Jennison Associates LLC Purchases 47,979 Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Jennison Associates LLC grew its position in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 6.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 825,632 shares of the financial services provider’s stock after purchasing an additional 47,979 shares during the quarter. Jennison Associates LLC owned approximately 3.98% of MidWestOne Financial Group worth $24,042,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MOFG. Franklin Resources Inc. acquired a new stake in MidWestOne Financial Group during the 3rd quarter worth approximately $1,116,000. Geode Capital Management LLC lifted its holdings in shares of MidWestOne Financial Group by 3.0% during the third quarter. Geode Capital Management LLC now owns 335,677 shares of the financial services provider’s stock worth $9,579,000 after purchasing an additional 9,787 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of MidWestOne Financial Group in the third quarter worth $436,000. Emerald Mutual Fund Advisers Trust acquired a new stake in MidWestOne Financial Group in the third quarter valued at $713,000. Finally, Jane Street Group LLC raised its position in MidWestOne Financial Group by 30.3% during the 3rd quarter. Jane Street Group LLC now owns 28,169 shares of the financial services provider’s stock worth $804,000 after purchasing an additional 6,545 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MOFG. StockNews.com upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, January 27th. 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. Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $34.00 to $39.00 in a research report on Tuesday, December 17th. Finally, Hovde Group increased their price objective on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the stock a “market perform” rating in a research report on Monday, January 27th.

MidWestOne Financial Group Trading Up 1.6 %

NASDAQ MOFG opened at $32.56 on Thursday. The stock has a market capitalization of $676.27 million, a P/E ratio of -8.02 and a beta of 1.04. The business has a 50 day simple moving average of $30.75 and a 200 day simple moving average of $29.56. 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, Inc. has a one year low of $19.43 and a one year high of $34.56.

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 net margin of 9.79% and a return on equity of 6.54%. Research analysts expect that MidWestOne Financial Group, Inc. will post 3.12 earnings per share for the current year.

MidWestOne Financial Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.2425 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.98%. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently -23.89%.

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.