MidWestOne Financial Group (MOFG) Upgraded by Zacks Investment Research to Hold

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 Tuesday.

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. “

Several other equities analysts have also recently issued reports on MOFG. BidaskClub upgraded shares of MidWestOne Financial Group from a hold rating to a buy rating in a research note on Thursday, October 11th. ValuEngine cut shares of MidWestOne Financial Group from a hold rating to a sell rating in a research note on Tuesday, October 2nd. Finally, TheStreet cut shares of MidWestOne Financial Group from a b rating to a c+ rating in a research note on Thursday, November 15th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $36.50.

MOFG opened at $25.64 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.50. The stock has a market cap of $315.94 million, a price-to-earnings ratio of 14.17, a P/E/G ratio of 1.04 and a beta of 1.06. MidWestOne Financial Group has a 52-week low of $23.80 and a 52-week high of $35.20.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its earnings results on Thursday, October 25th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.07). The company had revenue of $32.35 million for the quarter, compared to the consensus estimate of $32.53 million. MidWestOne Financial Group had a net margin of 14.22% and a return on equity of 7.33%. As a group, analysts expect that MidWestOne Financial Group will post 2.53 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, December 17th. Shareholders of record on Saturday, December 1st were paid a dividend of $0.195 per share. This represents a $0.78 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend was Thursday, November 29th. MidWestOne Financial Group’s dividend payout ratio is currently 43.09%.

A number of institutional investors and hedge funds have recently bought and sold shares of MOFG. BlackRock Inc. increased its position in shares of MidWestOne Financial Group by 6.4% during the 2nd quarter. BlackRock Inc. now owns 565,800 shares of the financial services provider’s stock valued at $19,113,000 after purchasing an additional 34,126 shares during the last quarter. Royce & Associates LP increased its position in shares of MidWestOne Financial Group by 13.2% during the 3rd quarter. Royce & Associates LP now owns 829,970 shares of the financial services provider’s stock valued at $27,646,000 after purchasing an additional 96,546 shares during the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of MidWestOne Financial Group during the 3rd quarter valued at about $200,000. IndexIQ Advisors LLC increased its position in shares of MidWestOne Financial Group by 3.9% during the 3rd quarter. IndexIQ Advisors LLC now owns 68,286 shares of the financial services provider’s stock valued at $2,275,000 after purchasing an additional 2,579 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in shares of MidWestOne Financial Group by 11.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 24,561 shares of the financial services provider’s stock valued at $830,000 after purchasing an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 45.95% of the company’s stock.

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.

Featured Article: What are CEFs?

Get a free copy of the Zacks research report on MidWestOne Financial Group (MOFG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for MidWestOne Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MidWestOne Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply