Geode Capital Management LLC Buys 97,502 Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Geode Capital Management LLC lifted its position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 29.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 433,179 shares of the financial services provider’s stock after buying an additional 97,502 shares during the period. Geode Capital Management LLC’s holdings in MidWestOne Financial Group were worth $12,617,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the company. SG Americas Securities LLC grew its position in shares of MidWestOne Financial Group by 35.3% during the 4th quarter. SG Americas Securities LLC now owns 7,723 shares of the financial services provider’s stock valued at $225,000 after acquiring an additional 2,014 shares during the period. Quantbot Technologies LP bought a new stake in shares of MidWestOne Financial Group in the fourth quarter worth about $237,000. Virtu Financial LLC bought a new stake in MidWestOne Financial Group in the 3rd quarter worth approximately $261,000. Apella Capital LLC purchased a new stake in MidWestOne Financial Group during the fourth quarter valued at $268,000. Finally, Corebridge Financial Inc. raised its position in shares of MidWestOne Financial Group by 18.8% during the 4th quarter. Corebridge Financial Inc. now owns 9,244 shares of the financial services provider’s stock valued at $269,000 after buying an additional 1,462 shares in the last quarter. 65.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Charles N. Reeves purchased 1,785 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average cost of $27.98 per share, for a total transaction of $49,944.30. Following the completion of the transaction, 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 link. Corporate insiders own 2.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MOFG shares. Hovde Group raised their price target on MidWestOne Financial Group from $30.00 to $33.50 and gave the stock a “market perform” rating in a research report on Monday, January 27th. StockNews.com upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Monday, January 27th.

MidWestOne Financial Group Price Performance

Shares of MOFG stock opened at $27.06 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77. The company has a market cap of $563.28 million, a P/E ratio of -6.67 and a beta of 0.88. The stock’s 50-day moving average is $28.95 and its 200 day moving average is $30.07. MidWestOne Financial Group, Inc. has a 1-year low of $19.69 and a 1-year high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating 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%. Research analysts predict that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current fiscal year.

MidWestOne Financial Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a dividend of $0.2425 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.97 dividend on an annualized basis and a yield of 3.58%. MidWestOne Financial Group’s dividend payout ratio is currently -23.89%.

MidWestOne Financial Group 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.