Hotchkis & Wiley Capital Management LLC Sells 10,080 Shares of MidWestOne Financial Group, Inc. $MOFG

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in MidWestOne Financial Group by 4.2%, now owning approximately 1.09% of the company, valued at $6.73 million after selling 10,080 shares.
• MidWestOne Financial Group's quarterly earnings of $0.49 per share missed analysts' estimates by $0.28, despite revenue surpassing expectations at $61.41 million.
• The company declared a quarterly dividend of $0.2425 per share, representing an annual yield of 3.2%, with the ex-dividend date set for September 2nd.

Hotchkis & Wiley Capital Management LLC reduced its position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 4.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 227,290 shares of the financial services provider's stock after selling 10,080 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 1.09% of MidWestOne Financial Group worth $6,730,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Jennison Associates LLC boosted its holdings in shares of MidWestOne Financial Group by 61.8% in the 1st quarter. Jennison Associates LLC now owns 1,335,597 shares of the financial services provider's stock worth $39,547,000 after purchasing an additional 509,965 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of MidWestOne Financial Group by 30.8% in the 4th quarter. Wellington Management Group LLP now owns 1,046,451 shares of the financial services provider's stock worth $30,473,000 after purchasing an additional 246,117 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of MidWestOne Financial Group by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 927,614 shares of the financial services provider's stock worth $27,467,000 after purchasing an additional 31,340 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of MidWestOne Financial Group by 9.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 799,195 shares of the financial services provider's stock worth $23,273,000 after purchasing an additional 70,059 shares in the last quarter. Finally, FJ Capital Management LLC boosted its holdings in MidWestOne Financial Group by 0.9% during the 4th quarter. FJ Capital Management LLC now owns 608,497 shares of the financial services provider's stock valued at $17,719,000 after acquiring an additional 5,622 shares during the period. 65.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other MidWestOne Financial Group news, COO Len D. Devaisher purchased 1,000 shares of the stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $28.72 per share, with a total value of $28,720.00. Following the transaction, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Charles N. Reeves purchased 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, with a total value of $140,200.00. Following the transaction, the chief executive officer directly owned 58,867 shares in the company, valued at $1,650,630.68. The trade was 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 in the last ninety days. 2.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler dropped their target price on MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating for the company in a report on Tuesday, July 29th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, MidWestOne Financial Group presently has a consensus rating of "Hold" and a consensus target price of $34.17.

MidWestOne Financial Group Trading Down 0.2%

MOFG stock traded down $0.06 during trading on Friday, hitting $30.24. 80,351 shares of the company traded hands, compared to its average volume of 101,572. The company has a 50-day moving average of $29.07 and a 200-day moving average of $28.86. The firm has a market capitalization of $626.27 million, a PE ratio of -7.45 and a beta of 1.06. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.84. 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 released 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 business had revenue of $61.41 million during the quarter, compared to analyst estimates of $60.60 million. 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 declared 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 of this dividend 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 is presently -23.89%.

MidWestOne Financial Group 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.