MidWestOne Financial Group, Inc. $MOFG Stake Trimmed by Jacobs Asset Management LLC

Key Points

• Jacobs Asset Management LLC has reduced its stake in MidWestOne Financial Group by 15.8%, now holding 200,000 shares, which represent about 3.7% of its investment portfolio.
• MidWestOne Financial Group reported an earnings per share (EPS) of $0.49 for the last quarter, missing analysts' estimates by $0.28, despite revenue exceeding expectations at $61.41 million.
• The company announced a quarterly dividend of $0.2425 per share, amounting to an annualized dividend of $0.97, with a dividend yield of 3.2%.

Jacobs Asset Management LLC reduced its stake in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 15.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 200,000 shares of the financial services provider's stock after selling 37,500 shares during the period. MidWestOne Financial Group accounts for about 3.7% of Jacobs Asset Management LLC's investment portfolio, making the stock its 12th largest position. Jacobs Asset Management LLC owned 0.96% of MidWestOne Financial Group worth $5,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Two Sigma Investments LP lifted its holdings in shares of MidWestOne Financial Group by 57.7% during the 4th quarter. Two Sigma Investments LP now owns 66,002 shares of the financial services provider's stock worth $1,922,000 after acquiring an additional 24,140 shares during the period. GAMMA Investing LLC grew its position in MidWestOne Financial Group by 16,686.9% in the first quarter. GAMMA Investing LLC now owns 21,823 shares of the financial services provider's stock valued at $646,000 after acquiring an additional 21,693 shares in the last quarter. Northern Trust Corp grew its position in MidWestOne Financial Group by 29.0% in the fourth quarter. Northern Trust Corp now owns 165,274 shares of the financial services provider's stock valued at $4,813,000 after acquiring an additional 37,129 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of MidWestOne Financial Group by 32.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,541 shares of the financial services provider's stock worth $307,000 after buying an additional 2,575 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of MidWestOne Financial Group by 63.8% during the fourth quarter. Bank of America Corp DE now owns 24,818 shares of the financial services provider's stock worth $723,000 after buying an additional 9,671 shares in the last quarter. 65.42% of the stock is currently owned by hedge funds and other institutional investors.

MidWestOne Financial Group Stock Performance

Shares of NASDAQ MOFG traded down $0.06 during midday trading on Friday, reaching $30.24. 80,351 shares of the company traded hands, compared to its average volume of 107,283. MidWestOne Financial Group, Inc. has a 52 week low of $24.62 and a 52 week high of $34.56. The stock has a 50-day moving average price of $29.07 and a 200 day moving average price of $28.89. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $626.27 million, a price-to-earnings ratio of -7.45 and a beta of 1.05.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.77 by ($0.28). The company had revenue of $61.41 million for the quarter, compared to analyst estimates of $60.60 million. Sell-side analysts anticipate that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current fiscal year.

MidWestOne Financial Group Announces Dividend

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 $0.2425 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.97 annualized dividend and a yield of 3.2%. MidWestOne Financial Group's payout ratio is -23.89%.

Insider Activity

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

Analyst Upgrades and Downgrades

Separately, Piper Sandler decreased their price target on shares of 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 equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, MidWestOne Financial Group presently has an average 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.