Piper Sandler Has Lowered Expectations for MidWestOne Financial Group (NASDAQ:MOFG) Stock Price

MidWestOne Financial Group (NASDAQ:MOFG) had its price objective cut by equities researchers at Piper Sandler from $33.00 to $31.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective would indicate a potential upside of 11.19% from the company’s previous close.

Separately, Keefe, Bruyette & Woods lowered their price target on shares of MidWestOne Financial Group from $39.00 to $38.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th.

MidWestOne Financial Group Price Performance

Shares of NASDAQ:MOFG opened at $27.88 on Tuesday. The company has a 50-day simple moving average of $28.99 and a 200-day simple moving average of $29.27. MidWestOne Financial Group has a one year low of $24.62 and a one year high of $34.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $580.46 million, a price-to-earnings ratio of -6.87 and a beta of 1.00.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its earnings results on Thursday, July 24th. The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.28). The business had revenue of $61.41 million for the quarter, compared to the consensus estimate of $60.60 million. On average, analysts predict that MidWestOne Financial Group will post 3.2 EPS for the current year.

Insider Buying and Selling at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost of $28.04 per share, for a total transaction of $140,200.00. Following the acquisition, the chief executive officer directly owned 58,867 shares of the company’s stock, valued at $1,650,630.68. This trade represents a 9.28% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, COO Len D. Devaisher acquired 1,000 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $28.72 per share, for a total transaction of $28,720.00. Following the completion of the transaction, the chief operating officer directly owned 3,000 shares of the company’s stock, valued at $86,160. This represents a 50.00% increase in their position. The disclosure for this purchase can be found here. 2.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On MidWestOne Financial Group

Large investors have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in MidWestOne Financial Group during the 4th quarter valued at about $1,002,000. American Century Companies Inc. boosted its position in shares of MidWestOne Financial Group by 2.1% in the fourth quarter. American Century Companies Inc. now owns 166,494 shares of the financial services provider’s stock valued at $4,848,000 after acquiring an additional 3,401 shares during the period. Sei Investments Co. boosted its position in shares of MidWestOne Financial Group by 11.5% in the fourth quarter. Sei Investments Co. now owns 19,672 shares of the financial services provider’s stock valued at $573,000 after acquiring an additional 2,023 shares during the period. Vanguard Group Inc. raised its stake in MidWestOne Financial Group by 21.5% in the fourth quarter. Vanguard Group Inc. now owns 896,274 shares of the financial services provider’s stock valued at $26,099,000 after purchasing an additional 158,899 shares in the last quarter. Finally, Corebridge Financial Inc. raised its stake in 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 worth $269,000 after acquiring an additional 1,462 shares in the last quarter. Institutional investors own 65.42% of the company’s stock.

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.