Wellington Management Group LLP Buys 246,117 Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Wellington Management Group LLP increased its holdings in MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 30.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,046,451 shares of the financial services provider's stock after buying an additional 246,117 shares during the period. Wellington Management Group LLP owned 5.04% of MidWestOne Financial Group worth $30,473,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System grew its stake in shares of MidWestOne Financial Group by 32.5% during the fourth quarter. California State Teachers Retirement System now owns 1,398 shares of the financial services provider's stock worth $41,000 after buying an additional 343 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in shares of MidWestOne Financial Group by 38.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the financial services provider's stock worth $57,000 after buying an additional 541 shares during the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of MidWestOne Financial Group in the fourth quarter worth $211,000. Polymer Capital Management US LLC bought a new stake in shares of MidWestOne Financial Group in the fourth quarter worth $222,000. Finally, SG Americas Securities LLC grew its stake in shares of MidWestOne Financial Group by 35.3% in the fourth quarter. SG Americas Securities LLC now owns 7,723 shares of the financial services provider's stock worth $225,000 after purchasing an additional 2,014 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Charles N. Reeves acquired 1,785 shares of MidWestOne Financial Group stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $27.98 per share, with a total value of $49,944.30. Following the transaction, the chief executive officer now owns 53,621 shares of the company's stock, valued at approximately $1,500,315.58. This trade represents a 3.44% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MOFG shares. Keefe, Bruyette & Woods reduced their price objective 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. Piper Sandler reduced their price objective on shares of MidWestOne Financial Group from $34.50 to $33.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th.

MidWestOne Financial Group Trading Down 2.0%

MOFG traded down $0.58 during trading on Wednesday, reaching $28.18. 20,671 shares of the stock traded hands, compared to its average volume of 86,940. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $586.62 million, a PE ratio of -6.94 and a beta of 0.99. The stock's 50-day moving average is $28.16 and its 200 day moving average is $29.85. MidWestOne Financial Group, Inc. has a 12 month low of $20.04 and a 12 month high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last posted its earnings results on Thursday, April 24th. The financial services provider reported $0.73 earnings per share for the quarter, hitting analysts' consensus estimates of $0.73. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. The company had revenue of $57.58 million for the quarter, compared to analyst estimates of $58.87 million. Equities analysts anticipate that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be issued a $0.2425 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.44%. MidWestOne Financial Group's dividend payout ratio is presently -27.40%.

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.