MidWestOne Financial Group (NASDAQ:MOFG) Price Target Cut to $22.00 by Analysts at Piper Sandler

MidWestOne Financial Group (NASDAQ:MOFG) had its price objective trimmed by Piper Sandler from $24.00 to $22.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

MOFG has been the topic of several other reports. Hovde Group dropped their target price on MidWestOne Financial Group from $23.50 to $21.50 and set a market perform rating on the stock in a research report on Friday. StockNews.com raised MidWestOne Financial Group from a sell rating to a hold rating in a research note on Friday, January 19th. Finally, Keefe, Bruyette & Woods decreased their price target on 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 stock currently has an average rating of Hold and a consensus price target of $24.13.

MidWestOne Financial Group Stock Performance

MOFG stock opened at $20.63 on Monday. MidWestOne Financial Group has a 12-month low of $17.80 and a 12-month high of $27.78. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.24. The stock’s 50 day simple moving average is $22.06 and its 200 day simple moving average is $23.00. The firm has a market cap of $324.92 million, a P/E ratio of 14.33 and a beta of 0.95.

MidWestOne Financial Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders 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 presently 67.36%.

Insider Transactions at MidWestOne Financial Group

In other news, CEO Charles N. Reeves purchased 4,447 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was bought at an average cost of $22.49 per share, with a total value of $100,013.03. Following the purchase, the chief executive officer now directly owns 38,346 shares of the company’s stock, valued at $862,401.54. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in shares of MidWestOne Financial Group during the 3rd quarter valued at about $129,000. Trexquant Investment LP increased its holdings in shares of MidWestOne Financial Group by 47.0% during the 3rd quarter. Trexquant Investment LP now owns 31,048 shares of the financial services provider’s stock valued at $631,000 after acquiring an additional 9,929 shares during the last quarter. Swiss National Bank increased its holdings in shares of MidWestOne Financial Group by 2.5% during the 3rd quarter. Swiss National Bank now owns 32,800 shares of the financial services provider’s stock valued at $667,000 after acquiring an additional 800 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of MidWestOne Financial Group by 0.6% during the 3rd 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. Finally, Investment Advisory Services Inc. TX ADV acquired a new position in shares of MidWestOne Financial Group during the 4th quarter valued at about $242,000. Institutional investors and hedge funds 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.