Hovde Group Trims MidWestOne Financial Group (NASDAQ:MOFG) Target Price to $21.50

MidWestOne Financial Group (NASDAQ:MOFG) had its price objective reduced by Hovde Group from $23.50 to $21.50 in a research report report published on Friday, MarketBeat.com reports. Hovde Group currently has a market perform rating on the financial services provider’s stock.

Several other research firms have also recently weighed in on MOFG. StockNews.com upgraded shares of MidWestOne Financial Group from a sell rating to a hold rating in a research report on Friday, January 19th. Piper Sandler assumed coverage on shares of MidWestOne Financial Group in a report on Wednesday, March 13th. They issued a neutral rating and a $24.00 price target for the company. Finally, Keefe, Bruyette & Woods reduced their target price on shares of MidWestOne Financial Group from $28.00 to $27.00 and set a market perform rating for the company in a research note on Friday, April 5th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $24.63.

MidWestOne Financial Group Stock Down 2.8 %

MOFG stock opened at $20.41 on Friday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.24. The business’s 50-day simple moving average is $22.13 and its 200 day simple moving average is $23.00. The company has a market cap of $321.46 million, a PE ratio of 14.17 and a beta of 0.95. MidWestOne Financial Group has a twelve month low of $17.80 and a twelve month high of $27.78.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.04. MidWestOne Financial Group had a return on equity of 5.52% and a net margin of 7.78%. The company had revenue of $36.42 million for the quarter, compared to the consensus estimate of $43.40 million. On average, research analysts anticipate that MidWestOne Financial Group will post 2.17 earnings per share for the current year.

MidWestOne Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.243 per share. The ex-dividend date is Monday, June 3rd. This represents a $0.97 annualized dividend and a yield of 4.76%. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently 67.36%.

Insider Activity

In other news, CEO Charles N. Reeves bought 4,447 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were bought at an average cost of $22.49 per share, with a total value of $100,013.03. Following the acquisition, the chief executive officer now owns 38,346 shares in the company, valued at $862,401.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. LSV Asset Management boosted its position in shares of MidWestOne Financial Group by 10.3% during the 3rd quarter. LSV Asset Management now owns 158,622 shares of the financial services provider’s stock worth $3,225,000 after acquiring an additional 14,800 shares in the last quarter. Bank of New York Mellon Corp raised its stake in MidWestOne Financial Group by 0.6% during the third quarter. Bank of New York Mellon Corp now owns 94,360 shares of the financial services provider’s stock worth $1,918,000 after buying an additional 591 shares during the last quarter. Swiss National Bank grew its holdings in MidWestOne Financial Group by 2.5% in the third quarter. Swiss National Bank now owns 32,800 shares of the financial services provider’s stock worth $667,000 after purchasing an additional 800 shares during the period. Trexquant Investment LP grew its holdings in MidWestOne Financial Group by 47.0% in the third quarter. Trexquant Investment LP now owns 31,048 shares of the financial services provider’s stock worth $631,000 after purchasing an additional 9,929 shares during the period. Finally, Strs Ohio grew its holdings in MidWestOne Financial Group by 10.0% in the third quarter. Strs Ohio now owns 23,100 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 2,100 shares during the period. 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.