Piper Sandler Cuts MidWestOne Financial Group (NASDAQ:MOFG) Price Target to $31.00

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 target price lowered by equities researchers at Piper Sandler from $33.00 to $31.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. Piper Sandler's target price indicates a potential upside of 15.97% from the company's previous close.

Separately, Keefe, Bruyette & Woods cut their price objective on 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.

MidWestOne Financial Group Stock Down 2.9%

NASDAQ MOFG traded down $0.81 during trading hours on Tuesday, hitting $26.73. 194,580 shares of the company traded hands, compared to its average volume of 115,932. The business's 50-day moving average is $28.97 and its 200-day moving average is $29.26. MidWestOne Financial Group has a twelve month low of $24.62 and a twelve month high of $34.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $556.52 million, a price-to-earnings ratio of -6.58 and a beta of 1.00.

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

Insider Buying and Selling at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves purchased 5,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $28.04 per share, for a total transaction of $140,200.00. Following the purchase, the chief executive officer owned 58,867 shares in the company, valued at approximately $1,650,630.68. This trade represents a 9.28% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Len D. Devaisher purchased 1,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $28.72 per share, for a total transaction of $28,720.00. Following the purchase, the chief operating officer owned 3,000 shares in the company, valued at approximately $86,160. The trade was a 50.00% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 6,600 shares of company stock worth $185,516. Corporate insiders own 2.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its holdings in MidWestOne Financial Group by 32.5% during the 4th quarter. California State Teachers Retirement System now owns 1,398 shares of the financial services provider's stock worth $41,000 after buying an additional 343 shares during the period. Stifel Financial Corp lifted its holdings in MidWestOne Financial Group by 0.5% during the 4th quarter. Stifel Financial Corp now owns 67,439 shares of the financial services provider's stock worth $1,964,000 after buying an additional 345 shares during the period. Summit Investment Advisors Inc. raised its position in shares of MidWestOne Financial Group by 38.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the financial services provider's stock worth $57,000 after acquiring an additional 541 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of MidWestOne Financial Group by 8.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,382 shares of the financial services provider's stock valued at $337,000 after purchasing an additional 841 shares in the last quarter. Finally, Corebridge Financial Inc. increased its holdings in MidWestOne Financial Group by 18.8% in the fourth quarter. Corebridge Financial Inc. now owns 9,244 shares of the financial services provider's stock worth $269,000 after purchasing an additional 1,462 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.