MidWestOne Financial Group (NASDAQ:MOFG) Reaches New 12-Month High – Time to Buy?

MidWestOne Financial Group, Inc. (NASDAQ:MOFG)’s stock price reached a new 52-week high on Monday . The stock traded as high as $34.16 and last traded at $34.08, with a volume of 2902 shares trading hands. The stock had previously closed at $33.70.

Wall Street Analyst Weigh In

MOFG has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $28.00 price objective (up previously from $25.00) on shares of MidWestOne Financial Group in a research report on Monday, July 29th. StockNews.com lowered MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Finally, Piper Sandler dropped their price target on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a research report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $27.00.

MidWestOne Financial Group Price Performance

The business has a 50-day moving average price of $29.60 and a 200 day moving average price of $26.31. The stock has a market cap of $698.50 million, a PE ratio of -7.22 and a beta of 1.01. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.243 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.97 annualized dividend and a dividend yield of 2.89%. MidWestOne Financial Group’s dividend payout ratio is currently -20.77%.

Insider Buying and Selling

In related news, Director Matthew J. Hayek bought 2,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was acquired at an average cost of $25.00 per share, for a total transaction of $50,000.00. Following the completion of the transaction, the director now directly owns 11,293 shares in the company, valued at $282,325. This trade represents a 21.52 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Charles N. Reeves purchased 7,000 shares of the business’s 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 $175,000.00. Following the purchase, the chief executive officer now owns 45,712 shares in the company, valued at approximately $1,142,800. This represents a 18.08 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 9,400 shares of company stock worth $235,000. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On MidWestOne Financial Group

Several hedge funds have recently added to or reduced their stakes in MOFG. 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 worth $94,397,000 after buying an additional 43,172 shares during the last quarter. Wellington Management Group LLP lifted its holdings 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 worth $22,834,000 after acquiring an additional 608,883 shares during the last quarter. Jennison Associates LLC bought a new position in shares of MidWestOne Financial Group during the 3rd quarter valued at $22,186,000. Dimensional Fund Advisors LP grew its holdings in shares of MidWestOne Financial Group by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 707,071 shares of the financial services provider’s stock valued at $15,901,000 after purchasing an additional 25,767 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in MidWestOne Financial Group by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 631,230 shares of the financial services provider’s stock worth $14,796,000 after purchasing an additional 15,512 shares during the period. Institutional investors own 65.42% of the company’s stock.

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.