MidWestOne Financial Group (NASDAQ:MOFG) Receives Sell (D+) Rating from Weiss Ratings

Key Points

• MidWestOne Financial Group's stock has received a Sell (D+) rating from Weiss Ratings, indicating analysts' concerns about its performance.
• The company's recent earnings report showed a missed EPS estimate of $0.49 compared to the consensus estimate of $0.77, alongside a revenue of $61.41 million, slightly above expectations.
• Insider buying has been observed, with CEO Charles N. Reeves purchasing 5,000 shares and COO Len D. Devaisher acquiring 1,000 shares, suggesting management confidence in the company's future.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report)'s stock had its "sell (d+)" rating reissued by equities researchers at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

MOFG has been the subject of a number of other research reports. Piper Sandler reduced their target price on MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating for the company in a report on Tuesday, July 29th. Zacks Research raised MidWestOne Financial Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 2nd. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $34.17.

MidWestOne Financial Group Trading Down 0.8%

MidWestOne Financial Group stock opened at $28.90 on Wednesday. MidWestOne Financial Group has a 12 month low of $24.62 and a 12 month high of $34.56. The business's fifty day simple moving average is $28.94 and its two-hundred day simple moving average is $28.73. The company has a market capitalization of $598.40 million, a price-to-earnings ratio of -7.12 and a beta of 1.03. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.28). The firm had revenue of $61.41 million for the quarter, compared to analysts' expectations of $60.60 million. As a group, equities analysts predict that MidWestOne Financial Group will post 3.2 earnings per share for the current fiscal year.

Insider Activity at MidWestOne Financial Group

In other news, CEO Charles N. Reeves bought 5,000 shares of the firm's stock in a transaction on 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. The trade was a 9.28% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Len D. Devaisher acquired 1,000 shares of MidWestOne Financial Group stock in a transaction dated 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 completion of the purchase, the chief operating officer owned 3,000 shares of the company's stock, valued at approximately $86,160. This represents a 50.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 6,800 shares of company stock valued at $190,882 over the last three months. 2.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System boosted its stake in MidWestOne Financial Group by 32.5% in the 4th 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. CWM LLC grew its holdings in MidWestOne Financial Group by 238.8% during the 2nd quarter. CWM LLC now owns 3,175 shares of the financial services provider's stock valued at $91,000 after buying an additional 2,238 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of MidWestOne Financial Group in the second quarter valued at $98,000. Tower Research Capital LLC TRC increased its position in MidWestOne Financial Group by 286.8% in the second quarter. Tower Research Capital LLC TRC now owns 3,524 shares of the financial services provider's stock worth $101,000 after purchasing an additional 2,613 shares during the last quarter. Finally, AlphaQuest LLC purchased a new stake in MidWestOne Financial Group during the first quarter valued at $103,000. 65.42% of the stock is owned by hedge funds and other institutional investors.

About MidWestOne Financial Group

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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