Heartland Advisors Inc. Purchases 10,088 Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Key Points

• Heartland Advisors Inc. has increased its stake in MidWestOne Financial Group by 10.1%, now owning approximately 110,088 shares valued at around $3.26 million.
• Several hedge funds, including Jennison Associates LLC, significantly boosted their holdings in MidWestOne Financial Group during Q1, with Jennison increasing its stake by 61.8%.
• MidWestOne Financial Group reported a missed EPS estimate of $0.49 against a consensus of $0.77 for the recently announced quarterly earnings.

Heartland Advisors Inc. increased its position in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 10.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 110,088 shares of the financial services provider's stock after purchasing an additional 10,088 shares during the quarter. Heartland Advisors Inc. owned approximately 0.53% of MidWestOne Financial Group worth $3,260,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in MidWestOne Financial Group by 38.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 56,987 shares of the financial services provider's stock worth $1,659,000 after buying an additional 15,768 shares during the period. Raymond James Financial Inc. bought a new position in MidWestOne Financial Group in the 4th quarter worth approximately $1,002,000. Quantbot Technologies LP bought a new position in MidWestOne Financial Group in the 4th quarter worth approximately $237,000. American Century Companies Inc. boosted its holdings in MidWestOne Financial Group by 2.1% in the 4th quarter. American Century Companies Inc. now owns 166,494 shares of the financial services provider's stock worth $4,848,000 after buying an additional 3,401 shares during the period. Finally, Sei Investments Co. boosted its holdings in MidWestOne Financial Group by 11.5% in the 4th quarter. Sei Investments Co. now owns 19,672 shares of the financial services provider's stock worth $573,000 after buying an additional 2,023 shares during the period. 65.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MidWestOne Financial Group

In related 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, with a total value of $28,720.00. Following the purchase, the chief operating officer 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Charles N. Reeves acquired 5,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost 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 of the company's stock, valued at $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. Corporate insiders own 2.50% of the company's stock.

MidWestOne Financial Group Trading Up 1.9%

NASDAQ:MOFG traded up $0.52 during trading hours on Wednesday, reaching $28.34. The company's stock had a trading volume of 79,386 shares, compared to its average volume of 114,226. The firm has a market capitalization of $589.95 million, a price-to-earnings ratio of -6.98 and a beta of 1.00. The firm has a 50-day simple moving average of $29.01 and a 200-day simple moving average of $29.28. MidWestOne Financial Group, Inc. has a 1 year low of $24.62 and a 1 year high of $34.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.82 and a current ratio of 0.82.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last issued its 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 company had revenue of $61.41 million for the quarter, compared to the consensus estimate of $60.60 million. Research analysts expect that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd will be issued 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 dividend yield of 3.42%. MidWestOne Financial Group's dividend payout ratio is currently -23.89%.

Analysts Set New Price Targets

Several research firms recently commented on MOFG. Piper Sandler cut their price objective on shares of MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating for the company in a report on Tuesday. Keefe, Bruyette & Woods lowered their target price on shares of MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating on the stock in a research note 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.