Basswood Capital Management L.L.C. Purchases 276,164 Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Basswood Capital Management L.L.C. grew its holdings in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 111.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 524,803 shares of the financial services provider's stock after purchasing an additional 276,164 shares during the period. Basswood Capital Management L.L.C. owned approximately 2.53% of MidWestOne Financial Group worth $15,282,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MOFG. Franklin Resources Inc. bought a new stake in shares of MidWestOne Financial Group in the 3rd quarter worth $1,116,000. Proficio Capital Partners LLC bought a new stake in MidWestOne Financial Group in the fourth quarter worth about $518,000. Bank of New York Mellon Corp lifted its holdings in MidWestOne Financial Group by 12.0% in the 4th quarter. Bank of New York Mellon Corp now owns 88,470 shares of the financial services provider's stock valued at $2,576,000 after acquiring an additional 9,510 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of MidWestOne Financial Group by 54.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 43,430 shares of the financial services provider's stock valued at $1,239,000 after purchasing an additional 15,351 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of MidWestOne Financial Group by 38.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 56,987 shares of the financial services provider's stock worth $1,659,000 after purchasing an additional 15,768 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors.

MidWestOne Financial Group Trading Down 0.3 %

MidWestOne Financial Group stock traded down $0.09 during midday trading on Wednesday, reaching $28.29. The stock had a trading volume of 73,976 shares, compared to its average volume of 83,609. The firm's fifty day simple moving average is $28.26 and its two-hundred day simple moving average is $30.05. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77. MidWestOne Financial Group, Inc. has a twelve month low of $20.04 and a twelve month high of $34.56. The firm has a market cap of $588.78 million, a price-to-earnings ratio of -6.97 and a beta of 0.99.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.73 earnings per share for the quarter, meeting the consensus estimate of $0.73. MidWestOne Financial Group had a return on equity of 6.54% and a net margin of 9.79%. The firm had revenue of $57.58 million for the quarter, compared to analyst estimates of $58.87 million. Equities analysts anticipate that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a dividend of $0.2425 per share. This represents a $0.97 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Monday, June 2nd. MidWestOne Financial Group's dividend payout ratio is currently -27.40%.

Insider Activity at MidWestOne Financial Group

In related news, CEO Charles N. Reeves bought 1,785 shares of the business's stock in a transaction on Monday, March 10th. The stock was bought at an average price of $27.98 per share, for a total transaction of $49,944.30. Following the transaction, the chief executive officer now directly owns 53,621 shares in the company, valued at $1,500,315.58. This represents a 3.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MOFG. StockNews.com upgraded shares of MidWestOne Financial Group from a "sell" rating to a "hold" rating in a report on Monday, January 27th. Piper Sandler reduced their price objective on MidWestOne Financial Group from $34.50 to $33.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Keefe, Bruyette & Woods cut their target price on 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. Finally, Hovde Group increased their price target 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.

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.