Wellington Management Group LLP Raises Stock Holdings in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Wellington Management Group LLP boosted its position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 30.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,046,451 shares of the financial services provider’s stock after purchasing an additional 246,117 shares during the quarter. Wellington Management Group LLP owned approximately 0.05% of MidWestOne Financial Group worth $30,473,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MOFG. Arrowstreet Capital Limited Partnership grew its position in shares of MidWestOne Financial Group by 50.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 92,104 shares of the financial services provider’s stock worth $2,682,000 after buying an additional 31,016 shares during the period. JPMorgan Chase & Co. grew its holdings in MidWestOne Financial Group by 77.6% in the fourth quarter. JPMorgan Chase & Co. now owns 77,150 shares of the financial services provider’s stock worth $2,247,000 after purchasing an additional 33,720 shares during the period. Corebridge Financial Inc. lifted its holdings in shares of MidWestOne Financial Group by 18.8% during the fourth quarter. Corebridge Financial Inc. now owns 9,244 shares of the financial services provider’s stock valued at $269,000 after purchasing an additional 1,462 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of MidWestOne Financial Group by 21.5% in the 4th quarter. Vanguard Group Inc. now owns 896,274 shares of the financial services provider’s stock worth $26,099,000 after purchasing an additional 158,899 shares in the last quarter. Finally, Sei Investments Co. boosted its position in shares of MidWestOne Financial Group by 11.5% in the 4th quarter. Sei Investments Co. now owns 19,672 shares of the financial services provider’s stock worth $573,000 after purchasing an additional 2,023 shares in the last quarter. Hedge funds and other institutional investors own 65.42% of the company’s stock.

Insider Transactions at MidWestOne Financial Group

In other news, CEO Charles N. Reeves bought 1,785 shares of the stock in a transaction on Monday, March 10th. The shares were bought at an average price of $27.98 per share, with a total value of $49,944.30. Following the completion of the acquisition, the chief executive officer now owns 53,621 shares in the company, valued at $1,500,315.58. The trade was a 3.44 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Hovde Group raised their price objective on MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a research report on Monday, January 27th. Keefe, Bruyette & Woods raised MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $34.00 to $39.00 in a research report on Tuesday, December 17th. Finally, StockNews.com raised shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, January 27th.

MidWestOne Financial Group Stock Down 2.5 %

MidWestOne Financial Group stock opened at $26.17 on Monday. MidWestOne Financial Group, Inc. has a 12 month low of $19.43 and a 12 month high of $34.56. The stock has a fifty day simple moving average of $30.35 and a two-hundred day simple moving average of $30.22. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The firm has a market cap of $544.75 million, a price-to-earnings ratio of -6.45 and a beta of 0.88.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 6.54% and a net margin of 9.79%. Equities analysts predict that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.2425 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.97 annualized dividend and a dividend yield of 3.71%. MidWestOne Financial Group’s payout ratio is -23.89%.

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.