Banc Funds Co. LLC Takes $1.43 Million Position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Banc Funds Co. LLC bought a new stake in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 50,000 shares of the financial services provider’s stock, valued at approximately $1,426,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Basswood Capital Management L.L.C. bought a new position in shares of MidWestOne Financial Group during the 3rd quarter worth approximately $7,094,000. Verition Fund Management LLC acquired a new position in shares of MidWestOne Financial Group during the 3rd quarter valued at $1,781,000. Martingale Asset Management L P lifted its position in shares of MidWestOne Financial Group by 13.1% during the 3rd quarter. Martingale Asset Management L P now owns 33,186 shares of the financial services provider’s stock valued at $947,000 after acquiring an additional 3,852 shares during the period. Fourthstone LLC boosted its stake in MidWestOne Financial Group by 298.8% during the third quarter. Fourthstone LLC now owns 100,100 shares of the financial services provider’s stock worth $2,856,000 after acquiring an additional 75,000 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in MidWestOne Financial Group by 1,350.1% in the third quarter. BNP Paribas Financial Markets now owns 39,936 shares of the financial services provider’s stock worth $1,139,000 after purchasing an additional 37,182 shares during the period. 65.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Charles N. Reeves purchased 7,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $25.00 per share, for a total transaction of $175,000.00. Following the completion of the acquisition, the chief executive officer now owns 45,712 shares of the company’s stock, valued at $1,142,800. This represents a 18.08 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew J. Hayek purchased 2,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average cost of $25.00 per share, with a total value of $50,000.00. Following the completion of the transaction, the director now directly owns 11,293 shares in the company, valued at $282,325. The trade was a 21.52 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 9,400 shares of company stock worth $235,000 in the last quarter. Insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

MOFG has been the topic of several research reports. Piper Sandler dropped their price objective on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a report on Monday, October 28th. StockNews.com downgraded MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $27.00.

MidWestOne Financial Group Stock Performance

Shares of MOFG stock opened at $32.95 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The firm has a fifty day simple moving average of $29.96 and a two-hundred day simple moving average of $26.71. MidWestOne Financial Group, Inc. has a 12 month low of $19.43 and a 12 month high of $34.56. The firm has a market capitalization of $684.37 million, a PE ratio of -7.06 and a beta of 1.01.

MidWestOne Financial Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.243 per share. This represents a $0.97 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Monday, December 2nd. MidWestOne Financial Group’s payout ratio is presently -20.77%.

MidWestOne Financial Group 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.