MidWestOne Financial Group (NASDAQ:MOFG) Shares Pass Above 200-Day Moving Average - Time to Sell?

Key Points

• MidWestOne Financial Group's share price has passed above its 200-day moving average of $28.76, indicating positive momentum, as it reached a trading high of $28.89.
• The firm reported earnings of $0.49 per share in its last quarterly report, falling short of analysts' expectations of $0.77, but revenue exceeded predictions at $61.41 million.
• A recent dividend of $0.2425 per share was paid, yielding a 3.4% annualized return for shareholders, despite the company having a dividend payout ratio of -23.89%.

MidWestOne Financial Group, Inc. (NASDAQ:MOFG - Get Free Report)'s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $28.76 and traded as high as $28.89. MidWestOne Financial Group shares last traded at $28.46, with a volume of 70,540 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Zacks Research upgraded MidWestOne Financial Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 2nd. Piper Sandler cut their price objective on 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 company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $34.17.

MidWestOne Financial Group Trading Down 1.2%

The business has a 50 day simple moving average of $28.94 and a two-hundred day simple moving average of $28.76. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.19. The stock has a market cap of $589.29 million, a price-to-earnings ratio of -7.01 and a beta of 1.06.

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 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 analysts' expectations of $60.60 million. As a group, equities analysts anticipate that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current year.

MidWestOne Financial Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Tuesday, September 2nd. MidWestOne Financial Group's dividend payout ratio (DPR) is -23.89%.

Insider Activity at MidWestOne Financial Group

In other news, COO Len D. Devaisher bought 1,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was bought at an average price of $28.72 per share, for a total transaction of $28,720.00. Following the transaction, the chief operating officer owned 3,000 shares in the company, valued at $86,160. The trade was a 50.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Charles N. Reeves bought 5,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was 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 approximately $1,650,630.68. This represents a 9.28% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 6,800 shares of company stock valued at $190,882. Insiders own 2.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MOFG. Jennison Associates LLC grew its position in shares of MidWestOne Financial Group by 61.8% in the 1st quarter. Jennison Associates LLC now owns 1,335,597 shares of the financial services provider's stock worth $39,547,000 after acquiring an additional 509,965 shares in the last quarter. FJ Capital Management LLC grew its position in shares of MidWestOne Financial Group by 22.8% in the 1st quarter. FJ Capital Management LLC now owns 747,456 shares of the financial services provider's stock worth $22,132,000 after acquiring an additional 138,959 shares in the last quarter. JPMorgan Chase & Co. boosted its position in MidWestOne Financial Group by 125.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 138,212 shares of the financial services provider's stock valued at $3,976,000 after purchasing an additional 76,966 shares during the period. Goldman Sachs Group Inc. boosted its position in MidWestOne Financial Group by 16.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 531,724 shares of the financial services provider's stock valued at $15,744,000 after purchasing an additional 76,368 shares during the period. Finally, Nuveen LLC acquired a new position in MidWestOne Financial Group during the 1st quarter valued at approximately $1,872,000. Institutional investors and hedge funds 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.

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