MidWestOne Financial Group (NASDAQ:MOFG) Sees Large Volume Increase - Time to Buy?

Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 429,297 shares traded hands during mid-day trading, an increase of 348% from the previous session's volume of 95,753 shares.The stock last traded at $27.70 and had previously closed at $28.24.

Wall Street Analysts Forecast Growth

MOFG has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Piper Sandler decreased their price objective on shares of MidWestOne Financial Group from $34.50 to $33.00 and set a "neutral" rating for the company in a research note on Monday, April 28th.

MidWestOne Financial Group Stock Performance

The firm has a market cap of $577.67 million, a PE ratio of -7.84 and a beta of 1.01. The business has a 50 day simple moving average of $28.47 and a two-hundred day simple moving average of $29.37. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.19.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.73 EPS for the quarter, hitting analysts' consensus estimates of $0.73. The company had revenue of $57.58 million during the quarter, compared to the consensus estimate of $58.87 million. As a group, equities research analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current fiscal year.

MidWestOne Financial Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend was Monday, June 2nd. MidWestOne Financial Group's dividend payout ratio (DPR) is presently -27.40%.

Institutional Trading of MidWestOne Financial Group

A number of large investors have recently modified their holdings of MOFG. Jennison Associates LLC increased its holdings in MidWestOne Financial Group by 61.8% during the 1st quarter. Jennison Associates LLC now owns 1,335,597 shares of the financial services provider's stock worth $39,547,000 after purchasing an additional 509,965 shares during the period. Wellington Management Group LLP lifted its holdings in shares of MidWestOne Financial Group by 30.8% in the 4th quarter. Wellington Management Group LLP now owns 1,046,451 shares of the financial services provider's stock worth $30,473,000 after buying an additional 246,117 shares during the period. Vanguard Group Inc. grew its position in shares of MidWestOne Financial Group by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 927,614 shares of the financial services provider's stock worth $27,467,000 after buying an additional 31,340 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of MidWestOne Financial Group by 9.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 799,195 shares of the financial services provider's stock valued at $23,273,000 after buying an additional 70,059 shares during the period. Finally, FJ Capital Management LLC raised its holdings in shares of MidWestOne Financial Group by 22.8% in the first quarter. FJ Capital Management LLC now owns 747,456 shares of the financial services provider's stock valued at $22,132,000 after acquiring an additional 138,959 shares in the last quarter. Hedge funds and other institutional investors own 65.42% of the company's stock.

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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