MidWestOne Financial Group (NASDAQ:MOFG) Price Target Cut to $21.50 by Analysts at Hovde Group

MidWestOne Financial Group (NASDAQ:MOFG) had its target price reduced by Hovde Group from $23.50 to $21.50 in a report issued on Friday morning, Marketbeat.com reports. They currently have a market perform rating on the financial services provider’s stock.

A number of other research firms also recently issued reports on MOFG. Piper Sandler assumed coverage on MidWestOne Financial Group in a research report on Wednesday, March 13th. They set a neutral rating and a $24.00 price target on the stock. StockNews.com upgraded shares of MidWestOne Financial Group from a sell rating to a hold rating in a report on Friday, January 19th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of MidWestOne Financial Group from $28.00 to $27.00 and set a market perform rating for the company in a report on Friday, April 5th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $24.13.

MidWestOne Financial Group Stock Up 1.1 %

Shares of NASDAQ:MOFG opened at $20.63 on Friday. The business’s 50 day moving average is $22.06 and its 200 day moving average is $23.00. The stock has a market cap of $324.92 million, a P/E ratio of 14.33 and a beta of 0.95. MidWestOne Financial Group has a 52-week low of $17.80 and a 52-week high of $27.78. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.24.

MidWestOne Financial Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a dividend of $0.243 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 4.71%. The ex-dividend date is Monday, June 3rd. MidWestOne Financial Group’s dividend payout ratio (DPR) is currently 67.36%.

Insider Buying and Selling at MidWestOne Financial Group

In other news, CEO Charles N. Reeves bought 4,447 shares of MidWestOne Financial Group stock in a transaction on Monday, March 11th. The stock was acquired at an average cost of $22.49 per share, for a total transaction of $100,013.03. Following the completion of the acquisition, the chief executive officer now owns 38,346 shares of the company’s stock, valued at approximately $862,401.54. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MOFG. Bank of New York Mellon Corp lifted its position 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 valued at $1,918,000 after acquiring an additional 591 shares during the last quarter. Swiss National Bank increased its position in shares of MidWestOne Financial Group by 2.5% during 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 in the last quarter. SG Americas Securities LLC lifted its holdings in shares of MidWestOne Financial Group by 27.3% during the 4th quarter. SG Americas Securities LLC now owns 8,051 shares of the financial services provider’s stock valued at $217,000 after purchasing an additional 1,727 shares during the last quarter. Strs Ohio lifted its holdings in shares of MidWestOne Financial Group by 10.0% during the 3rd quarter. Strs Ohio now owns 23,100 shares of the financial services provider’s stock valued at $469,000 after purchasing an additional 2,100 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of MidWestOne Financial Group by 24.8% in the 4th quarter. BNP Paribas Financial Markets now owns 13,738 shares of the financial services provider’s stock worth $370,000 after purchasing an additional 2,728 shares in the last quarter. Hedge funds and other institutional investors own 65.42% of the company’s stock.

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.