Zacks Research Upgrades MidWestOne Financial Group (NASDAQ:MOFG) to Hold

Key Points

• MidWestOne Financial Group has been upgraded from a "strong sell" to a "hold" rating by Zacks Research, reflecting a more favorable outlook on its stock.
• Piper Sandler has decreased its price target for the company from $33.00 to $31.00 while maintaining a "neutral" rating.
• The financial services provider reported $0.49 earnings per share for the last quarter, missing expectations of $0.77, but exceeded revenue estimates with $61.41 million generated.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Tuesday, September 2nd,Zacks.com reports.

Separately, Piper Sandler dropped their target price on MidWestOne Financial Group from $33.00 to $31.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $34.17.

MidWestOne Financial Group Stock Performance

MidWestOne Financial Group stock traded down $0.33 during trading on Tuesday, hitting $30.05. The stock had a trading volume of 32,147 shares, compared to its average volume of 114,191. MidWestOne Financial Group has a 1 year low of $24.62 and a 1 year high of $34.56. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.19. The stock's 50 day moving average is $29.26 and its two-hundred day moving average is $28.79. The stock has a market cap of $622.23 million, a price-to-earnings ratio of -7.40 and a beta of 1.06.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate 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, analysts predict that MidWestOne Financial Group will post 3.2 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Two Sigma Investments LP increased its stake in MidWestOne Financial Group by 57.7% in the fourth quarter. Two Sigma Investments LP now owns 66,002 shares of the financial services provider's stock valued at $1,922,000 after acquiring an additional 24,140 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of MidWestOne Financial Group by 16,686.9% during the first quarter. GAMMA Investing LLC now owns 21,823 shares of the financial services provider's stock valued at $646,000 after buying an additional 21,693 shares during the last quarter. Northern Trust Corp grew its stake in shares of MidWestOne Financial Group by 29.0% during the fourth quarter. Northern Trust Corp now owns 165,274 shares of the financial services provider's stock valued at $4,813,000 after buying an additional 37,129 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of MidWestOne Financial Group by 32.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,541 shares of the financial services provider's stock valued at $307,000 after buying an additional 2,575 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of MidWestOne Financial Group during the first quarter valued at about $1,872,000. Institutional investors own 65.42% of the company's stock.

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.