MidWestOne Financial Group (NASDAQ:MOFG) Shares Gap Down - Here's Why

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $28.46, but opened at $27.02. MidWestOne Financial Group shares last traded at $27.10, with a volume of 7,260 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MOFG. Keefe, Bruyette & Woods reduced their price target on MidWestOne Financial Group from $39.00 to $38.00 and set an "outperform" rating on the stock in a research report on Monday. Hovde Group upped their price target on MidWestOne Financial Group from $30.00 to $33.50 and gave the company a "market perform" rating in a research note on Monday, January 27th. StockNews.com raised shares of MidWestOne Financial Group from a "sell" rating to a "hold" rating in a research note on Monday, January 27th. Finally, Piper Sandler lowered their price target on MidWestOne Financial Group from $34.50 to $33.00 and set a "neutral" rating for the company in a report on Monday.

MidWestOne Financial Group Price Performance

The firm has a market cap of $581.39 million, a price-to-earnings ratio of -6.88 and a beta of 0.88. The company's fifty day moving average is $28.50 and its 200 day moving average is $30.09. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $0.73 earnings per share for the quarter, hitting analysts' consensus estimates of $0.73. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. The business had revenue of $57.58 million for the quarter, compared to the consensus estimate of $58.87 million. On average, equities research analysts predict that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current year.

MidWestOne Financial Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $0.2425 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 3.47%. MidWestOne Financial Group's dividend payout ratio (DPR) is currently -27.40%.

Insiders Place Their Bets

In other news, CEO Charles N. Reeves purchased 1,785 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average cost of $27.98 per share, for a total transaction of $49,944.30. Following the purchase, the chief executive officer now directly owns 53,621 shares of the company's stock, valued at $1,500,315.58. This trade represents a 3.44 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.50% of the company's stock.

Institutional Investors Weigh In On MidWestOne Financial Group

A number of institutional investors have recently modified their holdings of MOFG. Basswood Capital Management L.L.C. increased its holdings in MidWestOne Financial Group by 111.1% in the 4th quarter. Basswood Capital Management L.L.C. now owns 524,803 shares of the financial services provider's stock valued at $15,282,000 after buying an additional 276,164 shares during the period. Wellington Management Group LLP lifted its stake 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 valued at $30,473,000 after acquiring an additional 246,117 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of MidWestOne Financial Group by 21.5% during the 4th quarter. Vanguard Group Inc. now owns 896,274 shares of the financial services provider's stock valued at $26,099,000 after acquiring an additional 158,899 shares in the last quarter. Geode Capital Management LLC grew its position in MidWestOne Financial Group by 29.0% during the 4th quarter. Geode Capital Management LLC now owns 433,179 shares of the financial services provider's stock worth $12,617,000 after acquiring an additional 97,502 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in MidWestOne Financial Group by 256.6% in the 4th quarter. Millennium Management LLC now owns 110,977 shares of the financial services provider's stock worth $3,232,000 after purchasing an additional 79,860 shares in the last quarter. 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.