Keefe, Bruyette & Woods Upgrades MidWestOne Financial Group (NASDAQ:MOFG) to “Outperform”

MidWestOne Financial Group (NASDAQ:MOFG) was upgraded by research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a report issued on Tuesday,Benzinga reports. The firm currently has a $39.00 price objective on the financial services provider’s stock, up from their prior price objective of $34.00. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 19.19% from the stock’s previous close.

Several other research firms have also recently commented on MOFG. 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. StockNews.com cut MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th.

MidWestOne Financial Group Stock Performance

MOFG stock opened at $32.72 on Tuesday. MidWestOne Financial Group has a 1 year low of $19.43 and a 1 year high of $34.56. The stock has a market capitalization of $679.76 million, a price-to-earnings ratio of -7.01 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78. The stock’s fifty day moving average is $31.10 and its two-hundred day moving average is $27.59.

Insider Buying and Selling at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves bought 7,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average cost 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 trade represents a 18.08 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Matthew J. Hayek bought 2,000 shares of MidWestOne Financial Group stock in a transaction that occurred 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 acquisition, the director now directly owns 11,293 shares of the company’s stock, valued at $282,325. This represents a 21.52 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 9,400 shares of company stock valued at $235,000. 2.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MidWestOne Financial Group

Institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in MidWestOne Financial Group in the 3rd quarter worth about $163,000. Virtu Financial LLC purchased a new position in shares of MidWestOne Financial Group in the third quarter worth approximately $261,000. Renaissance Technologies LLC acquired a new stake in shares of MidWestOne Financial Group during the second quarter valued at approximately $247,000. Quadrature Capital Ltd purchased a new stake in shares of MidWestOne Financial Group in the 3rd quarter valued at approximately $353,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of MidWestOne Financial Group in the 3rd quarter valued at approximately $361,000. 65.42% of the stock is owned by institutional investors and hedge funds.

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.