Hovde Group Lowers MidWestOne Financial Group (NASDAQ:MOFG) Price Target to $21.50

MidWestOne Financial Group (NASDAQ:MOFG - Free Report) had its price target reduced by Hovde Group from $23.50 to $21.50 in a report released on Friday morning, MarketBeat reports. Hovde Group currently has a market perform rating on the financial services provider's stock.

MOFG has been the subject of a number of other research reports. StockNews.com upgraded shares of MidWestOne Financial Group from a sell rating to a hold rating in a research note on Friday, January 19th. Keefe, Bruyette & Woods dropped their price objective on shares of MidWestOne Financial Group from $28.00 to $27.00 and set a market perform rating for the company in a research note on Friday, April 5th. Finally, Piper Sandler assumed coverage on shares of MidWestOne Financial Group in a research note on Wednesday, March 13th. They issued a neutral rating and a $24.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $24.63.

MidWestOne Financial Group Stock Performance

Shares of NASDAQ MOFG traded down $0.58 during mid-day trading on Friday, reaching $20.41. 59,418 shares of the company were exchanged, compared to its average volume of 31,387. The company's 50-day simple moving average is $22.20 and its 200-day simple moving average is $22.97. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $321.46 million, a P/E ratio of 15.00 and a beta of 0.95. MidWestOne Financial Group has a twelve month low of $17.80 and a twelve month high of $27.78.

MidWestOne Financial Group (NASDAQ:MOFG - Get Free Report) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.04. The company had revenue of $36.42 million during the quarter, compared to analysts' expectations of $43.40 million. MidWestOne Financial Group had a net margin of 7.78% and a return on equity of 7.12%. As a group, research analysts predict that MidWestOne Financial Group will post 2.17 earnings per share for the current year.

Insider Activity

In other news, CEO Charles N. Reeves bought 4,447 shares of the company's stock in a transaction dated Monday, March 11th. The stock was bought at an average cost of $22.49 per share, for a total transaction of $100,013.03. Following the transaction, the chief executive officer now owns 38,346 shares of the company's stock, valued at $862,401.54. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On MidWestOne Financial Group

Several hedge funds and other institutional investors have recently made changes to their positions in MOFG. SG Americas Securities LLC bought a new stake in MidWestOne Financial Group during the 3rd quarter worth approximately $129,000. Investment Advisory Services Inc. TX ADV bought a new stake in shares of MidWestOne Financial Group in the 4th quarter valued at $242,000. Bailard Inc. bought a new stake in shares of MidWestOne Financial Group in the 4th quarter valued at $346,000. BNP Paribas Financial Markets boosted its stake in shares of MidWestOne Financial Group by 24.8% in the 4th quarter. BNP Paribas Financial Markets now owns 13,738 shares of the financial services provider's stock valued at $370,000 after purchasing an additional 2,728 shares during the last quarter. Finally, Strs Ohio boosted its stake in shares of MidWestOne Financial Group by 10.0% in the 3rd quarter. Strs Ohio now owns 23,100 shares of the financial services provider's stock valued at $469,000 after purchasing an additional 2,100 shares during the last quarter. 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.