MidWestOne Financial Group (NASDAQ:MOFG) Upgraded by Keefe, Bruyette & Woods to Outperform Rating

MidWestOne Financial Group (NASDAQ:MOFG) was upgraded by equities researchers at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm currently has a $39.00 price target on the financial services provider’s stock, up from their prior price target of $34.00. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 27.62% from the stock’s current price.

MOFG has been the topic of several other research reports. StockNews.com downgraded MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Piper Sandler dropped their target price 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.

MidWestOne Financial Group Stock Performance

Shares of NASDAQ MOFG opened at $30.56 on Tuesday. The business’s 50-day simple moving average is $31.28 and its 200-day simple moving average is $27.69. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78. MidWestOne Financial Group has a 52 week low of $19.43 and a 52 week high of $34.56. The firm has a market cap of $634.88 million, a price-to-earnings ratio of -6.54 and a beta of 1.03.

Insider Activity

In related news, Director Matthew J. Hayek acquired 2,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was acquired at an average price of $25.00 per share, with a total value of $50,000.00. Following the completion of the transaction, the director now owns 11,293 shares of the company’s stock, valued at approximately $282,325. This represents a 21.52 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Charles N. Reeves bought 7,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $175,000.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 9,400 shares of company stock valued at $235,000. 2.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On MidWestOne Financial Group

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of MidWestOne Financial Group in the third quarter valued at $163,000. Renaissance Technologies LLC bought a new stake in MidWestOne Financial Group in the 2nd quarter valued at $247,000. Virtu Financial LLC acquired a new position in shares of MidWestOne Financial Group in the 3rd quarter valued at $261,000. Hsbc Holdings PLC acquired a new stake in shares of MidWestOne Financial Group during the 2nd quarter valued at about $329,000. Finally, Quadrature Capital Ltd bought a new stake in MidWestOne Financial Group in the third quarter valued at about $353,000. 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.