Hovde Group Trims MidWestOne Financial Group (NASDAQ:MOFG) Target Price to $21.50

MidWestOne Financial Group (NASDAQ:MOFG) had its price target dropped by research analysts at Hovde Group from $23.50 to $21.50 in a report released on Friday, Briefing.com reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s price objective would suggest a potential upside of 8.48% from the stock’s previous close.

MOFG has been the subject of several other research reports. Piper Sandler began coverage on shares of MidWestOne Financial Group in a report on Wednesday, March 13th. They issued a “neutral” rating and a $24.00 target price for the company. StockNews.com raised MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research note on Friday, January 19th. Finally, Keefe, Bruyette & Woods cut their price objective on MidWestOne Financial Group from $28.00 to $27.00 and set a “market perform” rating on the stock in a report on Friday, April 5th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $24.63.

MidWestOne Financial Group Trading Down 5.6 %

MOFG stock traded down $1.17 during midday trading on Friday, hitting $19.82. 36,337 shares of the company’s stock were exchanged, compared to its average volume of 31,101. MidWestOne Financial Group has a 1-year low of $17.80 and a 1-year high of $27.78. The business has a 50-day simple moving average of $22.20 and a two-hundred day simple moving average of $22.97. The stock has a market capitalization of $312.17 million, a PE ratio of 15.02 and a beta of 0.95. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.24.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.04. The firm had revenue of $36.42 million for the quarter, compared to analyst estimates of $43.40 million. MidWestOne Financial Group had a net margin of 7.78% and a return on equity of 7.12%. On average, sell-side analysts predict that MidWestOne Financial Group will post 2.17 EPS for the current fiscal year.

Insider Buying and Selling at MidWestOne Financial Group

In related news, CEO Charles N. Reeves acquired 4,447 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were acquired at an average price of $22.49 per share, with a total value of $100,013.03. Following the completion of the transaction, the chief executive officer now owns 38,346 shares of the company’s stock, valued at $862,401.54. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of MidWestOne Financial Group

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of MidWestOne Financial Group in the 3rd quarter valued at approximately $129,000. Trexquant Investment LP grew its stake in shares of MidWestOne Financial Group by 47.0% during the third quarter. Trexquant Investment LP now owns 31,048 shares of the financial services provider’s stock worth $631,000 after purchasing an additional 9,929 shares in the last quarter. Swiss National Bank increased its holdings in MidWestOne Financial Group by 2.5% in the third quarter. Swiss National Bank now owns 32,800 shares of the financial services provider’s stock valued at $667,000 after buying an additional 800 shares during the last quarter. Bank of New York Mellon Corp raised its stake in MidWestOne Financial Group by 0.6% in the third quarter. Bank of New York Mellon Corp now owns 94,360 shares of the financial services provider’s stock valued at $1,918,000 after buying an additional 591 shares in the last quarter. Finally, Investment Advisory Services Inc. TX ADV purchased a new stake in MidWestOne Financial Group during the 4th quarter worth about $242,000. 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.