MidWestOne Financial Group (NASDAQ:MOFG) Stock Rating Upgraded by Zacks Research

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 Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Separately, Piper Sandler lowered their price target on shares of 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 data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $34.17.

MidWestOne Financial Group Price Performance

Shares of NASDAQ MOFG traded up $0.54 during trading on Tuesday, hitting $30.37. The company had a trading volume of 251,880 shares, compared to its average volume of 114,696. The company has a market cap of $628.96 million, a P/E ratio of -7.48 and a beta of 1.06. MidWestOne Financial Group has a 52 week low of $24.62 and a 52 week high of $34.56. The business's 50-day moving average is $29.23 and its 200 day moving average is $28.80. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.84.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last announced 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 for the quarter, compared to the consensus estimate of $60.60 million. Equities research analysts predict that MidWestOne Financial Group will post 3.2 earnings per share for the current fiscal year.

Insider Activity at MidWestOne Financial Group

In other news, CEO Charles N. Reeves acquired 5,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was bought at an average price of $28.04 per share, with a total value of $140,200.00. Following the completion of the acquisition, 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 acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Len D. Devaisher purchased 1,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $28.72 per share, for a total transaction of $28,720.00. Following the completion of the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 6,800 shares of company stock valued at $190,882. Company insiders own 2.50% of the company's stock.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of hedge funds and other institutional investors have recently bought and sold shares of MOFG. California State Teachers Retirement System raised its holdings in MidWestOne Financial Group by 32.5% in the fourth quarter. California State Teachers Retirement System now owns 1,398 shares of the financial services provider's stock worth $41,000 after purchasing an additional 343 shares during the period. CWM LLC increased its stake in MidWestOne Financial Group by 238.8% in the 2nd quarter. CWM LLC now owns 3,175 shares of the financial services provider's stock valued at $91,000 after buying an additional 2,238 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of MidWestOne Financial Group during the 2nd quarter worth about $98,000. Tower Research Capital LLC TRC increased its stake in shares of MidWestOne Financial Group by 286.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,524 shares of the financial services provider's stock worth $101,000 after purchasing an additional 2,613 shares during the last quarter. Finally, AlphaQuest LLC acquired a new position in shares of MidWestOne Financial Group during the 1st quarter worth about $103,000. 65.42% of the stock is owned by institutional investors.

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.