Insider Buying: MidWestOne Financial Group, Inc. (NASDAQ:MOFG) CEO Acquires 1,785 Shares of Stock

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) CEO Charles N. Reeves purchased 1,785 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $27.98 per share, with a total value of $49,944.30. Following the purchase, the chief executive officer now owns 53,621 shares in the company, valued at $1,500,315.58. This trade represents a 3.44 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

MidWestOne Financial Group Stock Performance

Shares of MOFG opened at $27.77 on Tuesday. The company has a 50-day simple moving average of $30.42 and a 200-day simple moving average of $30.18. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $576.92 million, a PE ratio of -6.84 and a beta of 1.04. MidWestOne Financial Group, Inc. has a 52-week low of $19.43 and a 52-week high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.05. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. Equities research analysts predict that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current fiscal year.

MidWestOne Financial Group Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.2425 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.49%. MidWestOne Financial Group’s dividend payout ratio is presently -23.89%.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of large investors have recently made changes to their positions in MOFG. Summit Investment Advisors Inc. increased its holdings in shares of MidWestOne Financial Group by 38.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 541 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in MidWestOne Financial Group during the 4th quarter valued at about $211,000. Polymer Capital Management US LLC purchased a new position in MidWestOne Financial Group during the 4th quarter valued at about $222,000. SG Americas Securities LLC increased its holdings in MidWestOne Financial Group by 35.3% during the 4th quarter. SG Americas Securities LLC now owns 7,723 shares of the financial services provider’s stock valued at $225,000 after acquiring an additional 2,014 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in MidWestOne Financial Group during the 4th quarter valued at about $237,000. Hedge funds and other institutional investors own 65.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. StockNews.com upgraded shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, January 27th. Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $34.00 to $39.00 in a research report on Tuesday, December 17th. Finally, Hovde Group upped their price objective on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the stock a “market perform” rating in a research report on Monday, January 27th.

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.