FARMERS & MERCHANTS TRUST Co OF LONG BEACH acquired a new stake in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 30,420 shares of the financial services provider’s stock, valued at approximately $608,000. FARMERS & MERCHANTS TRUST Co OF LONG BEACH owned approximately 0.19% of MidWestOne Financial Group as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of MOFG. Advisor Group Inc. bought a new position in shares of MidWestOne Financial Group during the fourth quarter valued at $40,000. Wealthcare Advisory Partners LLC purchased a new stake in MidWestOne Financial Group during the 1st quarter valued at about $26,000. Denali Advisors LLC purchased a new stake in MidWestOne Financial Group during the 1st quarter valued at about $36,000. Meeder Asset Management Inc. raised its holdings in MidWestOne Financial Group by 66.8% in the first quarter. Meeder Asset Management Inc. now owns 1,992 shares of the financial services provider’s stock worth $42,000 after buying an additional 798 shares during the last quarter. Finally, Citigroup Inc. lifted its stake in shares of MidWestOne Financial Group by 37.7% in the first quarter. Citigroup Inc. now owns 3,648 shares of the financial services provider’s stock worth $76,000 after buying an additional 999 shares in the last quarter. Hedge funds and other institutional investors own 60.35% of the company’s stock.
A number of equities analysts recently weighed in on MOFG shares. Zacks Investment Research lowered shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Tuesday, April 28th. BidaskClub cut MidWestOne Financial Group from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 7th. Piper Sandler dropped their price objective on MidWestOne Financial Group from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 30th. Finally, Stephens assumed coverage on MidWestOne Financial Group in a report on Tuesday, July 7th. They issued an “equal weight” rating and a $22.50 price objective for the company. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $21.83.
MidWestOne Financial Group (NASDAQ:MOFG) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.43. MidWestOne Financial Group had a net margin of 15.15% and a return on equity of 7.92%. The business had revenue of $46.98 million during the quarter, compared to analyst estimates of $47.65 million. As a group, equities research analysts predict that MidWestOne Financial Group, Inc. will post 1.15 earnings per share for the current fiscal year.
About MidWestOne Financial Group
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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