MidWestOne Financial Group (NASDAQ:MOFG) Reaches New 52-Week High – Time to Buy?

MidWestOne Financial Group, Inc. (NASDAQ:MOFG)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $40.37 and last traded at $40.4460, with a volume of 69071 shares changing hands. The stock had previously closed at $39.49.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MOFG shares. Zacks Research upgraded shares of MidWestOne Financial Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 2nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MidWestOne Financial Group in a research report on Monday. Keefe, Bruyette & Woods upped their target price on MidWestOne Financial Group from $37.00 to $50.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Finally, Stephens downgraded shares of MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $38.17.

MidWestOne Financial Group Price Performance

The company has a market capitalization of $840.59 million, a price-to-earnings ratio of 14.50 and a beta of 1.06. The business has a 50-day moving average price of $34.66 and a two-hundred day moving average price of $30.97. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.16.

MidWestOne Financial Group (NASDAQ:MOFG) last released its quarterly earnings results on Wednesday, June 7th. The financial services provider reported $0.88 earnings per share for the quarter. MidWestOne Financial Group had a net margin of 16.66% and a return on equity of 10.22%. The business had revenue of $50.10 million for the quarter. As a group, research analysts anticipate that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current year.

MidWestOne Financial Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a $0.2425 dividend. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, December 1st. MidWestOne Financial Group’s dividend payout ratio is presently 34.52%.

Insiders Place Their Bets

In related news, CEO Charles N. Reeves acquired 1,550 shares of the stock in a transaction dated Thursday, October 30th. The shares were purchased at an average price of $36.67 per share, for a total transaction of $56,838.50. Following the transaction, the chief executive officer owned 60,542 shares in the company, valued at $2,220,075.14. This represents a 2.63% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders bought 3,760 shares of company stock valued at $138,546. 2.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of hedge funds have recently modified their holdings of MOFG. Federated Hermes Inc. lifted its position in MidWestOne Financial Group by 129.2% during the 3rd quarter. Federated Hermes Inc. now owns 1,242 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 700 shares during the period. Russell Investments Group Ltd. increased its holdings in MidWestOne Financial Group by 12,135.7% during the third quarter. Russell Investments Group Ltd. now owns 1,713 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,699 shares during the last quarter. CWM LLC grew its stake in shares of MidWestOne Financial Group by 238.8% during the 2nd quarter. CWM LLC now owns 3,175 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 2,238 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of MidWestOne Financial Group by 65.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,298 shares of the financial services provider’s stock valued at $93,000 after buying an additional 1,299 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of MidWestOne Financial Group during the second quarter worth about $98,000. Hedge funds and other institutional investors own 65.42% of the company’s stock.

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.