MidWestOne Financial Group (NASDAQ:MOFG) Stock Price Passes Above 200 Day Moving Average - Time to 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 share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-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.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Zacks Research raised shares of MidWestOne Financial Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 2nd. Piper Sandler dropped their target price on shares of MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating on the stock in a report on Tuesday, July 29th. One 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 an average rating of "Hold" and an average target price of $34.17.

MidWestOne Financial Group Price Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $608.55 million, a P/E ratio of -7.24 and a beta of 1.06. The firm's 50-day moving average is $29.09 and its two-hundred day moving average is $28.74.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.77 by ($0.28). The business had revenue of $61.41 million during the quarter, compared to analyst estimates of $60.60 million. Analysts anticipate 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 disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were paid a $0.2425 dividend. This represents a $0.97 annualized dividend and a yield of 3.3%. The ex-dividend date was Tuesday, September 2nd. MidWestOne Financial Group's dividend payout ratio is currently -23.89%.

Insider Buying and Selling

In other MidWestOne Financial Group news, COO Len D. Devaisher bought 1,000 shares of the stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $28.72 per share, for a total transaction of $28,720.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles N. Reeves acquired 5,000 shares of the business's stock in a transaction 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 transaction, the chief executive officer owned 58,867 shares in the company, valued at $1,650,630.68. The trade was a 9.28% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 6,800 shares of company stock valued at $190,882. 2.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On MidWestOne Financial Group

Several hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System increased its stake in shares of 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 purchasing an additional 343 shares in the last quarter. CWM LLC lifted its holdings in shares of MidWestOne Financial Group by 238.8% in the second quarter. CWM LLC now owns 3,175 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 2,238 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of MidWestOne Financial Group during the 2nd quarter valued at $98,000. Tower Research Capital LLC TRC raised its stake in shares of MidWestOne Financial Group by 286.8% in 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 position in shares of MidWestOne Financial Group in the first quarter valued at approximately $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.