MidWestOne Financial Group (NASDAQ:MOFG) Price Target Lowered to $31.50 at Piper Sandler

MidWestOne Financial Group (NASDAQ:MOFG - Free Report) had its target price decreased by Piper Sandler from $33.00 to $31.50 in a research report sent to investors on Monday, Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider's stock.

Separately, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $28.00 target price (up previously from $25.00) on shares of MidWestOne Financial Group in a report on Monday, July 29th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $27.00.

MidWestOne Financial Group Price Performance

Shares of MidWestOne Financial Group stock traded up $0.97 during mid-day trading on Monday, reaching $29.23. 95,603 shares of the stock were exchanged, compared to its average volume of 45,305. The company has a market cap of $460.52 million, a price-to-earnings ratio of 19.89 and a beta of 1.02. MidWestOne Financial Group has a fifty-two week low of $19.43 and a fifty-two week high of $30.51. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.21. The firm has a 50-day simple moving average of $28.42 and a 200 day simple moving average of $24.83.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.02). The company had revenue of $57.90 million during the quarter, compared to analyst estimates of $45.75 million. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 5.27%. On average, sell-side analysts predict that MidWestOne Financial Group will post 2.27 EPS for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.243 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.97 annualized dividend and a dividend yield of 3.33%. MidWestOne Financial Group's dividend payout ratio (DPR) is currently 67.36%.

Insider Activity

In related news, Director Matthew J. Hayek bought 2,000 shares of the company's stock in a transaction on Monday, September 30th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $50,000.00. Following the acquisition, the director now owns 11,293 shares of the company's stock, valued at approximately $282,325. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Charles N. Reeves acquired 7,000 shares of the business's stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $25.00 per share, with a total value of $175,000.00. Following the acquisition, the chief executive officer now owns 45,712 shares in the company, valued at $1,142,800. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew J. Hayek acquired 2,000 shares of the stock in a transaction dated Monday, September 30th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the completion of the purchase, the director now directly owns 11,293 shares in the company, valued at $282,325. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 9,400 shares of company stock worth $235,000 in the last 90 days. Corporate insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On MidWestOne Financial Group

Institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in shares of MidWestOne Financial Group during the 3rd quarter worth $163,000. Renaissance Technologies LLC acquired a new stake in MidWestOne Financial Group in the second quarter valued at approximately $247,000. Hsbc Holdings PLC bought a new stake in shares of MidWestOne Financial Group during the second quarter worth $329,000. Bank of Montreal Can acquired a new position in shares of MidWestOne Financial Group during the second quarter worth $388,000. Finally, Rhumbline Advisers boosted its holdings in shares of MidWestOne Financial Group by 3.0% during the 2nd quarter. Rhumbline Advisers now owns 22,750 shares of the financial services provider's stock valued at $512,000 after acquiring an additional 653 shares in the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

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.