MidWestOne Financial Group (NASDAQ:MOFG) Hits New 1-Year High – Time to Buy?

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $40.37 and last traded at $40.4460, with a volume of 69071 shares trading hands. The stock had previously closed at $39.49.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MidWestOne Financial Group in a research report on Monday. Stephens downgraded shares of MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Zacks Research upgraded shares of MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 2nd. Finally, Keefe, Bruyette & Woods increased their price target on shares of MidWestOne Financial Group from $37.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $38.17.

MidWestOne Financial Group Stock Up 2.4%

The company has a market cap of $834.28 million, a P/E ratio of 14.40 and a beta of 1.06. The business’s 50 day moving average price is $34.18 and its 200-day moving average price is $30.83. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.85 and a quick ratio of 0.85.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its quarterly earnings data on Wednesday, June 7th. The financial services provider reported $0.88 EPS for the quarter. The company had revenue of $50.10 million for the quarter. MidWestOne Financial Group had a return on equity of 10.22% and a net margin of 16.66%. On average, analysts anticipate that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a dividend of $0.2425 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.97 annualized dividend and a yield of 2.4%. MidWestOne Financial Group’s dividend payout ratio is currently 34.52%.

Insider Activity at MidWestOne Financial Group

In other news, CEO Charles N. Reeves bought 760 shares of the stock in a transaction dated Monday, November 3rd. The stock was bought at an average cost of $37.91 per share, with a total value of $28,811.60. Following the purchase, the chief executive officer owned 62,752 shares of the company’s stock, valued at approximately $2,378,928.32. This represents a 1.23% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders acquired 3,760 shares of company stock valued at $138,546. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MidWestOne Financial Group

Several hedge funds have recently added to or reduced their stakes in MOFG. Jennison Associates LLC raised its holdings in MidWestOne Financial Group by 4.5% during the 2nd quarter. Jennison Associates LLC now owns 1,395,623 shares of the financial services provider’s stock worth $40,152,000 after purchasing an additional 60,026 shares during the last quarter. Wellington Management Group LLP grew its position in shares of MidWestOne Financial Group by 11.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,354,527 shares of the financial services provider’s stock worth $38,320,000 after buying an additional 139,033 shares during the period. Vanguard Group Inc. raised its stake in shares of MidWestOne Financial Group by 1.5% during the third quarter. Vanguard Group Inc. now owns 1,030,102 shares of the financial services provider’s stock worth $29,142,000 after buying an additional 15,065 shares during the last quarter. FJ Capital Management LLC lifted its holdings in MidWestOne Financial Group by 4.0% in the third quarter. FJ Capital Management LLC now owns 796,883 shares of the financial services provider’s stock valued at $22,544,000 after buying an additional 30,681 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in MidWestOne Financial Group by 16.8% in the first quarter. Goldman Sachs Group Inc. now owns 531,724 shares of the financial services provider’s stock valued at $15,744,000 after acquiring an additional 76,368 shares during the last quarter. Institutional investors own 65.42% of the company’s stock.

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.