Interval Partners LP Cuts Position in MidWestOne Financial Group, Inc. $MOFG

Key Points

• Interval Partners LP reduced its stake in MidWestOne Financial Group by 52.2%, now holding 16,319 shares valued at $483,000 after selling 17,818 shares.
• CEO Charles N. Reeves purchased 5,000 shares of the company at an average cost of $28.04 each, increasing his ownership by 9.28%.
• MidWestOne Financial Group announced a quarterly dividend of $0.2425 per share, representing an annualized yield of 3.3%.

Interval Partners LP reduced its holdings in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 52.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,319 shares of the financial services provider's stock after selling 17,818 shares during the period. Interval Partners LP owned 0.08% of MidWestOne Financial Group worth $483,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of MOFG. Jennison Associates LLC grew its holdings in MidWestOne Financial Group by 61.8% during the 1st quarter. Jennison Associates LLC now owns 1,335,597 shares of the financial services provider's stock worth $39,547,000 after acquiring an additional 509,965 shares during the period. Wellington Management Group LLP increased its position in 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 valued at $30,473,000 after buying an additional 246,117 shares in the last quarter. FJ Capital Management LLC increased its position in MidWestOne Financial Group by 22.8% in the 1st quarter. FJ Capital Management LLC now owns 747,456 shares of the financial services provider's stock valued at $22,132,000 after buying an additional 138,959 shares in the last quarter. Millennium Management LLC increased its position in MidWestOne Financial Group by 256.6% in the 4th quarter. Millennium Management LLC now owns 110,977 shares of the financial services provider's stock valued at $3,232,000 after buying an additional 79,860 shares in the last quarter. Finally, Nuveen LLC bought a new stake in MidWestOne Financial Group in the 1st quarter valued at about $1,872,000. 65.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at MidWestOne Financial Group

In other MidWestOne Financial Group news, COO Len D. Devaisher bought 1,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average price of $28.72 per share, for a total transaction 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 represents a 50.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles N. Reeves bought 5,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price 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 in the company, valued at approximately $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 quarter. Company insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

MOFG has been the subject of a number of research analyst reports. Zacks Research raised MidWestOne Financial Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 2nd. Piper Sandler decreased their target price on 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 investment 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 company presently has a consensus rating of "Hold" and an average price target of $34.17.

MidWestOne Financial Group Stock Down 3.2%

MOFG stock traded down $0.96 during mid-day trading on Tuesday, reaching $29.41. 181,999 shares of the company traded hands, compared to its average volume of 115,089. The stock has a market cap of $609.08 million, a price-to-earnings ratio of -7.24 and a beta of 1.06. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.19. MidWestOne Financial Group, Inc. has a fifty-two week low of $24.62 and a fifty-two week high of $34.56. The firm's 50 day moving average price is $29.26 and its 200 day moving average price is $28.80.

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 earnings per share (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. As a group, equities research analysts predict that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be paid 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 3.3%. MidWestOne Financial Group's payout ratio is -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.