MidWestOne Financial Group (MOFG) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of MidWestOne Financial Group (NASDAQ:MOFG) from a sell rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, “MIDWESTONE FINANCIAL publicly trades common stock on the NASDAQ under the symbol MOFG. It includes the banking affiliates of MidWestOne Bank, Iowa State Bank & Trust Company, Iowa City, Iowa and First State Bank, Conrad, Iowa and is committed to expansion in existing and new markets to continually enhance shareholder value. “

A number of other equities research analysts have also recently issued reports on the stock. TheStreet cut shares of MidWestOne Financial Group from a b rating to a c+ rating in a report on Thursday, November 15th. BidaskClub cut shares of MidWestOne Financial Group from a buy rating to a hold rating in a report on Friday, October 19th. Finally, ValuEngine cut shares of MidWestOne Financial Group from a hold rating to a sell rating in a report on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $36.50.

MOFG stock opened at $29.24 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.89 and a quick ratio of 0.89. MidWestOne Financial Group has a 52-week low of $28.22 and a 52-week high of $37.67. The stock has a market cap of $347.70 million, a price-to-earnings ratio of 16.15, a PEG ratio of 1.38 and a beta of 1.00.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Saturday, December 1st will be given a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Thursday, November 29th. MidWestOne Financial Group’s dividend payout ratio is currently 43.09%.

In related news, insider Charles N. Funk acquired 1,000 shares of the business’s stock in a transaction dated Thursday, August 30th. The stock was acquired at an average price of $33.50 per share, with a total value of $33,500.00. Following the completion of the transaction, the insider now owns 104,829 shares of the company’s stock, valued at $3,511,771.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have bought 2,700 shares of company stock valued at $84,712 in the last ninety days. 7.20% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Ramsey Quantitative Systems raised its position in shares of MidWestOne Financial Group by 75.8% during the third quarter. Ramsey Quantitative Systems now owns 3,622 shares of the financial services provider’s stock valued at $121,000 after buying an additional 1,562 shares during the last quarter. Great Lakes Advisors LLC acquired a new position in shares of MidWestOne Financial Group during the third quarter valued at about $200,000. Acadian Asset Management LLC acquired a new position in shares of MidWestOne Financial Group during the second quarter valued at about $281,000. MetLife Investment Advisors LLC raised its position in shares of MidWestOne Financial Group by 55.4% during the third quarter. MetLife Investment Advisors LLC now owns 8,677 shares of the financial services provider’s stock valued at $289,000 after buying an additional 3,092 shares during the last quarter. Finally, Bailard Inc. acquired a new position in shares of MidWestOne Financial Group during the third quarter valued at about $350,000. 46.86% of the stock is owned by institutional investors and hedge funds.

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, 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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