MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Director Charles N. Funk Purchases 600 Shares

Key Points

• Charles N. Funk, a director at MidWestOne Financial Group, purchased 600 shares of the company's stock for a total of $16,596.00, raising his total holdings to 129,475 shares valued at approximately $3.58 million.
• MidWestOne Financial reported earnings of $0.49 per share for the last quarter, falling short of analysts' estimates of $0.77 EPS, but had revenue that exceeded expectations at $61.41 million.
• The company declared a quarterly dividend of $0.2425 per share, which is expected to yield 3.6% annually, with the dividend payment scheduled for September 16th.

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report) Director Charles N. Funk acquired 600 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were bought at an average cost of $27.66 per share, for a total transaction of $16,596.00. Following the completion of the acquisition, the director directly owned 129,475 shares of the company's stock, valued at approximately $3,581,278.50. This represents a 0.47% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

MidWestOne Financial Group Stock Down 0.4%

NASDAQ MOFG traded down $0.11 on Tuesday, reaching $26.94. The company had a trading volume of 42,264 shares, compared to its average volume of 115,352. The firm has a market capitalization of $560.71 million, a price-to-earnings ratio of -6.64 and a beta of 1.05. 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 1-year low of $24.62 and a 1-year high of $34.56. The company's fifty day moving average is $28.94 and its 200-day moving average is $29.25.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.77 by ($0.28). The firm had revenue of $61.41 million for the quarter, compared to the consensus estimate of $60.60 million. On average, research analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders 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 dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, September 2nd. MidWestOne Financial Group's dividend payout ratio is presently -23.89%.

Institutional Investors Weigh In On MidWestOne Financial Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System increased its holdings 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 purchasing an additional 343 shares during the period. Summit Investment Advisors Inc. boosted its position in MidWestOne Financial Group by 38.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the financial services provider's stock valued at $57,000 after buying an additional 541 shares in the last quarter. CWM LLC lifted its holdings in shares of MidWestOne Financial Group by 238.8% during the second quarter. CWM LLC now owns 3,175 shares of the financial services provider's stock worth $91,000 after purchasing an additional 2,238 shares during the period. AlphaQuest LLC acquired a new position in shares of MidWestOne Financial Group during the first quarter worth $103,000. Finally, New York State Common Retirement Fund raised its stake in MidWestOne Financial Group by 44.8% during the first quarter. New York State Common Retirement Fund now owns 5,820 shares of the financial services provider's stock worth $172,000 after buying an additional 1,800 shares during the last quarter. 65.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods cut their target price on shares of MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Piper Sandler lowered 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 report on Tuesday, July 29th.

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.