Connor Clark & Lunn Investment Management Ltd. Takes Position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,266 shares of the financial services provider's stock, valued at approximately $436,000. Connor Clark & Lunn Investment Management Ltd. owned 0.10% of MidWestOne Financial Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in MidWestOne Financial Group in the 3rd quarter valued at about $163,000. Renaissance Technologies LLC purchased a new position in MidWestOne Financial Group in the second quarter worth approximately $247,000. Hsbc Holdings PLC acquired a new position in MidWestOne Financial Group during the 2nd quarter worth approximately $329,000. GSA Capital Partners LLP purchased a new stake in shares of MidWestOne Financial Group in the 3rd quarter valued at approximately $361,000. Finally, Bank of Montreal Can acquired a new stake in shares of MidWestOne Financial Group in the 2nd quarter valued at $388,000. Institutional investors and hedge funds own 65.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MOFG shares. Piper Sandler dropped their target price on 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 assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $27.00.

MidWestOne Financial Group Stock Performance

Shares of MOFG stock traded up $0.06 during mid-day trading on Friday, hitting $32.95. 48,312 shares of the stock were exchanged, compared to its average volume of 49,597. MidWestOne Financial Group, Inc. has a 12-month low of $19.43 and a 12-month high of $34.56. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78. The stock has a market capitalization of $684.37 million, a price-to-earnings ratio of -7.06 and a beta of 1.01. The stock's fifty day simple moving average is $29.96 and its two-hundred day simple moving average is $26.64.

MidWestOne Financial Group Announces Dividend

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

Insider Activity

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

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.