Piper Sandler Has Lowered Expectations for MidWestOne Financial Group (NASDAQ:MOFG) Stock Price

Key Points

• Piper Sandler has lowered its target price for MidWestOne Financial Group from $33.00 to $31.00, maintaining a "neutral" rating on the stock which suggests a 9.00% potential upside from its previous close.
• Keefe, Bruyette & Woods also revised its price target for the company from $39.00 to $38.00 while assigning an "outperform" rating.
• MidWestOne Financial Group recently reported $0.49 EPS, missing analysts' expectations of $0.77 EPS, despite achieving revenue of $61.41 million for the quarter.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) had its price target decreased by equities researchers at Piper Sandler from $33.00 to $31.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price objective suggests a potential upside of 15.97% from the company's previous close.

Separately, Keefe, Bruyette & Woods reduced their target price on MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating for the company in a report on Monday, April 28th.

MidWestOne Financial Group Stock Performance

Shares of MidWestOne Financial Group stock traded down $0.81 on Tuesday, hitting $26.73. The stock had a trading volume of 194,580 shares, compared to its average volume of 112,516. MidWestOne Financial Group has a 52-week low of $24.62 and a 52-week high of $34.56. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. The stock has a market cap of $556.44 million, a price-to-earnings ratio of -6.58 and a beta of 1.00. The company's 50 day moving average price is $28.94 and its 200 day moving average price is $29.25.

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

Insider Activity at MidWestOne Financial Group

In related news, COO Len D. Devaisher acquired 1,000 shares of MidWestOne Financial Group stock in a transaction on Tuesday, July 29th. The stock was purchased at an average cost of $28.72 per share, with a total value of $28,720.00. Following the purchase, the chief operating officer directly owned 3,000 shares in the company, valued at approximately $86,160. The trade was a 50.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Charles N. Reeves bought 5,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $28.04 per share, with a total value of $140,200.00. Following the completion of the purchase, the chief executive officer owned 58,867 shares in the company, valued at approximately $1,650,630.68. This represents a 9.28% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 6,600 shares of company stock valued at $185,516. 2.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of large investors have recently modified their holdings of MOFG. Raymond James Financial Inc. acquired a new stake in shares of MidWestOne Financial Group in the 4th quarter worth approximately $1,002,000. American Century Companies Inc. grew its holdings in shares of MidWestOne Financial Group by 2.1% in the 4th 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. Sei Investments Co. grew its holdings in shares of MidWestOne Financial Group by 11.5% in the 4th 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. Vanguard Group Inc. grew its holdings in shares of MidWestOne Financial Group by 21.5% in the 4th 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. Finally, Corebridge Financial Inc. grew its holdings in shares of MidWestOne Financial Group by 18.8% in the 4th 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. 65.42% of the stock is owned by hedge funds and other institutional investors.

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.