MidWestOne Financial Group (NASDAQ:MOFG) Rating Increased to Outperform at Keefe, Bruyette & Woods

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) was upgraded by equities research analysts at Keefe, Bruyette & Woods from a "market perform" rating to an "outperform" rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The firm presently has a $39.00 price target on the financial services provider's stock, up from their previous price target of $34.00. Keefe, Bruyette & Woods' price target indicates a potential upside of 19.82% from the stock's current price.

A number of other equities research analysts have also issued reports on the company. StockNews.com lowered MidWestOne Financial Group from a "hold" rating to a "sell" rating in a research note on Monday, October 28th. Piper Sandler lowered 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 report on Monday, October 28th.

MidWestOne Financial Group Stock Performance

Shares of MOFG stock traded down $0.17 during mid-day trading on Tuesday, hitting $32.55. 193,939 shares of the stock were exchanged, compared to its average volume of 53,211. The stock's fifty day simple moving average is $31.10 and its two-hundred day simple moving average is $27.59. MidWestOne Financial Group has a 12-month low of $19.43 and a 12-month high of $34.56. The stock has a market capitalization of $676.23 million, a price-to-earnings ratio of -6.97 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78.

Insider Buying and Selling at MidWestOne Financial Group

In other news, CEO Charles N. Reeves bought 7,000 shares of the business's 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 owns 45,712 shares of the company's stock, valued at approximately $1,142,800. This trade represents a 18.08 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Matthew J. Hayek bought 2,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, September 30th. The stock was acquired at an average cost of $25.00 per share, with a total value of $50,000.00. Following the transaction, 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 disclosure for this purchase can be found here. Insiders have acquired 9,400 shares of company stock valued at $235,000 in the last 90 days. 2.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MidWestOne Financial Group

Several large investors have recently bought and sold shares of MOFG. Jennison Associates LLC purchased a new position in shares of MidWestOne Financial Group in the third quarter valued at $22,186,000. Wellington Management Group LLP increased its holdings in shares of MidWestOne Financial Group by 318.0% during 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 in the last quarter. Basswood Capital Management L.L.C. bought a new stake in MidWestOne Financial Group in the 3rd quarter worth about $7,094,000. Jacobs Asset Management LLC purchased a new position in MidWestOne Financial Group in the third quarter worth about $5,739,000. Finally, Stieven Capital Advisors L.P. bought a new position in shares of MidWestOne Financial Group in the third quarter worth about $5,706,000. 65.42% of the stock is currently owned by institutional investors.

About MidWestOne Financial Group

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.