MutualFirst Financial Inc. (MFSF) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of MutualFirst Financial Inc. (NASDAQ:MFSF) from a strong-buy rating to a hold rating in a report issued on Friday.

According to Zacks, “MutualFirst Financial, Inc. is the holding company of Mutual Federal Savings Bank. “

MFSF has been the subject of several other reports. ValuEngine upgraded shares of MutualFirst Financial from a hold rating to a buy rating in a research report on Friday, September 1st. Keefe, Bruyette & Woods reiterated a hold rating and set a $36.00 target price on shares of MutualFirst Financial in a research report on Sunday, October 8th. TheStreet lowered shares of MutualFirst Financial from a b- rating to a c+ rating in a research report on Tuesday, July 25th. DA Davidson upgraded shares of MutualFirst Financial from an underperform rating to a neutral rating and lifted their target price for the company from $29.00 to $34.00 in a research report on Wednesday, July 26th. Finally, BidaskClub lowered shares of MutualFirst Financial from a hold rating to a sell rating in a research report on Sunday, July 16th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. The company currently has a consensus rating of Hold and an average target price of $36.67.

Shares of MutualFirst Financial (MFSF) traded up 3.12% during mid-day trading on Friday, hitting $39.60. 8,289 shares of the stock were exchanged. MutualFirst Financial has a 52 week low of $26.30 and a 52 week high of $40.15. The stock has a market capitalization of $292.29 million, a price-to-earnings ratio of 21.41 and a beta of 0.36. The stock’s 50-day moving average is $37.15 and its 200-day moving average is $34.64.

MutualFirst Financial (NASDAQ:MFSF) last issued its quarterly earnings data on Tuesday, July 25th. The bank reported $0.52 EPS for the quarter, beating the consensus estimate of $0.42 by $0.10. MutualFirst Financial had a net margin of 18.53% and a return on equity of 9.66%. The company had revenue of $16.76 million during the quarter, compared to analysts’ expectations of $16.40 million. Analysts forecast that MutualFirst Financial will post $1.93 earnings per share for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 22nd. Stockholders of record on Friday, September 8th were issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.62%. MutualFirst Financial’s payout ratio is 34.59%.

In other news, COO Patrick C. Botts sold 5,859 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $35.17, for a total value of $206,061.03. Following the completion of the sale, the chief operating officer now directly owns 27,017 shares in the company, valued at approximately $950,187.89. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider David Wayne Heeter sold 1,179 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $35.36, for a total transaction of $41,689.44. Following the completion of the sale, the insider now owns 44,609 shares of the company’s stock, valued at $1,577,374.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,498 shares of company stock valued at $1,067,169. Company insiders own 11.30% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in MFSF. American International Group Inc. increased its stake in shares of MutualFirst Financial by 7.5% in the first quarter. American International Group Inc. now owns 3,363 shares of the bank’s stock worth $106,000 after buying an additional 235 shares during the period. Nationwide Fund Advisors increased its stake in shares of MutualFirst Financial by 9.7% in the second quarter. Nationwide Fund Advisors now owns 3,371 shares of the bank’s stock worth $120,000 after buying an additional 298 shares during the period. Wells Fargo & Company MN increased its stake in shares of MutualFirst Financial by 16.7% in the first quarter. Wells Fargo & Company MN now owns 3,490 shares of the bank’s stock worth $110,000 after buying an additional 500 shares during the period. SG Americas Securities LLC increased its stake in shares of MutualFirst Financial by 10.7% in the second quarter. SG Americas Securities LLC now owns 5,992 shares of the bank’s stock worth $214,000 after buying an additional 578 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of MutualFirst Financial by 2.2% in the first quarter. Geode Capital Management LLC now owns 48,370 shares of the bank’s stock worth $1,526,000 after buying an additional 1,062 shares during the period. Hedge funds and other institutional investors own 46.12% of the company’s stock.

About MutualFirst Financial

MutualFirst Financial, Inc (MutualFirst) is the bank holding company of MutualBank (MutualBank or the Bank). The Bank offers financial services through approximately 30 full service retail financial center offices in Allen, Delaware, Elkhart, Grant, Kosciusko, Randolph, Saint Joseph and Wabash counties in Indiana.

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