MidWestOne Financial Group (NASDAQ:MOFG) Shares Gap Down on Disappointing Earnings

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 stock price gapped down before the market opened 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 changing hands.

The financial services provider reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.28). The business had revenue of $61.41 million for the quarter, compared to analysts' expectations of $60.60 million.

Analysts Set New Price Targets

Several research analysts have recently commented on MOFG shares. Piper Sandler dropped their price target on shares of MidWestOne Financial Group from $34.50 to $33.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Keefe, Bruyette & Woods dropped their price target on shares of 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.

Institutional Trading of MidWestOne Financial Group

A number of hedge funds have recently bought and sold shares of MOFG. Charles Schwab Investment Management Inc. boosted its holdings in MidWestOne Financial Group by 38.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 56,987 shares of the financial services provider's stock valued at $1,659,000 after purchasing an additional 15,768 shares during the period. Raymond James Financial Inc. bought a new stake in MidWestOne Financial Group in the 4th quarter valued at $1,002,000. Quantbot Technologies LP bought a new stake in MidWestOne Financial Group in the 4th quarter valued at $237,000. American Century Companies Inc. boosted its holdings in MidWestOne Financial Group by 2.1% in the 4th quarter. American Century Companies Inc. now owns 166,494 shares of the financial services provider's stock valued at $4,848,000 after purchasing an additional 3,401 shares during the period. Finally, Sei Investments Co. boosted its holdings in MidWestOne Financial Group by 11.5% in the 4th quarter. Sei Investments Co. now owns 19,672 shares of the financial services provider's stock valued at $573,000 after purchasing an additional 2,023 shares during the period. 65.42% of the stock is owned by institutional investors.

MidWestOne Financial Group Trading Down 7.2%

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 business's fifty day simple moving average is $29.11 and its two-hundred day simple moving average is $29.27. The stock has a market capitalization of $563.81 million, a P/E ratio of -7.63 and a beta of 1.00.

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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