Charles N. Reeves Acquires 1,785 Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Stock

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) CEO Charles N. Reeves acquired 1,785 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $27.98 per share, with a total value of $49,944.30. Following the completion of the transaction, the chief executive officer now directly owns 53,621 shares of the company’s stock, valued at $1,500,315.58. This trade represents a 3.44 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

MidWestOne Financial Group Price Performance

MOFG stock opened at $27.64 on Wednesday. The firm has a 50 day simple moving average of $30.39 and a two-hundred day simple moving average of $30.16. The stock has a market cap of $574.22 million, a PE ratio of -6.81 and a beta of 1.04. MidWestOne Financial Group, Inc. has a one year low of $19.43 and a one year high of $34.56. 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 (NASDAQ:MOFG) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping 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%. On average, analysts predict that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued 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 3.51%. MidWestOne Financial Group’s dividend payout ratio is -23.89%.

Institutional Trading of MidWestOne Financial Group

A number of hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. bought a new position in MidWestOne Financial Group during the third quarter valued at approximately $1,116,000. Geode Capital Management LLC boosted its stake in shares of MidWestOne Financial Group by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 335,677 shares of the financial services provider’s stock valued at $9,579,000 after purchasing an additional 9,787 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of MidWestOne Financial Group during the 3rd quarter valued at $436,000. Jane Street Group LLC raised its position in MidWestOne Financial Group by 30.3% in 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 period. Finally, JPMorgan Chase & Co. lifted its stake in MidWestOne Financial Group by 54.7% in the third quarter. JPMorgan Chase & Co. now owns 43,430 shares of the financial services provider’s stock worth $1,239,000 after purchasing an additional 15,351 shares during the last quarter. Institutional investors own 65.42% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.