MidWestOne Financial Group (NASDAQ:MOFG) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of MidWestOne Financial Group (NASDAQ:MOFG) from a hold rating to a sell rating in a research report sent to investors on Saturday morning, Zacks.com reports.

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 brokerages have also recently weighed in on MOFG. ValuEngine raised MidWestOne Financial Group from a sell rating to a hold rating in a research note on Saturday, July 27th. BidaskClub raised MidWestOne Financial Group from a sell rating to a hold rating in a research note on Tuesday, July 2nd.

MOFG traded up $0.26 during trading hours on Friday, hitting $31.02. 12,400 shares of the stock were exchanged, compared to its average volume of 25,116. The stock has a 50-day simple moving average of $30.42 and a 200-day simple moving average of $29.02. MidWestOne Financial Group has a 12 month low of $23.80 and a 12 month high of $32.47. The stock has a market cap of $498.85 million, a price-to-earnings ratio of 12.21 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.94 and a quick ratio of 0.94.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.76 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.07). MidWestOne Financial Group had a net margin of 19.56% and a return on equity of 10.57%. The firm had revenue of $51.26 million for the quarter, compared to the consensus estimate of $48.20 million. Sell-side analysts expect that MidWestOne Financial Group will post 3.06 EPS for the current year.

In related news, Director Kurt R. Weise sold 1,500 shares of the stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $30.09, for a total value of $45,135.00. Following the completion of the transaction, the director now owns 2,731 shares in the company, valued at approximately $82,175.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.30% of the company’s stock.

Several large investors have recently added to or reduced their stakes in MOFG. Bessemer Group Inc. boosted its position in MidWestOne Financial Group by 16.1% during the 2nd quarter. Bessemer Group Inc. now owns 23,800 shares of the financial services provider’s stock worth $665,000 after acquiring an additional 3,300 shares during the period. First Trust Advisors LP boosted its position in MidWestOne Financial Group by 3.5% during the 2nd quarter. First Trust Advisors LP now owns 31,371 shares of the financial services provider’s stock worth $877,000 after acquiring an additional 1,059 shares during the period. Wedge Capital Management L L P NC acquired a new stake in MidWestOne Financial Group during the 2nd quarter worth about $686,000. Chicago Equity Partners LLC acquired a new stake in MidWestOne Financial Group during the 2nd quarter worth about $224,000. Finally, Meeder Asset Management Inc. boosted its position in MidWestOne Financial Group by 497.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 1,194 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 994 shares during the period. Institutional investors and hedge funds own 54.74% of the company’s stock.

MidWestOne Financial Group Company Profile

MidWestOne Financial Group, Inc is a bank holding company. It operates through the following subsidiaries: MidWestOne Bank and MidWestOne Insurance Services, Inc The MidWestOne Bank provides retail banking services, which include deposit products, including 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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