MidWestOne Financial Group (NASDAQ:MOFG) Sees Strong Trading Volume – Here’s What Happened

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) shares saw an uptick in trading volume on Friday . 73,148 shares were traded during mid-day trading, an increase of 43% from the previous session’s volume of 50,990 shares.The stock last traded at $33.08 and had previously closed at $33.61.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Piper Sandler reduced their price target on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating for the company in a research report on Monday, October 28th. Keefe, Bruyette & Woods increased their target price on shares of MidWestOne Financial Group from $31.00 to $34.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, StockNews.com cut MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, MidWestOne Financial Group has a consensus rating of “Hold” and an average target price of $29.00.

MidWestOne Financial Group Trading Down 0.4 %

The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The business has a 50 day moving average price of $30.35 and a 200-day moving average price of $26.96. The firm has a market capitalization of $695.55 million, a PE ratio of -7.20 and a beta of 1.03.

MidWestOne Financial Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.243 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.97 annualized dividend and a yield of 2.90%. MidWestOne Financial Group’s dividend payout ratio is presently -20.77%.

Insider Buying and Selling at MidWestOne Financial Group

In other MidWestOne Financial Group news, Director Matthew J. Hayek acquired 2,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was acquired at an average cost of $25.00 per share, with a total value of $50,000.00. Following the purchase, the director now directly owns 11,293 shares in the company, valued at approximately $282,325. This trade represents a 21.52 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Charles N. Reeves bought 7,000 shares of MidWestOne Financial Group stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average cost of $25.00 per share, for a total transaction of $175,000.00. Following the purchase, the chief executive officer now owns 45,712 shares in the company, valued at $1,142,800. This represents a 18.08 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 9,400 shares of company stock valued at $235,000. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new stake in MidWestOne Financial Group during the 3rd quarter worth about $163,000. Virtu Financial LLC acquired a new stake in MidWestOne Financial Group during the third quarter worth approximately $261,000. Renaissance Technologies LLC purchased a new stake in MidWestOne Financial Group in the 2nd quarter worth approximately $247,000. Quadrature Capital Ltd purchased a new position in shares of MidWestOne Financial Group during the 3rd quarter worth $353,000. Finally, GSA Capital Partners LLP purchased a new position in shares of MidWestOne Financial Group during the 3rd quarter worth $361,000. 65.42% of the stock is 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.