MidWestOne Financial Group, Inc. (NASDAQ:MOFG) CEO Purchases $140,200.00 in Stock

Key Points

• CEO Charles N. Reeves of MidWestOne Financial Group purchased 5,000 shares at an average price of $28.04, increasing his ownership by 9.28%.
• The company reported a quarterly EPS of $0.49, missing estimates of $0.77, despite revenue surpassing expectations at $61.41 million.
• A quarterly dividend of $0.2425 per share has been declared, with an annualized yield of 3.49%, payable on September 16th.

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report) CEO Charles N. Reeves acquired 5,000 shares of MidWestOne Financial Group stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $28.04 per share, with a total value of $140,200.00. Following the purchase, the chief executive officer owned 58,867 shares of the company's stock, valued at $1,650,630.68. The trade was a 9.28% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

MidWestOne Financial Group Stock Performance

Shares of MidWestOne Financial Group stock traded down $0.81 during trading hours on Friday, hitting $26.73. 194,580 shares of the company were exchanged, compared to its average volume of 112,516. MidWestOne Financial Group, Inc. has a 1 year low of $24.62 and a 1 year high of $34.56. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average of $28.94 and a 200-day moving average of $29.25. The stock has a market capitalization of $556.44 million, a price-to-earnings ratio of -6.58 and a beta of 1.00.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.28). The firm had revenue of $61.41 million during the quarter, compared to analyst estimates of $60.60 million. As a group, analysts expect that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 2nd. MidWestOne Financial Group's dividend payout ratio is currently -23.89%.

Analyst Upgrades and Downgrades

MOFG has been the subject of a number of research reports. Keefe, Bruyette & Woods reduced their price objective on MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Piper Sandler reduced their price objective on MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating for the company in a research note on Tuesday.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Jennison Associates LLC grew its holdings in MidWestOne Financial Group by 4.5% during the second quarter. Jennison Associates LLC now owns 1,395,623 shares of the financial services provider's stock worth $40,152,000 after acquiring an additional 60,026 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in MidWestOne Financial Group during the 2nd quarter worth about $715,000. CWM LLC increased its position in MidWestOne Financial Group by 238.8% during the 2nd quarter. CWM LLC now owns 3,175 shares of the financial services provider's stock worth $91,000 after purchasing an additional 2,238 shares in the last quarter. Clarius Group LLC acquired a new stake in MidWestOne Financial Group in the 2nd quarter worth about $331,000. Finally, Empowered Funds LLC boosted its stake in MidWestOne Financial Group by 8.4% in the 1st quarter. Empowered Funds LLC now owns 68,431 shares of the financial services provider's stock worth $2,026,000 after buying an additional 5,294 shares during the last quarter. Institutional investors and hedge funds own 65.42% of the company's stock.

MidWestOne Financial Group Company 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.