Insider Buying: MidWestOne Financial Group, Inc. (NASDAQ:MOFG) CEO Purchases $49,944.30 in Stock

MidWestOne Financial Group, Inc. (NASDAQ:MOFG) CEO Charles N. Reeves purchased 1,785 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average cost of $27.98 per share, for a total transaction of $49,944.30. Following the completion of the acquisition, the chief executive officer now directly owns 53,621 shares in the company, valued at $1,500,315.58. The trade was a 3.44 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

MidWestOne Financial Group Trading Up 2.1 %

MOFG opened at $28.22 on Thursday. MidWestOne Financial Group, Inc. has a fifty-two week low of $19.43 and a fifty-two week high of $34.56. 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 firm has a market capitalization of $586.27 million, a price-to-earnings ratio of -6.95 and a beta of 1.04. The company’s 50 day moving average price is $30.37 and its two-hundred day moving average price is $30.15.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 6.54%. As a group, research analysts predict that MidWestOne Financial Group, Inc. will post 3.2 earnings per share for the current year.

MidWestOne Financial Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.2425 dividend. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Monday, March 3rd. MidWestOne Financial Group’s dividend payout ratio is currently -23.89%.

Institutional Investors Weigh In On MidWestOne Financial Group

Institutional investors have recently modified their holdings of the company. Franklin Resources Inc. bought a new stake in shares of MidWestOne Financial Group in the 3rd quarter valued at $1,116,000. Geode Capital Management LLC boosted its stake in shares of MidWestOne Financial Group by 3.0% in the 3rd 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. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of MidWestOne Financial Group in the 3rd quarter valued at $436,000. Jane Street Group LLC boosted its stake 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 valued at $804,000 after purchasing an additional 6,545 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of MidWestOne Financial Group by 54.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 43,430 shares of the financial services provider’s stock valued at $1,239,000 after purchasing an additional 15,351 shares during the last quarter. 65.42% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MOFG shares. Hovde Group lifted their price target on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a report on Monday, January 27th. StockNews.com raised shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods raised shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $34.00 to $39.00 in a report on Tuesday, December 17th.

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.