Adage Capital Partners GP L.L.C. Decreases Stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Adage Capital Partners GP L.L.C. cut its position in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 73.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 39,085 shares of the financial services provider’s stock after selling 110,915 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.19% of MidWestOne Financial Group worth $1,138,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. bought a new position in shares of MidWestOne Financial Group during the 3rd quarter valued at approximately $1,116,000. Geode Capital Management LLC lifted its position in MidWestOne Financial Group by 3.0% during the third quarter. Geode Capital Management LLC now owns 335,677 shares of the financial services provider’s stock valued at $9,579,000 after purchasing an additional 9,787 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of MidWestOne Financial Group in the 4th quarter worth $518,000. Bank of New York Mellon Corp grew its stake in shares of MidWestOne Financial Group by 12.0% in the 4th quarter. Bank of New York Mellon Corp now owns 88,470 shares of the financial services provider’s stock worth $2,576,000 after buying an additional 9,510 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of MidWestOne Financial Group by 30.3% in the 3rd quarter. Jane Street Group LLC now owns 28,169 shares of the financial services provider’s stock worth $804,000 after buying an additional 6,545 shares during the last quarter. Hedge funds and other institutional investors own 65.42% of the company’s stock.

Insider Activity

In other news, CEO Charles N. Reeves bought 1,785 shares of the stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $27.98 per share, for a total transaction of $49,944.30. Following the acquisition, the chief executive officer now owns 53,621 shares of the company’s stock, valued at $1,500,315.58. This represents a 3.44 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.50% of the company’s stock.

MidWestOne Financial Group Price Performance

Shares of MOFG stock opened at $28.23 on Wednesday. The stock has a 50 day moving average price of $28.50 and a 200 day moving average price of $30.09. MidWestOne Financial Group, Inc. has a 52-week low of $20.01 and a 52-week high of $34.56. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78. The firm has a market capitalization of $587.64 million, a P/E ratio of -6.95 and a beta of 0.88.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its earnings results on Thursday, April 24th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.73. The firm had revenue of $57.58 million during the quarter, compared to analyst estimates of $58.87 million. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. As a group, sell-side 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 will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a $0.2425 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 3.44%. MidWestOne Financial Group’s dividend payout ratio is currently -27.40%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Keefe, Bruyette & Woods dropped their price target on MidWestOne Financial Group from $39.00 to $38.00 and set an “outperform” rating for the company in a research report on Monday. Piper Sandler dropped their target price on MidWestOne Financial Group from $34.50 to $33.00 and set a “neutral” rating for the company in a report on Monday. StockNews.com upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Monday, January 27th. Finally, Hovde Group boosted their price objective on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a research report on Monday, January 27th.

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.