Vanguard Group Inc. Boosts Stock Holdings in MidWestOne Financial Group, Inc. $MOFG

Key Points

• Vanguard Group Inc. has increased its stake in MidWestOne Financial Group, now owning 4.46% of the company, after adding 31,340 shares in the first quarter.
• Analysts have set a new average price target of $34.17 for MidWestOne Financial Group, with one "Buy" rating and two "Hold" ratings from investment analysts.
• The board recently announced a quarterly dividend of $0.2425 per share, representing an annualized yield of 3.2%, with the ex-dividend date on September 2nd.

Vanguard Group Inc. boosted its holdings in MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 3.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 927,614 shares of the financial services provider's stock after buying an additional 31,340 shares during the period. Vanguard Group Inc. owned approximately 4.46% of MidWestOne Financial Group worth $27,467,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of MOFG. Jennison Associates LLC grew its stake in 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 valued at $39,547,000 after buying an additional 509,965 shares in the last quarter. Basswood Capital Management L.L.C. grew its stake in MidWestOne Financial Group by 111.1% in the 4th quarter. Basswood Capital Management L.L.C. now owns 524,803 shares of the financial services provider's stock valued at $15,282,000 after buying an additional 276,164 shares in the last quarter. Wellington Management Group LLP grew its position in shares of MidWestOne Financial Group by 30.8% during 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 purchasing an additional 246,117 shares in the last quarter. Millennium Management LLC grew its position in shares of MidWestOne Financial Group by 256.6% during the 4th quarter. Millennium Management LLC now owns 110,977 shares of the financial services provider's stock valued at $3,232,000 after purchasing an additional 79,860 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of MidWestOne Financial Group by 9.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 799,195 shares of the financial services provider's stock valued at $23,273,000 after purchasing an additional 70,059 shares in the last quarter. 65.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MidWestOne Financial Group

In other news, 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 price of $28.04 per share, for a total transaction of $140,200.00. Following the completion of the acquisition, the chief executive officer directly owned 58,867 shares in the company, valued at $1,650,630.68. This represents a 9.28% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Len D. Devaisher purchased 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 acquisition, the chief operating officer owned 3,000 shares of the company's stock, valued at approximately $86,160. The trade was a 50.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 6,800 shares of company stock worth $190,882. Corporate insiders own 2.50% of the company's stock.

MidWestOne Financial Group Trading Down 0.2%

Shares of NASDAQ:MOFG traded down $0.06 during midday trading on Monday, hitting $30.24. 80,351 shares of the stock traded hands, compared to its average volume of 101,572. The stock has a market capitalization of $626.27 million, a PE ratio of -7.45 and a beta of 1.06. The business's 50 day moving average is $29.07 and its two-hundred day moving average is $28.86. 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 one year low of $24.62 and a one year high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate 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. As a group, research analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reduced 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 investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $34.17.

MidWestOne Financial Group Company 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.