MidWestOne Financial Group (NASDAQ:MOFG) PT Lowered to $21.50

MidWestOne Financial Group (NASDAQ:MOFG) had its price target decreased by equities researchers at Hovde Group from $23.50 to $21.50 in a research note issued to investors on Friday, MarketBeat reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Hovde Group’s price target suggests a potential upside of 5.34% from the stock’s current price.

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

MidWestOne Financial Group Stock Performance

NASDAQ:MOFG opened at $20.41 on Friday. The company has a fifty day moving average of $22.13 and a 200-day moving average of $22.98. The firm has a market capitalization of $321.46 million, a P/E ratio of 14.17 and a beta of 0.95. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.24. MidWestOne Financial Group has a twelve month low of $17.80 and a twelve month high of $27.78.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate 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 net margin of 7.78% and a return on equity of 5.52%. As a group, sell-side analysts anticipate that MidWestOne Financial Group will post 2.17 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Charles N. Reeves acquired 4,447 shares of the business’s stock in a transaction on Monday, March 11th. The shares were purchased at an average cost of $22.49 per share, with a total value of $100,013.03. Following the acquisition, the chief executive officer now directly owns 38,346 shares of the company’s stock, valued at $862,401.54. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of hedge funds have recently bought and sold shares of MOFG. Sippican Capital Advisors purchased a new position in MidWestOne Financial Group during the 4th quarter worth $590,000. LSV Asset Management boosted its holdings in MidWestOne Financial Group by 10.3% during the 3rd quarter. LSV Asset Management now owns 158,622 shares of the financial services provider’s stock worth $3,225,000 after acquiring an additional 14,800 shares during the last quarter. Bailard Inc. bought a new stake in shares of MidWestOne Financial Group during the 4th quarter worth $346,000. Trexquant Investment LP raised 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 worth $631,000 after purchasing an additional 9,929 shares during the period. Finally, Investment Advisory Services Inc. TX ADV bought a new stake in shares of MidWestOne Financial Group during the 4th quarter worth $242,000. 65.42% of the stock is owned by hedge funds and other institutional investors.

About MidWestOne Financial Group

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.