Zacks Investment Research cut shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.

According to Zacks, “MIDWESTONE FINANCIAL publicly trades common stock on the NASDAQ under the symbol MOFG. It includes the banking affiliates of MidWestOne Bank, Iowa State Bank & Trust Company, Iowa City, Iowa and First State Bank, Conrad, Iowa and is committed to expansion in existing and new markets to continually enhance shareholder value. “

A number of other brokerages have also recently commented on MOFG. BidaskClub cut MidWestOne Financial Group from a sell rating to a strong sell rating in a report on Wednesday, July 19th. Piper Jaffray Companies set a $37.00 target price on MidWestOne Financial Group and gave the stock a hold rating in a report on Thursday, July 27th.

MidWestOne Financial Group (NASDAQ:MOFG) opened at $35.82 on Thursday. The company has a market capitalization of $437.68, a P/E ratio of 17.47, a PEG ratio of 2.56 and a beta of 1.23. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.38. MidWestOne Financial Group has a 1-year low of $27.95 and a 1-year high of $39.20.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Thursday, November 30th. MidWestOne Financial Group’s dividend payout ratio is currently 33.50%.

In related news, Director Kurt R. Weise sold 889 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $32.91, for a total transaction of $29,256.99. Following the completion of the sale, the director now directly owns 2,275 shares of the company’s stock, valued at approximately $74,870.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kurt R. Weise sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $35.21, for a total value of $35,210.00. Following the sale, the director now directly owns 2,275 shares of the company’s stock, valued at $80,102.75. The disclosure for this sale can be found here. 25.30% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of MOFG. Thrivent Financial For Lutherans bought a new stake in shares of MidWestOne Financial Group during the 2nd quarter worth approximately $8,890,000. Royce & Associates LP lifted its stake in shares of MidWestOne Financial Group by 22.5% during the 2nd quarter. Royce & Associates LP now owns 669,750 shares of the financial services provider’s stock worth $22,698,000 after acquiring an additional 123,036 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of MidWestOne Financial Group by 50.0% during the 1st quarter. Vanguard Group Inc. now owns 367,513 shares of the financial services provider’s stock worth $12,602,000 after acquiring an additional 122,424 shares during the last quarter. State Street Corp lifted its stake in shares of MidWestOne Financial Group by 30.2% during the 2nd quarter. State Street Corp now owns 169,592 shares of the financial services provider’s stock worth $5,749,000 after acquiring an additional 39,292 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of MidWestOne Financial Group by 27.9% during the 2nd quarter. Northern Trust Corp now owns 135,656 shares of the financial services provider’s stock worth $4,597,000 after acquiring an additional 29,598 shares during the last quarter. 46.61% of the stock is owned by hedge funds and other institutional investors.

MidWestOne Financial Group Company Profile

MidWestOne Financial Group, Inc is a bank holding and financial holding company. The Company operates through its bank subsidiaries, MidWestOne Bank, Central Bank and MidWestOne Insurance Services, Inc that operates through three agencies located in central and east-central Iowa. As of December 31, 2016, the Bank operated a total of 43 banking offices in Iowa, Minnesota, Wisconsin, and Florida.

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