JPMorgan Chase & Co. Boosts Stock Position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

JPMorgan Chase & Co. increased its holdings in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Free Report) by 77.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 77,150 shares of the financial services provider's stock after purchasing an additional 33,720 shares during the period. JPMorgan Chase & Co. owned 0.37% of MidWestOne Financial Group worth $2,247,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of MOFG. Corebridge Financial Inc. boosted its holdings in shares of MidWestOne Financial Group by 18.8% during the fourth quarter. Corebridge Financial Inc. now owns 9,244 shares of the financial services provider's stock worth $269,000 after acquiring an additional 1,462 shares during the period. Vanguard Group Inc. boosted its holdings in shares of MidWestOne Financial Group by 21.5% during the fourth quarter. Vanguard Group Inc. now owns 896,274 shares of the financial services provider's stock worth $26,099,000 after acquiring an additional 158,899 shares during the period. Sei Investments Co. boosted its holdings in shares of MidWestOne Financial Group by 11.5% during the fourth quarter. Sei Investments Co. now owns 19,672 shares of the financial services provider's stock worth $573,000 after acquiring an additional 2,023 shares during the period. American Century Companies Inc. boosted its holdings in shares of MidWestOne Financial Group by 2.1% during the fourth quarter. American Century Companies Inc. now owns 166,494 shares of the financial services provider's stock worth $4,848,000 after acquiring an additional 3,401 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of MidWestOne Financial Group during the fourth quarter worth approximately $237,000. Institutional investors own 65.42% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MOFG shares. Piper Sandler reduced their price objective on MidWestOne Financial Group from $34.50 to $33.00 and set a "neutral" rating for the company in a report on Monday. Hovde Group lifted their price target on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the company a "market perform" rating in a research report on Monday, January 27th. Keefe, Bruyette & Woods dropped their price target on shares of MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating for the company in a research report on Monday. Finally, StockNews.com upgraded shares of MidWestOne Financial Group from a "sell" rating to a "hold" rating in a research report on Monday, January 27th.

MidWestOne Financial Group Trading Up 0.6 %

Shares of MidWestOne Financial Group stock traded up $0.17 during trading on Tuesday, hitting $28.23. The company's stock had a trading volume of 85,072 shares, compared to its average volume of 82,770. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77. MidWestOne Financial Group, Inc. has a 52 week low of $20.01 and a 52 week high of $34.56. The stock has a market cap of $587.64 million, a price-to-earnings ratio of -6.95 and a beta of 0.88. The stock has a 50-day moving average price of $28.50 and a two-hundred day moving average price of $30.09.

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

MidWestOne Financial Group Dividend Announcement

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. The ex-dividend date is Monday, June 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 3.44%. MidWestOne Financial Group's payout ratio is currently -27.40%.

Insiders Place Their Bets

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 purchased at an average price of $27.98 per share, with a total value of $49,944.30. Following the completion of the purchase, the chief executive officer now owns 53,621 shares of the company's stock, valued at approximately $1,500,315.58. The trade was a 3.44 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is currently owned by corporate insiders.

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.