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

Wellington Management Group LLP raised its position in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 30.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,046,451 shares of the financial services provider's stock after purchasing 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 SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. California State Teachers Retirement System raised its stake in shares of MidWestOne Financial Group by 32.5% during the 4th quarter. California State Teachers Retirement System now owns 1,398 shares of the financial services provider's stock worth $41,000 after purchasing an additional 343 shares in the last quarter. Two Sigma Advisers LP raised its stake in shares of MidWestOne Financial Group by 40.3% during the 4th quarter. Two Sigma Advisers LP now owns 32,700 shares of the financial services provider's stock worth $952,000 after purchasing an additional 9,400 shares in the last quarter. Two Sigma Investments LP raised its stake 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 purchasing an additional 24,140 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of MidWestOne Financial Group by 5.4% during the 4th quarter. Nuveen Asset Management LLC now owns 37,410 shares of the financial services provider's stock worth $1,089,000 after purchasing an additional 1,926 shares in the last quarter. Finally, Numerai GP LLC bought a new position in shares of MidWestOne Financial Group in the 4th quarter valued at approximately $332,000. 65.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MidWestOne Financial Group

In other news, CEO Charles N. Reeves acquired 1,785 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $27.98 per share, with a total value of $49,944.30. Following the acquisition, the chief executive officer now owns 53,621 shares of the company's stock, valued at $1,500,315.58. This trade represents a 3.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.50% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MOFG. Keefe, Bruyette & Woods cut their price objective on 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 cut their price objective on 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 Stock Performance

MOFG traded up $0.50 during midday trading on Tuesday, reaching $28.76. The company's stock had a trading volume of 122,895 shares, compared to its average volume of 87,010. The stock has a market cap of $598.70 million, a P/E ratio of -7.08 and a beta of 0.99. The company has a fifty day simple moving average of $28.18 and a 200 day simple moving average of $29.86. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. MidWestOne Financial Group, Inc. has a twelve month low of $20.04 and a twelve month high of $34.56.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last released its earnings results on Thursday, April 24th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.73. The firm had revenue of $57.58 million for the quarter, compared to analyst estimates of $58.87 million. MidWestOne Financial Group had a return on equity of 6.54% and a net margin of 9.79%. Research analysts expect 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 announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a $0.2425 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend is Monday, June 2nd. MidWestOne Financial Group's dividend payout ratio (DPR) is currently -27.40%.

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.