Verition Fund Management LLC Takes $1.78 Million Position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Verition Fund Management LLC bought a new stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 62,423 shares of the financial services provider's stock, valued at approximately $1,781,000. Verition Fund Management LLC owned 0.40% of MidWestOne Financial Group as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. MidWestOne Financial Group Inc. lifted its position in MidWestOne Financial Group by 1.0% in the 2nd quarter. MidWestOne Financial Group Inc. now owns 4,197,286 shares of the financial services provider's stock valued at $94,397,000 after purchasing an additional 43,172 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of MidWestOne Financial Group in the third quarter valued at approximately $436,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of MidWestOne Financial Group during the third quarter valued at approximately $713,000. Stieven Capital Advisors L.P. acquired a new position in shares of MidWestOne Financial Group during the third quarter worth approximately $5,706,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of MidWestOne Financial Group by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 707,071 shares of the financial services provider's stock worth $15,901,000 after buying an additional 25,767 shares during the period. 65.42% of the stock is owned by institutional investors.

MidWestOne Financial Group Price Performance

Shares of MOFG traded down $0.31 during midday trading on Friday, reaching $33.30. The stock had a trading volume of 148,148 shares, compared to its average volume of 81,035. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77. The company has a market capitalization of $691.64 million, a P/E ratio of -7.13 and a beta of 1.03. The firm's 50 day moving average price is $30.47 and its 200-day moving average price is $27.08. MidWestOne Financial Group, Inc. has a 52 week low of $19.43 and a 52 week high of $34.56.

MidWestOne Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.243 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.97 annualized dividend and a dividend yield of 2.92%. MidWestOne Financial Group's dividend payout ratio (DPR) is -20.77%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Piper Sandler cut their target price on MidWestOne Financial Group from $33.00 to $31.50 and set a "neutral" rating on the stock in a research note on Monday, October 28th. StockNews.com cut shares of MidWestOne Financial Group from a "hold" rating to a "sell" rating in a research note on Monday, October 28th. Finally, Keefe, Bruyette & Woods increased their target price on shares of MidWestOne Financial Group from $31.00 to $34.00 and gave the company a "market perform" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $29.00.

Insider Transactions at MidWestOne Financial Group

In other news, Director Matthew J. Hayek acquired 2,000 shares of MidWestOne Financial Group stock in a transaction on Monday, September 30th. The stock was bought at an average cost of $25.00 per share, with a total value of $50,000.00. Following the completion of the purchase, the director now owns 11,293 shares of the company's stock, valued at $282,325. This represents a 21.52 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Charles N. Reeves bought 7,000 shares of the firm's stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $25.00 per share, with a total value of $175,000.00. Following the completion of the acquisition, 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 ownership of the stock. 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 quarter. Insiders own 2.80% 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.