American Century Companies Inc. Cuts Position in MidWestOne Financial Group, Inc. $MOFG

Key Points

• American Century Companies Inc. sold 56,818 shares of MidWestOne Financial Group, reducing its stake by 34.1%, leaving it with 109,676 shares valued at approximately $3.2 million.
• MidWestOne Financial Group reported $0.49 earnings per share for the last quarter, which was below analysts' estimates of $0.77.
• MidWestOne Financial Group declared a quarterly dividend of $0.2425 per share, which translates to an annual yield of 3.2%.

American Century Companies Inc. trimmed its position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 34.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 109,676 shares of the financial services provider's stock after selling 56,818 shares during the period. American Century Companies Inc. owned about 0.53% of MidWestOne Financial Group worth $3,248,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. California State Teachers Retirement System boosted its holdings in shares of MidWestOne Financial Group by 32.5% during the 4th quarter. California State Teachers Retirement System now owns 1,398 shares of the financial services provider's stock worth $41,000 after purchasing an additional 343 shares during the last quarter. Stifel Financial Corp boosted its holdings in shares of MidWestOne Financial Group by 0.5% during the 4th quarter. Stifel Financial Corp now owns 67,439 shares of the financial services provider's stock worth $1,964,000 after purchasing an additional 345 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of MidWestOne Financial Group by 44.8% during the 1st quarter. New York State Common Retirement Fund now owns 5,820 shares of the financial services provider's stock worth $172,000 after purchasing an additional 1,800 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of MidWestOne Financial Group by 5.4% during the 4th quarter. Nuveen Asset Management LLC now owns 37,410 shares of the financial services provider's stock worth $1,089,000 after purchasing an additional 1,926 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of MidWestOne Financial Group by 32.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,541 shares of the financial services provider's stock worth $307,000 after purchasing an additional 2,575 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MOFG. Piper Sandler lowered their target price on MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating on the stock in a report on Tuesday, July 29th. Zacks Research upgraded MidWestOne Financial Group from a "strong sell" rating to a "hold" rating in a report on Tuesday. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $34.17.

MidWestOne Financial Group Trading Down 1.1%

MOFG traded down $0.34 during trading hours on Friday, reaching $29.83. The company's stock had a trading volume of 135,478 shares, compared to its average volume of 89,432. MidWestOne Financial Group, Inc. has a fifty-two week low of $24.62 and a fifty-two week high of $34.56. The stock has a market cap of $617.78 million, a PE ratio of -7.35 and a beta of 1.06. The business's 50-day moving average is $29.23 and its 200-day moving average is $28.83. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.84 and a quick ratio of 0.83.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $60.60 million. As a group, equities research analysts predict that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

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 $0.2425 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 3.3%. MidWestOne Financial Group's dividend payout ratio is currently -23.89%.

Insider Buying and Selling

In other news, COO Len D. Devaisher bought 1,000 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $28.72 per share, with a total value of $28,720.00. Following the completion of the transaction, the chief operating officer directly owned 3,000 shares in the company, valued at $86,160. This trade represents a 50.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Charles N. Reeves bought 5,000 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was purchased at an average cost of $28.04 per share, for a total transaction of $140,200.00. Following the transaction, the chief executive officer 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 disclosure for this purchase can be found here. Insiders purchased 6,800 shares of company stock worth $190,882 over the last quarter. 2.50% of the stock is currently owned by insiders.

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.