MidWestOne Financial Group (NASDAQ:MOFG) Shares Gap Down After Earnings Miss

Key Points

• MidWestOne Financial Group shares gapped down significantly following a disappointing earnings report, opening at $27.53 after closing at $29.18.
• The company reported $0.49 earnings per share, missing estimates by $0.28, although revenue of $61.41 million exceeded expectations of $60.60 million.
• Analysts have revised their price targets downward, with Piper Sandler now at $33.00 and Keefe, Bruyette & Woods at $38.00.
• Institutional investors hold a significant portion of the company, controlling 65.42% of the stock.

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report)'s share price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $29.18, but opened at $27.53. MidWestOne Financial Group shares last traded at $27.13, with a volume of 7,650 shares.

The financial services provider reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.77 by ($0.28). The company had revenue of $61.41 million for the quarter, compared to analyst estimates of $60.60 million.

MidWestOne Financial Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.2425 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.97 annualized dividend and a yield of 3.49%. MidWestOne Financial Group's dividend payout ratio is -23.89%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MOFG shares. Keefe, Bruyette & Woods decreased their price target on MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Piper Sandler dropped their price target on shares of MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating for the company in a research note on Tuesday.

Institutional Trading of MidWestOne Financial Group

Large investors have recently bought and sold shares of the business. California State Teachers Retirement System grew its holdings in MidWestOne Financial Group by 32.5% in the fourth 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. Summit Investment Advisors Inc. boosted its holdings in MidWestOne Financial Group by 38.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the financial services provider's stock worth $57,000 after purchasing an additional 541 shares during the last quarter. CWM LLC lifted its holdings in 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 acquiring an additional 2,238 shares during the period. AlphaQuest LLC purchased a new stake in MidWestOne Financial Group during the first quarter worth about $103,000. Finally, New York State Common Retirement Fund lifted its stake 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 purchasing an additional 1,800 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

MidWestOne Financial Group Trading Down 2.2%

The firm has a fifty day moving average of $29.05 and a two-hundred day moving average of $29.29. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. The company has a market cap of $579.21 million, a PE ratio of -6.85 and a beta of 1.00.

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.