MidWestOne Financial Group (NASDAQ:MOFG) Reaches New 52-Week High After Better-Than-Expected Earnings

Key Points

• MidWestOne Financial Group shares reached a new 52-week high of $38.54 after reporting earnings per share of $0.88 for the quarter, exceeding expectations.
• Changes in analyst ratings include an upgrade from Zacks Research to a "hold," while Piper Sandler lowered their target price from $33.00 to $31.00.
• Recent insider purchases included COO Len D. Devaisher buying 1,000 shares and CEO Charles N. Reeves acquiring 5,000 shares, indicating confidence in the company's future performance.

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $38.54 and last traded at $37.00, with a volume of 178702 shares trading hands. The stock had previously closed at $28.37.

The financial services provider reported $0.88 earnings per share for the quarter. The firm had revenue of $50.10 million during the quarter.

Analyst Ratings Changes

MOFG has been the subject of several research reports. Zacks Research upgraded MidWestOne Financial Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 2nd. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of MidWestOne Financial Group in a report on Wednesday, October 8th. Finally, Piper Sandler lowered their target price on MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, MidWestOne Financial Group currently has an average rating of "Hold" and an average price target of $34.17.

Insider Activity

In other MidWestOne Financial Group news, COO Len D. Devaisher bought 1,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $28.72 per share, for a total transaction of $28,720.00. Following the acquisition, the chief operating officer directly owned 3,000 shares of the company's stock, valued at approximately $86,160. This trade represents a 50.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Charles N. Reeves acquired 5,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average price of $28.04 per share, with a total value of $140,200.00. Following the completion of the acquisition, the chief executive officer owned 58,867 shares of the company's stock, valued at $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 three months, insiders purchased 6,800 shares of company stock valued at $190,882. Company insiders own 2.50% of the company's stock.

Institutional Investors Weigh In On MidWestOne Financial Group

Several hedge funds and other institutional investors have recently made changes to their positions in MOFG. 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 buying an additional 2,238 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in MidWestOne Financial Group during the second quarter worth $98,000. Tower Research Capital LLC TRC boosted its position in shares of MidWestOne Financial Group by 286.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,524 shares of the financial services provider's stock valued at $101,000 after acquiring an additional 2,613 shares in the last quarter. AlphaQuest LLC acquired a new stake in MidWestOne Financial Group during the first quarter valued at approximately $103,000. Finally, New York State Common Retirement Fund grew its position in MidWestOne Financial Group by 44.8% in the first quarter. New York State Common Retirement Fund now owns 5,820 shares of the financial services provider's stock valued at $172,000 after acquiring an additional 1,800 shares during the period. 65.42% of the stock is owned by institutional investors and hedge funds.

MidWestOne Financial Group Stock Performance

The stock's 50-day simple moving average is $29.05 and its 200 day simple moving average is $28.69. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $765.00 million, a price-to-earnings ratio of -9.09 and a beta of 1.03.

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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