MidWestOne Financial Group (NASDAQ:MOFG) Price Target Lowered to $21.50 at Hovde Group

MidWestOne Financial Group (NASDAQ:MOFG) had its price objective decreased by equities researchers at Hovde Group from $23.50 to $21.50 in a research note issued on Friday, Briefing.com reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s target price suggests a potential upside of 8.48% from the stock’s previous close.

MOFG has been the subject of several other reports. Keefe, Bruyette & Woods dropped their target price on shares of MidWestOne Financial Group from $28.00 to $27.00 and set a “market perform” rating for the company in a research report on Friday, April 5th. StockNews.com upgraded shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Friday, January 19th. Finally, Piper Sandler initiated coverage on MidWestOne Financial Group in a report on Wednesday, March 13th. They set a “neutral” rating and a $24.00 target price on the stock. Five analysts have rated the stock with a hold rating, According to MarketBeat, MidWestOne Financial Group currently has a consensus rating of “Hold” and an average price target of $24.63.

MidWestOne Financial Group Trading Down 5.6 %

NASDAQ MOFG traded down $1.17 on Friday, hitting $19.82. The company’s stock had a trading volume of 36,337 shares, compared to its average volume of 31,101. The firm has a market cap of $312.17 million, a P/E ratio of 15.02 and a beta of 0.95. MidWestOne Financial Group has a 52-week low of $17.80 and a 52-week high of $27.78. The company’s 50-day simple moving average is $22.20 and its 200 day simple moving average is $22.97. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.24.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.04. The company had revenue of $36.42 million during the quarter, compared to analyst estimates of $43.40 million. MidWestOne Financial Group had a return on equity of 7.12% and a net margin of 7.78%. Research analysts predict that MidWestOne Financial Group will post 2.17 EPS for the current fiscal year.

Insider Transactions at MidWestOne Financial Group

In related news, CEO Charles N. Reeves purchased 4,447 shares of MidWestOne Financial Group stock in a transaction dated Monday, March 11th. The stock was purchased at an average cost of $22.49 per share, for a total transaction of $100,013.03. Following the completion of the acquisition, the chief executive officer now directly owns 38,346 shares of the company’s stock, valued at $862,401.54. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On MidWestOne Financial Group

A number of large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in shares of MidWestOne Financial Group in the 3rd quarter worth $129,000. Trexquant Investment LP grew its stake in shares of MidWestOne Financial Group by 47.0% during the 3rd quarter. Trexquant Investment LP now owns 31,048 shares of the financial services provider’s stock valued at $631,000 after purchasing an additional 9,929 shares during the period. Swiss National Bank increased its position in shares of MidWestOne Financial Group by 2.5% during the 3rd quarter. Swiss National Bank now owns 32,800 shares of the financial services provider’s stock valued at $667,000 after purchasing an additional 800 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of MidWestOne Financial Group by 0.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 94,360 shares of the financial services provider’s stock worth $1,918,000 after purchasing an additional 591 shares during the period. Finally, Investment Advisory Services Inc. TX ADV purchased a new position in shares of MidWestOne Financial Group in the fourth quarter worth approximately $242,000. Institutional investors own 65.42% 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, governmental units, and institutional customers. It offers range of deposit products, including noninterest bearing and interest bearing demand deposits, savings, money market, and time deposits accounts.