MidWestOne Financial Group (NASDAQ:MOFG) Shares Gap Down – Here’s Why

MidWestOne Financial Group, Inc. (NASDAQ:MOFG)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $31.99, but opened at $30.26. MidWestOne Financial Group shares last traded at $32.17, with a volume of 8,317 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $34.00 to $39.00 in a report on Tuesday, December 17th. Hovde Group boosted their price objective on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the stock a “market perform” rating in a research note on Monday. Piper Sandler decreased their target price on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating for the company in a research note on Monday, October 28th. Finally, StockNews.com upgraded shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a report on Monday.

MidWestOne Financial Group Stock Performance

The firm’s 50 day moving average price is $30.87 and its 200-day moving average price is $29.40. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 6.54% and a net margin of 9.79%. On average, research analysts anticipate that MidWestOne Financial Group, Inc. will post 3.12 earnings per share for the current year.

MidWestOne Financial Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.2425 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.97 dividend on an annualized basis and a yield of 3.07%. MidWestOne Financial Group’s dividend payout ratio (DPR) is -23.89%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new position in shares of MidWestOne Financial Group in the third quarter worth about $163,000. Renaissance Technologies LLC purchased a new position in shares of MidWestOne Financial Group in the second quarter worth $247,000. Virtu Financial LLC purchased a new position in shares of MidWestOne Financial Group in the third quarter worth $261,000. Apella Capital LLC bought a new position in shares of MidWestOne Financial Group during the fourth quarter worth $268,000. Finally, Hsbc Holdings PLC purchased a new position in MidWestOne Financial Group during the second quarter valued at $329,000. 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.