MidWestOne Financial Group (MOFG) Given Average Recommendation of “Hold” by Brokerages

MidWestOne Financial Group (NASDAQ:MOFG) has been given an average rating of “Hold” by the six research firms that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $38.00.

A number of equities analysts have commented on MOFG shares. Zacks Investment Research cut shares of MidWestOne Financial Group from a “buy” rating to a “hold” rating in a research note on Wednesday, February 28th. BidaskClub raised shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research note on Saturday, January 13th. Sandler O’Neill reissued a “buy” rating and issued a $37.00 price objective on shares of MidWestOne Financial Group in a research note on Tuesday, March 27th. Finally, ValuEngine cut shares of MidWestOne Financial Group from a “buy” rating to a “hold” rating in a research note on Monday.

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In other MidWestOne Financial Group news, COO Kevin E. Kramer acquired 1,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was acquired at an average cost of $33.34 per share, with a total value of $33,340.00. Following the purchase, the chief operating officer now directly owns 4,833 shares of the company’s stock, valued at approximately $161,132.22. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Stephen L. West acquired 3,000 shares of the company’s stock in a transaction on Monday, February 5th. The stock was acquired at an average cost of $33.02 per share, with a total value of $99,060.00. The disclosure for this purchase can be found here. Insiders acquired a total of 5,200 shares of company stock valued at $172,059 over the last three months. Corporate insiders own 7.20% of the company’s stock.



Several hedge funds have recently added to or reduced their stakes in the stock. Royce & Associates LP boosted its stake in shares of MidWestOne Financial Group by 3.0% during the 4th quarter. Royce & Associates LP now owns 654,571 shares of the financial services provider’s stock worth $21,948,000 after purchasing an additional 18,832 shares during the period. BlackRock Inc. boosted its stake in shares of MidWestOne Financial Group by 1.9% during the 4th quarter. BlackRock Inc. now owns 530,560 shares of the financial services provider’s stock worth $17,789,000 after purchasing an additional 9,907 shares during the period. Thrivent Financial For Lutherans boosted its stake in shares of MidWestOne Financial Group by 10.8% during the 4th quarter. Thrivent Financial For Lutherans now owns 290,610 shares of the financial services provider’s stock worth $9,745,000 after purchasing an additional 28,310 shares during the period. Monashee Investment Management LLC purchased a new position in shares of MidWestOne Financial Group during the 4th quarter worth about $8,114,000. Finally, Maltese Capital Management LLC boosted its stake in shares of MidWestOne Financial Group by 10.0% during the 3rd quarter. Maltese Capital Management LLC now owns 237,300 shares of the financial services provider’s stock worth $8,011,000 after purchasing an additional 21,500 shares during the period. 43.87% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:MOFG traded down $1.21 on Monday, reaching $32.08. The company’s stock had a trading volume of 33,494 shares, compared to its average volume of 39,529. MidWestOne Financial Group has a 52-week low of $30.56 and a 52-week high of $37.94. The stock has a market capitalization of $407.31, a P/E ratio of 15.80, a PEG ratio of 1.52 and a beta of 0.99. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.44.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st were paid a $0.195 dividend. This is a boost from MidWestOne Financial Group’s previous quarterly dividend of $0.17. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Wednesday, February 28th. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently 38.42%.

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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, institutional customers, and government agencies in Iowa, Minnesota, Wisconsin, Florida, and Colorado. It offers deposit products, such as checking and other demand deposit accounts, NOW accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, and other time deposits.

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