Bank of America Corp DE Buys 9,671 Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Bank of America Corp DE increased its stake in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 63.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,818 shares of the financial services provider's stock after purchasing an additional 9,671 shares during the period. Bank of America Corp DE owned approximately 0.12% of MidWestOne Financial Group worth $723,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. raised its stake in MidWestOne Financial Group by 38.5% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the financial services provider's stock valued at $57,000 after buying an additional 541 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of MidWestOne Financial Group in the fourth quarter worth $211,000. Polymer Capital Management US LLC purchased a new stake in MidWestOne Financial Group during the fourth quarter valued at $222,000. Quantbot Technologies LP bought a new position in MidWestOne Financial Group in the fourth quarter valued at about $237,000. Finally, XTX Topco Ltd purchased a new position in MidWestOne Financial Group in the fourth quarter worth about $244,000. Institutional investors own 65.42% of the company's stock.

MidWestOne Financial Group Stock Performance

MidWestOne Financial Group stock traded down $0.22 during midday trading on Thursday, hitting $29.23. The stock had a trading volume of 99,744 shares, compared to its average volume of 89,009. MidWestOne Financial Group, Inc. has a 52-week low of $20.14 and a 52-week high of $34.56. The company has a market capitalization of $608.48 million, a PE ratio of -7.20 and a beta of 1.01. The firm's fifty day moving average is $28.19 and its two-hundred day moving average is $29.72. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.73. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. The firm had revenue of $57.58 million during the quarter, compared to analysts' expectations of $58.87 million. On average, research analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current year.

MidWestOne Financial Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a $0.2425 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.97 annualized dividend and a dividend yield of 3.32%. MidWestOne Financial Group's payout ratio is -27.40%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MOFG. Piper Sandler dropped their price objective on shares of MidWestOne Financial Group from $34.50 to $33.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Keefe, Bruyette & Woods cut their price objective on shares of MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating for the company in a research report on Monday, April 28th.

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.