MidWestOne Financial Group (NASDAQ:MOFG) Hits New 1-Year High – What’s Next?

MidWestOne Financial Group, Inc. (NASDAQ:MOFG)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $34.00 and last traded at $33.85, with a volume of 15219 shares traded. The stock had previously closed at $33.38.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MOFG. StockNews.com cut shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Piper Sandler decreased their target price on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating for the company in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $28.00 price target (up from $25.00) on shares of MidWestOne Financial Group in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $27.00.

MidWestOne Financial Group Stock Performance

The company’s fifty day simple moving average is $28.81 and its 200-day simple moving average is $25.57. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20.

MidWestOne Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.243 per share. This represents a $0.97 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Monday, December 2nd. MidWestOne Financial Group’s dividend payout ratio (DPR) is -20.77%.

Insider Activity

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

Institutional Investors Weigh In On MidWestOne Financial Group

A number of institutional investors have recently bought and sold shares of MOFG. SG Americas Securities LLC acquired a new position in MidWestOne Financial Group in the third quarter valued at about $163,000. Renaissance Technologies LLC acquired a new stake in shares of MidWestOne Financial Group in the 2nd quarter valued at $247,000. GSA Capital Partners LLP bought a new position in MidWestOne Financial Group in the third quarter valued at about $361,000. Hsbc Holdings PLC acquired a new stake in shares of MidWestOne Financial Group in the 2nd quarter valued at approximately $329,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in MidWestOne Financial Group in the third quarter valued at approximately $436,000. Institutional investors and hedge funds own 65.42% 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.