MidWestOne Financial Group (NASDAQ:MOFG) Sets New 1-Year High – Here’s What Happened

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) hit 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.

Analysts Set New Price Targets

MOFG has been the subject of a number of analyst reports. Piper Sandler cut their price target on MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating for the company in a research note on Monday, October 28th. StockNews.com cut MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.00.

MidWestOne Financial Group Stock Performance

The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The firm’s fifty day moving average is $29.75 and its two-hundred day moving average is $26.47.

MidWestOne Financial Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.243 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.97%. MidWestOne Financial Group’s payout ratio is presently -20.77%.

Insider Activity

In related news, Director Matthew J. Hayek acquired 2,000 shares of the stock in a transaction on Monday, September 30th. The shares were acquired at an average price of $25.00 per share, with a total value of $50,000.00. Following the completion of the transaction, the director now owns 11,293 shares in the company, valued at approximately $282,325. The trade was a 21.52 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Charles N. Reeves bought 7,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, September 30th. The shares were bought at an average cost of $25.00 per share, with a total value of $175,000.00. Following the completion of the transaction, the chief executive officer now directly owns 45,712 shares in the company, 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 acquired a total of 9,400 shares of company stock valued at $235,000 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On MidWestOne Financial Group

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in MidWestOne Financial Group by 2.5% in the first quarter. Vanguard Group Inc. now owns 631,230 shares of the financial services provider’s stock worth $14,796,000 after buying an additional 15,512 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in MidWestOne Financial Group by 10.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 89,619 shares of the financial services provider’s stock worth $2,016,000 after acquiring an additional 8,490 shares during the last quarter. Rhumbline Advisers raised its stake in MidWestOne Financial Group by 3.0% in 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 during the period. Choreo LLC purchased a new stake in MidWestOne Financial Group during the second quarter valued at about $584,000. Finally, American Century Companies Inc. boosted its position in MidWestOne Financial Group by 8.5% during the second quarter. American Century Companies Inc. now owns 137,963 shares of the financial services provider’s stock worth $3,103,000 after purchasing an additional 10,798 shares during the period. Institutional investors 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.