Interval Partners LP Lowers Position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Interval Partners LP cut its stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 34.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,137 shares of the financial services provider’s stock after selling 18,211 shares during the quarter. Interval Partners LP’s holdings in MidWestOne Financial Group were worth $994,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Basswood Capital Management L.L.C. increased its position in shares of MidWestOne Financial Group by 111.1% during the fourth quarter. Basswood Capital Management L.L.C. now owns 524,803 shares of the financial services provider’s stock valued at $15,282,000 after acquiring an additional 276,164 shares during the last quarter. Wellington Management Group LLP increased its position in shares of MidWestOne Financial Group by 30.8% during the fourth quarter. Wellington Management Group LLP now owns 1,046,451 shares of the financial services provider’s stock valued at $30,473,000 after acquiring an additional 246,117 shares during the last quarter. Vanguard Group Inc. increased its position in shares of MidWestOne Financial Group by 21.5% during the fourth quarter. Vanguard Group Inc. now owns 896,274 shares of the financial services provider’s stock valued at $26,099,000 after acquiring an additional 158,899 shares during the last quarter. Geode Capital Management LLC increased its position in shares of MidWestOne Financial Group by 29.0% during the fourth quarter. Geode Capital Management LLC now owns 433,179 shares of the financial services provider’s stock valued at $12,617,000 after acquiring an additional 97,502 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of MidWestOne Financial Group by 9.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 799,195 shares of the financial services provider’s stock valued at $23,273,000 after acquiring an additional 70,059 shares during the last quarter. 65.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Charles N. Reeves purchased 1,785 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $27.98 per share, with a total value of $49,944.30. Following the completion of the acquisition, the chief executive officer now directly owns 53,621 shares of the company’s stock, valued at approximately $1,500,315.58. The trade was a 3.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.50% of the company’s stock.

MidWestOne Financial Group Stock Performance

NASDAQ:MOFG opened at $29.49 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77. The business has a fifty day simple moving average of $28.18 and a two-hundred day simple moving average of $30.05. MidWestOne Financial Group, Inc. has a 1 year low of $20.04 and a 1 year high of $34.56. The company has a market capitalization of $613.89 million, a P/E ratio of -7.26 and a beta of 0.99.

MidWestOne Financial Group (NASDAQ:MOFG) last released its earnings results on Thursday, April 24th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.73. MidWestOne Financial Group had a return on equity of 6.54% and a net margin of 9.79%. The business had revenue of $57.58 million during the quarter, compared to the consensus estimate of $58.87 million. On average, analysts expect that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a $0.2425 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Monday, June 2nd. MidWestOne Financial Group’s dividend payout ratio is currently -27.40%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Hovde Group increased their price target on 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. Piper Sandler decreased their price target on MidWestOne Financial Group from $34.50 to $33.00 and set a “neutral” rating for the company in a research report on Monday, April 28th. StockNews.com raised MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods decreased 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, April 28th.

About MidWestOne Financial Group

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.