MidWestOne Financial Group (NASDAQ:MOFG) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• MidWestOne Financial Group's stock price crossed above its 200-day moving average, reaching a high of $29.23, with the last trading price at $29.14.
• Brokerage firms have mixed opinions on the stock, with a neutral rating from Piper Sandler after lowering the target price from $33.00 to $31.00, while Zacks upgraded it from "strong sell" to "hold."
• The company has announced a quarterly dividend of $0.2425 per share, representing an annual yield of 3.3%, with insiders increasing their stock holdings recently.

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 $28.69 and traded as high as $29.23. MidWestOne Financial Group shares last traded at $29.14, with a volume of 176,479 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MOFG. Piper Sandler reduced their target price on shares of MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating for the company in a report on Tuesday, July 29th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of MidWestOne Financial Group in a report on Wednesday, October 8th. Finally, Zacks Research raised shares of MidWestOne Financial Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 2nd. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $34.17.

MidWestOne Financial Group Stock Up 2.9%

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 business's fifty day simple moving average is $29.05 and its two-hundred day simple moving average is $28.69. The company has a market cap of $603.37 million, a PE ratio of -7.18 and a beta of 1.03.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last released its earnings results on Wednesday, June 7th. The financial services provider reported $0.88 EPS for the quarter. The company had revenue of $50.10 million for the quarter. On average, analysts predict that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Stockholders of record on Tuesday, September 2nd were paid a dividend of $0.2425 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.3%. MidWestOne Financial Group's payout ratio is currently -23.89%.

Insider Transactions at MidWestOne Financial Group

In other MidWestOne Financial Group news, CEO Charles N. Reeves purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $28.04 per share, for a total transaction of $140,200.00. Following the completion of the transaction, the chief executive officer owned 58,867 shares of the company's stock, valued at $1,650,630.68. The trade was a 9.28% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Len D. Devaisher purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average price of $28.72 per share, for a total transaction of $28,720.00. Following the completion of the transaction, the chief operating officer directly owned 3,000 shares of the company's stock, valued at $86,160. The trade was a 50.00% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 6,800 shares of company stock valued at $190,882 in the last three months. Corporate insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in MidWestOne Financial Group by 8.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,382 shares of the financial services provider's stock worth $337,000 after acquiring an additional 841 shares during the last quarter. Invesco Ltd. boosted its position in MidWestOne Financial Group by 2.9% during the second quarter. Invesco Ltd. now owns 30,485 shares of the financial services provider's stock worth $877,000 after acquiring an additional 848 shares during the last quarter. SG Americas Securities LLC boosted its position in MidWestOne Financial Group by 15.5% during the second quarter. SG Americas Securities LLC now owns 8,488 shares of the financial services provider's stock worth $244,000 after acquiring an additional 1,136 shares during the last quarter. Rhumbline Advisers boosted its position in MidWestOne Financial Group by 4.8% during the second quarter. Rhumbline Advisers now owns 26,265 shares of the financial services provider's stock worth $756,000 after acquiring an additional 1,206 shares during the last quarter. Finally, Sei Investments Co. boosted its position in MidWestOne Financial Group by 8.9% during the second quarter. Sei Investments Co. now owns 21,431 shares of the financial services provider's stock worth $617,000 after acquiring an additional 1,759 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

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.

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