Cresset Asset Management LLC Sells 66,387 Shares of MidWestOne Financial Group, Inc. $MOFG

Key Points

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Cresset Asset Management LLC lowered its stake in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 36.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 113,540 shares of the financial services provider's stock after selling 66,387 shares during the quarter. Cresset Asset Management LLC owned about 0.55% of MidWestOne Financial Group worth $3,362,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. California State Teachers Retirement System grew 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 period. Stifel Financial Corp lifted its stake in MidWestOne Financial Group by 0.5% during the fourth 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. Summit Investment Advisors Inc. lifted its stake in MidWestOne Financial Group by 38.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the financial services provider's stock worth $57,000 after purchasing an additional 541 shares during the last quarter. New York State Common Retirement Fund lifted its stake in 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 purchasing an additional 1,800 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its position in MidWestOne Financial Group by 5.4% in the fourth quarter. Nuveen Asset Management LLC now owns 37,410 shares of the financial services provider's stock worth $1,089,000 after buying an additional 1,926 shares during the period. Hedge funds and other institutional investors own 65.42% of the company's stock.

MidWestOne Financial Group Trading Up 6.2%

Shares of NASDAQ:MOFG traded up $1.76 during midday trading on Friday, reaching $30.29. The company had a trading volume of 109,257 shares, compared to its average volume of 131,800. MidWestOne Financial Group, Inc. has a 1-year low of $24.62 and a 1-year high of $34.56. The firm has a market cap of $627.31 million, a price-to-earnings ratio of -7.46 and a beta of 1.05. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.84. The company has a fifty day simple moving average of $28.81 and a two-hundred day simple moving average of $28.98.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last announced 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 business had revenue of $61.41 million during the quarter, compared to analysts' expectations of $60.60 million. Research analysts predict that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.2425 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 3.2%. MidWestOne Financial Group's dividend payout ratio (DPR) is presently -23.89%.

Insider Transactions at MidWestOne Financial Group

In other news, COO Len D. Devaisher purchased 1,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was bought at an average cost of $28.72 per share, with a total value of $28,720.00. Following the purchase, the chief operating officer directly owned 3,000 shares of the company's stock, valued at approximately $86,160. This trade represents a 50.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Charles N. Reeves purchased 5,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average cost of $28.04 per share, with a total value of $140,200.00. Following the completion of the purchase, the chief executive officer directly owned 58,867 shares in the company, valued at approximately $1,650,630.68. This represents a 9.28% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 6,800 shares of company stock valued at $190,882 over the last 90 days. Corporate insiders own 2.50% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Piper Sandler dropped their target price on MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Keefe, Bruyette & Woods lowered their target price on MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $34.17.

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.