Jennison Associates LLC raised its holdings in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 6.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 825,632 shares of the financial services provider's stock after buying an additional 47,979 shares during the period. Jennison Associates LLC owned about 3.98% of MidWestOne Financial Group worth $24,042,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in MOFG. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 during the period. Sippican Capital Advisors grew its position in MidWestOne Financial Group by 1.9% during the 3rd quarter. Sippican Capital Advisors now owns 66,338 shares of the financial services provider's stock worth $1,893,000 after purchasing an additional 1,205 shares in the last quarter. SG Americas Securities LLC raised its stake in MidWestOne Financial Group by 35.3% during 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. Empowered Funds LLC boosted its position in shares of MidWestOne Financial Group by 5.2% in the third quarter. Empowered Funds LLC now owns 60,114 shares of the financial services provider's stock worth $1,715,000 after buying an additional 2,948 shares during the period. Finally, Martingale Asset Management L P grew its holdings 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 buying an additional 3,852 shares in the last quarter. Institutional investors and hedge funds own 65.42% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on MOFG. Keefe, Bruyette & Woods upgraded MidWestOne Financial Group from a "market perform" rating to an "outperform" rating and upped their target price for the company from $34.00 to $39.00 in a report on Tuesday, December 17th. Piper Sandler cut their target price on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a "neutral" rating for the company in a research report on Monday, October 28th. StockNews.com raised shares of MidWestOne Financial Group from a "sell" rating to a "hold" rating in a research note on Monday, January 27th. Finally, Hovde Group increased their price objective on MidWestOne Financial Group from $30.00 to $33.50 and gave the stock a "market perform" rating in a report on Monday, January 27th.
Read Our Latest Stock Report on MidWestOne Financial Group
MidWestOne Financial Group Stock Up 0.7 %
NASDAQ MOFG traded up $0.23 during trading on Thursday, reaching $32.79. The company's stock had a trading volume of 175,837 shares, compared to its average volume of 108,347. 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 capitalization of $681.05 million, a PE ratio of -8.08 and a beta of 1.04. 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 moving average price of $30.75 and a 200-day moving average price of $29.58.
MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, beating 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%. On average, research analysts forecast that MidWestOne Financial Group, Inc. will post 3.12 earnings per share for the current fiscal year.
MidWestOne Financial Group Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Monday, March 3rd. MidWestOne Financial Group's dividend payout ratio is -23.89%.
About MidWestOne Financial Group
(
Free Report)
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.
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