MidWestOne Financial Group (NASDAQ:MOFG) Announces Earnings Results

Key Points

• MidWestOne Financial Group reported a quarterly earnings per share (EPS) of $0.87, exceeding the consensus estimate of $0.82 by $0.05.
• The company’s stock (NASDAQ: MOFG) closed at $28.37, with a market capitalization of $587.54 million and a current consensus rating of "Hold".
• Insiders, including the COO and CEO, have recently purchased shares, indicating confidence in the company's performance, with total insider acquisitions of 6,800 shares valued at $190,882 in the last ninety days.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) issued its quarterly earnings data on Thursday. The financial services provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.82 by $0.05, Zacks reports.

MidWestOne Financial Group Stock Performance

MOFG stock traded down $0.13 during trading on Thursday, hitting $28.37. 75,515 shares of the company's stock traded hands, compared to its average volume of 116,541. The stock has a fifty day moving average price of $29.07 and a two-hundred day moving average price of $28.68. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.19. MidWestOne Financial Group has a 52 week low of $24.62 and a 52 week high of $34.56. The stock has a market capitalization of $587.54 million, a price-to-earnings ratio of -6.99 and a beta of 1.03.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Piper Sandler dropped their target price on MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating for the company in a research report on Tuesday, July 29th. Weiss Ratings reissued a "sell (d+)" rating on shares of MidWestOne Financial Group in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded shares of MidWestOne Financial Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 2nd. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, MidWestOne Financial Group presently has a consensus rating of "Hold" and an average target price of $34.17.

Insider Transactions at MidWestOne Financial Group

In other MidWestOne Financial Group news, COO Len D. Devaisher bought 1,000 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price of $28.72 per share, with a total value of $28,720.00. Following the completion of the acquisition, the chief operating officer directly owned 3,000 shares of the company's stock, valued at approximately $86,160. The trade was a 50.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Charles N. Reeves purchased 5,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $28.04 per share, for a total transaction of $140,200.00. Following the acquisition, the chief executive officer owned 58,867 shares in the company, valued at approximately $1,650,630.68. The trade was a 9.28% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 6,800 shares of company stock valued at $190,882. Insiders own 2.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in MidWestOne Financial Group by 8.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,382 shares of the financial services provider's stock worth $337,000 after buying an additional 841 shares in the last quarter. Invesco Ltd. boosted its position in MidWestOne Financial Group by 2.9% during the 2nd quarter. Invesco Ltd. now owns 30,485 shares of the financial services provider's stock worth $877,000 after acquiring an additional 848 shares during the period. Rhumbline Advisers grew its stake in shares of MidWestOne Financial Group by 4.8% in the second quarter. Rhumbline Advisers now owns 26,265 shares of the financial services provider's stock worth $756,000 after purchasing an additional 1,206 shares in the last quarter. Sei Investments Co. increased its holdings in shares of MidWestOne Financial Group by 8.9% during the second quarter. Sei Investments Co. now owns 21,431 shares of the financial services provider's stock valued at $617,000 after purchasing an additional 1,759 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in shares of MidWestOne Financial Group by 286.8% during the second quarter. Tower Research Capital LLC TRC now owns 3,524 shares of the financial services provider's stock valued at $101,000 after purchasing an additional 2,613 shares in the last quarter. 65.42% of the stock is owned by institutional investors and hedge funds.

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.

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