total value of $50,000.00. Following the transaction, the director now owns 11,293 shares in the company, valued at approximately $282,325. The trade was a 21.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 9,400 shares of company stock valued at $235,000 in the last ninety days. 2.80% of the stock is currently owned by corporate insiders.

MidWestOne Financial Group Stock Performance

NASDAQ:MOFG traded up $0.24 during mid-day trading on Monday, hitting $32.95. The company's stock had a trading volume of 41,047 shares, compared to its average volume of 49,545. MidWestOne Financial Group, Inc. has a 1 year low of $19.43 and a 1 year high of $34.56. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77. The stock has a market cap of $684.54 million, a price-to-earnings ratio of -6.92 and a beta of 1.01. The business's fifty day moving average is $29.96 and its two-hundred day moving average is $26.71.

MidWestOne Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.243 per share. This represents a $0.97 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Monday, December 2nd. MidWestOne Financial Group's payout ratio is currently -20.77%.

Analysts Set New Price Targets

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

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.