MidWestOne Financial Group (NASDAQ:MOFG) Stock Passes Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• MidWestOne Financial Group's share price surpasses its 200-day moving average of $28.75, trading as high as $28.89 with a current price of $28.53.
• Zacks upgraded the stock from a "strong sell" to a "hold" rating, while the consensus rating remains "Hold" with an average target price of $34.17.
• The company recently announced a quarterly dividend of $0.2425 per share, yielding approximately 3.4%, with a dividend payout ratio of -23.89%.

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $28.75 and traded as high as $28.89. MidWestOne Financial Group shares last traded at $28.53, with a volume of 98,547 shares.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MOFG shares. Piper Sandler lowered their price target 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. Zacks Research raised MidWestOne Financial Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, MidWestOne Financial Group currently has a consensus rating of "Hold" and an average target price of $34.17.

MidWestOne Financial Group Trading Down 1.5%

The company has a market cap of $608.67 million, a P/E ratio of -7.24 and a beta of 1.06. The business has a fifty day moving average price of $29.09 and a 200-day moving average price of $28.74. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.19.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last issued 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. On average, analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd were paid a $0.2425 dividend. This represents a $0.97 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Tuesday, September 2nd. MidWestOne Financial Group's payout ratio is -23.89%.

Insider Activity at MidWestOne Financial Group

In related news, CEO Charles N. Reeves purchased 5,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average cost of $28.04 per share, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Len D. Devaisher acquired 1,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price of $28.72 per share, with a total value of $28,720.00. Following the completion of the transaction, 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. Over the last quarter, insiders purchased 6,800 shares of company stock valued at $190,882. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its position in MidWestOne Financial Group by 32.5% during the fourth quarter. California State Teachers Retirement System now owns 1,398 shares of the financial services provider's stock valued at $41,000 after purchasing an additional 343 shares in the last quarter. CWM LLC increased 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 in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of MidWestOne Financial Group in the 2nd quarter valued at $98,000. Tower Research Capital LLC TRC boosted its holdings 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. Finally, AlphaQuest LLC bought a new stake in MidWestOne Financial Group during the 1st quarter worth $103,000. 65.42% of the stock is currently 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.