Franklin Resources Inc. Makes New Investment in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Franklin Resources Inc. bought a new stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 39,042 shares of the financial services provider's stock, valued at approximately $1,116,000. Franklin Resources Inc. owned about 0.19% of MidWestOne Financial Group as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of MOFG. Jennison Associates LLC bought a new stake in MidWestOne Financial Group during the 3rd quarter worth about $22,186,000. Wellington Management Group LLP increased its position in shares of MidWestOne Financial Group by 318.0% in the third quarter. Wellington Management Group LLP now owns 800,334 shares of the financial services provider's stock valued at $22,834,000 after acquiring an additional 608,883 shares during the last quarter. Basswood Capital Management L.L.C. bought a new stake in MidWestOne Financial Group during the third quarter worth about $7,094,000. Jacobs Asset Management LLC acquired a new position in MidWestOne Financial Group during the third quarter valued at approximately $5,739,000. Finally, Stieven Capital Advisors L.P. bought a new position in MidWestOne Financial Group in the third quarter valued at approximately $5,706,000. Institutional investors own 65.42% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. StockNews.com cut MidWestOne Financial Group from a "hold" rating to a "sell" rating in a research note on Monday, October 28th. Keefe, Bruyette & Woods raised shares of MidWestOne Financial Group from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $34.00 to $39.00 in a research report on Tuesday, December 17th. Finally, Piper Sandler cut their price target 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.

Insiders Place Their Bets

In other 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 acquired at an average cost of $25.00 per share, for a total transaction of $175,000.00. Following the purchase, the chief executive officer now directly owns 45,712 shares of the company's stock, valued at $1,142,800. This trade represents a 18.08 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew J. Hayek acquired 2,000 shares of the firm's stock in a transaction on Monday, September 30th. The stock was purchased at an average cost of $25.00 per share, for a total transaction of $50,000.00. Following the completion of the acquisition, the director now owns 11,293 shares in the company, valued at approximately $282,325. This represents a 21.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 9,400 shares of company stock valued at $235,000 over the last ninety days. 2.80% of the stock is currently owned by company insiders.

MidWestOne Financial Group Stock Performance

Shares of MOFG traded down $0.41 during mid-day trading on Friday, reaching $29.29. The company's stock had a trading volume of 104,787 shares, compared to its average volume of 58,704. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. MidWestOne Financial Group, Inc. has a 1-year low of $19.43 and a 1-year high of $34.56. The business has a 50-day simple moving average of $31.38 and a two-hundred day simple moving average of $28.18. The stock has a market cap of $608.50 million, a P/E ratio of -6.27 and a beta of 1.03.

MidWestOne Financial Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.243 per share. This represents a $0.97 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend was Monday, December 2nd. MidWestOne Financial Group's dividend payout ratio is -20.77%.

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.