Insider Buying: MidWestOne Financial Group, Inc. (NASDAQ:MOFG) COO Purchases 1,000 Shares of Stock

Key Points

• Len D. Devaisher, COO of MidWestOne Financial Group, acquired 1,000 shares at an average cost of $28.72 each, increasing his ownership by 50.00% to a total of 3,000 shares valued at approximately $86,160.
• MidWestOne Financial Group's stock is currently trading down 2.2%, with a price of $27.82 and a twelve-month range from $24.62 to $34.56.
• The company reported a Q2 EPS of $0.49, missing estimates, and will pay a quarterly dividend of $0.2425 on September 16th, representing a 3.49% dividend yield.

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report) COO Len D. Devaisher bought 1,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $28.72 per share, with a total value of $28,720.00. Following the acquisition, the chief operating officer directly owned 3,000 shares in the company, valued at $86,160. This trade represents a 50.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

MidWestOne Financial Group Trading Down 2.9%

Shares of NASDAQ:MOFG traded down $0.81 during trading on Friday, reaching $26.73. The stock had a trading volume of 194,580 shares, compared to its average volume of 112,516. The firm's fifty day moving average is $28.94 and its 200 day moving average is $29.25. 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, Inc. has a 52 week low of $24.62 and a 52 week high of $34.56. The stock has a market cap of $556.44 million, a price-to-earnings ratio of -6.58 and a beta of 1.00.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last issued its 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 analyst estimates of $60.60 million. As a group, equities analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 2nd. MidWestOne Financial Group's dividend payout ratio (DPR) is presently -23.89%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Two Sigma Investments LP increased its holdings in MidWestOne Financial Group by 57.7% during the fourth quarter. Two Sigma Investments LP now owns 66,002 shares of the financial services provider's stock worth $1,922,000 after buying an additional 24,140 shares during the last quarter. GAMMA Investing LLC increased its holdings in MidWestOne Financial Group by 16,686.9% during the first quarter. GAMMA Investing LLC now owns 21,823 shares of the financial services provider's stock worth $646,000 after buying an additional 21,693 shares during the last quarter. Northern Trust Corp increased its holdings in MidWestOne Financial Group by 29.0% during the fourth quarter. Northern Trust Corp now owns 165,274 shares of the financial services provider's stock worth $4,813,000 after buying an additional 37,129 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in MidWestOne Financial Group by 32.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,541 shares of the financial services provider's stock worth $307,000 after buying an additional 2,575 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in MidWestOne Financial Group by 63.8% during the fourth quarter. Bank of America Corp DE now owns 24,818 shares of the financial services provider's stock worth $723,000 after buying an additional 9,671 shares during the last quarter. 65.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Piper Sandler dropped their target price 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. Keefe, Bruyette & Woods decreased 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, 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.