MidWestOne Financial Group (NASDAQ:MOFG) Stock Price Crosses Above 200-Day Moving Average - Here's What Happened

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $30.14 and traded as high as $30.22. MidWestOne Financial Group shares last traded at $29.31, with a volume of 78,536 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MOFG shares. Keefe, Bruyette & Woods raised shares of MidWestOne Financial Group from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $34.00 to $39.00 in a research report on Tuesday, December 17th. Hovde Group boosted their target price 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 Stock Performance

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 firm's 50 day simple moving average is $30.44 and its 200 day simple moving average is $30.14. The firm has a market capitalization of $602.48 million, a price-to-earnings ratio of -7.14 and a beta of 1.04.

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MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last announced its quarterly earnings data 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 net margin of 9.79% and a return on equity of 6.54%. Sell-side analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 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. Investors of record on Monday, March 3rd will be paid a $0.2425 dividend. This represents a $0.97 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Monday, March 3rd. MidWestOne Financial Group's dividend payout ratio is currently -23.89%.

Hedge Funds Weigh In On MidWestOne Financial Group

Several large investors have recently made changes to their positions in MOFG. Jennison Associates LLC acquired a new position in shares of MidWestOne Financial Group in the 3rd quarter valued at $22,186,000. Wellington Management Group LLP lifted its stake in shares of MidWestOne Financial Group by 318.0% in the 3rd quarter. Wellington Management Group LLP now owns 800,334 shares of the financial services provider's stock valued at $22,834,000 after purchasing an additional 608,883 shares during the period. Basswood Capital Management L.L.C. lifted its stake in shares of MidWestOne Financial Group by 111.1% in the 4th quarter. Basswood Capital Management L.L.C. now owns 524,803 shares of the financial services provider's stock valued at $15,282,000 after purchasing an additional 276,164 shares during the period. Jacobs Asset Management LLC acquired a new position in shares of MidWestOne Financial Group in the 3rd quarter valued at $5,739,000. Finally, Stieven Capital Advisors L.P. acquired a new position in shares of MidWestOne Financial Group in the 3rd quarter valued at $5,706,000. 65.42% of the stock is currently owned by institutional investors and hedge funds.

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.