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

Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $41.36 and last traded at $40.77, with a volume of 144079 shares trading hands. The stock had previously closed at $40.74.

Analyst Ratings Changes

MOFG has been the subject of a number of analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of MidWestOne Financial Group in a report on Monday, December 1st. Zacks Research upgraded MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 2nd. Keefe, Bruyette & Woods raised their price objective on MidWestOne Financial Group from $37.00 to $50.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Finally, Stephens downgraded shares of MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, MidWestOne Financial Group has an average rating of “Hold” and a consensus price target of $38.17.

MidWestOne Financial Group Price Performance

The stock has a 50-day moving average price of $35.15 and a two-hundred day moving average price of $31.16. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.16. The stock has a market cap of $841.09 million, a price-to-earnings ratio of 14.51 and a beta of 1.06.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings results on Wednesday, June 7th. The financial services provider reported $0.88 earnings per share for the quarter. The business 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%. As a group, equities research analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current year.

MidWestOne Financial Group Dividend Announcement

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

Insider Buying and Selling at MidWestOne Financial Group

In related news, CEO Charles N. Reeves acquired 760 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were purchased at an average cost of $37.91 per share, with a total value of $28,811.60. Following the completion of the acquisition, the chief executive officer directly owned 62,752 shares of the company’s stock, valued at $2,378,928.32. This represents a 1.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired 3,760 shares of company stock worth $138,546 over the last 90 days. 2.50% of the stock is owned by insiders.

Institutional Trading of MidWestOne Financial Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its stake in shares of MidWestOne Financial Group by 129.2% in the third quarter. Federated Hermes Inc. now owns 1,242 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 700 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in MidWestOne Financial Group by 12,135.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,713 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,699 shares during the period. CWM LLC raised its position in MidWestOne Financial Group by 238.8% during the 2nd quarter. CWM LLC now owns 3,175 shares of the financial services provider’s stock worth $91,000 after buying an additional 2,238 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in MidWestOne Financial Group by 65.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,298 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 1,299 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in MidWestOne Financial Group during the 2nd quarter valued at approximately $98,000. Institutional investors and hedge funds 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.