Hovde Group Issues Positive Forecast for MidWestOne Financial Group (NASDAQ:MOFG) Stock Price

MidWestOne Financial Group (NASDAQ:MOFG) had its price objective raised by analysts at Hovde Group from $30.00 to $33.50 in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s price objective indicates a potential upside of 8.10% from the company’s previous close.

Several other research analysts also recently issued reports on MOFG. Keefe, Bruyette & Woods raised MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $34.00 to $39.00 in a research note on Tuesday, December 17th. StockNews.com downgraded shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Finally, Piper Sandler reduced their price objective on shares of 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.

MidWestOne Financial Group Stock Performance

Shares of MidWestOne Financial Group stock opened at $30.99 on Monday. The company’s 50 day moving average price is $30.89 and its two-hundred day moving average price is $29.28. The firm has a market capitalization of $643.66 million, a P/E ratio of -6.64 and a beta of 1.05. MidWestOne Financial Group has a fifty-two week low of $19.43 and a fifty-two week high of $34.56. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 5.13% and a net margin of 9.79%. On average, equities analysts forecast that MidWestOne Financial Group will post 2.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Jennison Associates LLC raised its stake in MidWestOne Financial Group by 6.2% during the fourth quarter. Jennison Associates LLC now owns 825,632 shares of the financial services provider’s stock worth $24,042,000 after buying an additional 47,979 shares during the last quarter. Wellington Management Group LLP grew its holdings in MidWestOne Financial Group by 318.0% during 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 period. Dimensional Fund Advisors LP raised its position in shares of MidWestOne Financial Group by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 707,071 shares of the financial services provider’s stock worth $15,901,000 after acquiring an additional 25,767 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of MidWestOne Financial Group by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 335,677 shares of the financial services provider’s stock valued at $9,579,000 after purchasing an additional 9,787 shares during the period. Finally, State Street Corp boosted its position in shares of MidWestOne Financial Group by 5.7% during the 3rd quarter. State Street Corp now owns 300,394 shares of the financial services provider’s stock valued at $8,570,000 after purchasing an additional 16,132 shares in the last quarter. Institutional investors and hedge funds 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.