MidWestOne Financial Group (NASDAQ:MOFG) Shares Gap Down - Here's Why

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $28.46, but opened at $27.02. MidWestOne Financial Group shares last traded at $27.10, with a volume of 7,260 shares.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MOFG. Piper Sandler cut their target price on shares of MidWestOne Financial Group from $34.50 to $33.00 and set a "neutral" rating on the stock in a research report on Monday. Keefe, Bruyette & Woods lowered their price target on shares of MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating for the company in a research report on Monday. Hovde Group upped their price target on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the stock a "market perform" rating in a research report on Monday, January 27th. Finally, StockNews.com raised shares of MidWestOne Financial Group from a "sell" rating to a "hold" rating in a research report on Monday, January 27th.

MidWestOne Financial Group Price Performance

The firm's 50-day moving average price is $28.64 and its two-hundred day moving average price is $30.10. The stock has a market cap of $584.10 million, a PE ratio of -6.91 and a beta of 0.88. 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 (NASDAQ:MOFG - Get Free Report) last posted its earnings results on Thursday, April 24th. The financial services provider reported $0.73 EPS for the quarter, meeting analysts' consensus estimates of $0.73. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. The company had revenue of $57.58 million during the quarter, compared to analysts' expectations of $58.87 million. On average, equities analysts expect that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a dividend of $0.2425 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 3.46%. MidWestOne Financial Group's payout ratio is -27.40%.

Insider Activity at MidWestOne Financial Group

In related news, CEO Charles N. Reeves purchased 1,785 shares of the firm's stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $27.98 per share, with a total value of $49,944.30. Following the completion of the acquisition, the chief executive officer now owns 53,621 shares in the company, valued at approximately $1,500,315.58. This represents a 3.44 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MOFG. Franklin Resources Inc. acquired a new stake in shares of MidWestOne Financial Group in the third quarter worth $1,116,000. Geode Capital Management LLC increased its stake in shares of MidWestOne Financial Group by 3.0% in the third quarter. Geode Capital Management LLC now owns 335,677 shares of the financial services provider's stock worth $9,579,000 after acquiring an additional 9,787 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of MidWestOne Financial Group in the fourth quarter worth $518,000. Bank of New York Mellon Corp increased its stake in shares of MidWestOne Financial Group by 12.0% in the fourth quarter. Bank of New York Mellon Corp now owns 88,470 shares of the financial services provider's stock worth $2,576,000 after acquiring an additional 9,510 shares during the period. Finally, Jane Street Group LLC increased its stake in shares of MidWestOne Financial Group by 30.3% in the third quarter. Jane Street Group LLC now owns 28,169 shares of the financial services provider's stock worth $804,000 after acquiring an additional 6,545 shares during the period. Hedge funds and other institutional investors own 65.42% of the company's stock.

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.