MidWestOne Financial Group (NASDAQ:MOFG) Upgraded at StockNews.com

StockNews.com upgraded shares of MidWestOne Financial Group (NASDAQ:MOFG) from a sell rating to a hold rating in a research report report published on Monday morning.

A number of other equities research analysts have also commented on MOFG. Keefe, Bruyette & Woods upgraded MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and upped their price target for the company from $34.00 to $39.00 in a research report on Tuesday, December 17th. Piper Sandler decreased their target price on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating for the company in a research report on Monday, October 28th. Finally, Hovde Group boosted their price target 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.

MidWestOne Financial Group Stock Performance

MidWestOne Financial Group stock opened at $31.61 on Monday. The business has a 50 day moving average of $30.88 and a 200-day moving average of $29.38. The company has a market capitalization of $656.54 million, a P/E ratio of -6.77 and a beta of 1.05. MidWestOne Financial Group has a 1 year low of $19.43 and a 1 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 released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating 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 5.13%. On average, equities research analysts predict that MidWestOne Financial Group will post 2.3 earnings per share for the current year.

MidWestOne Financial Group Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders 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 yield of 3.07%. MidWestOne Financial Group’s payout ratio is currently -20.77%.

Hedge Funds Weigh In On MidWestOne Financial Group

Institutional investors and hedge funds have recently modified their holdings of the business. Empowered Funds LLC boosted its stake in MidWestOne Financial Group by 5.0% during the fourth quarter. Empowered Funds LLC now owns 63,137 shares of the financial services provider’s stock worth $1,839,000 after acquiring an additional 3,023 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of MidWestOne Financial Group by 6.2% during the fourth quarter. Jennison Associates LLC now owns 825,632 shares of the financial services provider’s stock valued at $24,042,000 after purchasing an additional 47,979 shares during the period. SG Americas Securities LLC boosted its position in shares of 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 worth $225,000 after purchasing an additional 2,014 shares in the last quarter. Apella Capital LLC acquired a new stake in shares of MidWestOne Financial Group in the 4th quarter valued at about $268,000. Finally, Assenagon Asset Management S.A. bought a new stake in MidWestOne Financial Group in the 4th quarter valued at about $1,776,000. 65.42% of the stock is currently owned by institutional investors.

About MidWestOne Financial Group

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.