Adage Capital Partners GP L.L.C. Buys 24,188 Shares of MidWestOne Financial Group, Inc. $MOFG

Adage Capital Partners GP L.L.C. raised its stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 61.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,273 shares of the financial services provider's stock after purchasing an additional 24,188 shares during the period. Adage Capital Partners GP L.L.C. owned 0.30% of MidWestOne Financial Group worth $1,874,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. California State Teachers Retirement System increased its stake in MidWestOne Financial Group by 32.5% in the fourth quarter. California State Teachers Retirement System now owns 1,398 shares of the financial services provider's stock valued at $41,000 after purchasing an additional 343 shares in the last quarter. AlphaQuest LLC bought a new stake in shares of MidWestOne Financial Group during the first quarter worth about $103,000. New York State Common Retirement Fund increased its position in shares of MidWestOne Financial Group by 44.8% during the first quarter. New York State Common Retirement Fund now owns 5,820 shares of the financial services provider's stock worth $172,000 after acquiring an additional 1,800 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of MidWestOne Financial Group during the fourth quarter worth about $211,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of MidWestOne Financial Group by 32.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,541 shares of the financial services provider's stock worth $307,000 after acquiring an additional 2,575 shares in the last quarter. 65.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MOFG shares. Zacks Research raised shares of MidWestOne Financial Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 2nd. Piper Sandler reduced their price objective on shares of MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating for the company in a research report on Tuesday, July 29th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $34.17.

Insider Activity at MidWestOne Financial Group

In other news, CEO Charles N. Reeves bought 5,000 shares of the stock in a transaction 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 purchase, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Len D. Devaisher bought 1,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $28.72 per share, for a total transaction of $28,720.00. Following the completion of the purchase, the chief operating officer directly owned 3,000 shares in the company, valued at approximately $86,160. This represents a 50.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 6,800 shares of company stock worth $190,882 over the last quarter. Corporate insiders own 2.50% of the company's stock.

MidWestOne Financial Group Stock Performance

Shares of MOFG stock traded down $0.22 during trading on Friday, reaching $29.19. 78,666 shares of the company's stock traded hands, compared to its average volume of 100,585. The company has a market capitalization of $604.52 million, a P/E ratio of -7.19 and a beta of 1.06. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19. The firm's 50-day moving average is $29.18 and its 200 day moving average is $28.77. MidWestOne Financial Group, Inc. has a 1 year low of $24.62 and a 1 year high of $34.56.

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

MidWestOne Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be paid a $0.2425 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.97 annualized dividend and a yield of 3.3%. MidWestOne Financial Group's dividend payout ratio is currently -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.