Piper Sandler Lowers MidWestOne Financial Group (NASDAQ:MOFG) Price Target to $31.50

MidWestOne Financial Group (NASDAQ:MOFG) had its price objective reduced by Piper Sandler from $33.00 to $31.50 in a research note published on Monday morning, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $28.00 price objective (up from $25.00) on shares of MidWestOne Financial Group in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $27.00.

MidWestOne Financial Group Stock Performance

Shares of MOFG opened at $29.23 on Monday. The stock has a 50-day moving average of $28.42 and a two-hundred day moving average of $24.83. MidWestOne Financial Group has a one year low of $19.43 and a one year high of $30.51. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a market cap of $460.52 million, a P/E ratio of 20.30 and a beta of 1.02.

MidWestOne Financial Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.243 dividend. This represents a $0.97 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Monday, December 2nd. MidWestOne Financial Group’s payout ratio is 67.36%.

Insiders Place Their Bets

In related news, CEO Charles N. Reeves bought 7,000 shares of the stock in a transaction dated Monday, September 30th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $175,000.00. Following the completion of the purchase, the chief executive officer now directly owns 45,712 shares of the company’s stock, valued at $1,142,800. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Matthew J. Hayek acquired 2,000 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were acquired at an average price of $25.00 per share, with a total value of $50,000.00. Following the purchase, the director now directly owns 11,293 shares of the company’s stock, valued at $282,325. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Charles N. Reeves bought 7,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were purchased at an average cost of $25.00 per share, with a total value of $175,000.00. Following the completion of the acquisition, the chief executive officer now owns 45,712 shares in the company, valued at approximately $1,142,800. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 9,400 shares of company stock valued at $235,000. Company insiders own 2.80% of the company’s stock.

Institutional Trading of MidWestOne Financial Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sippican Capital Advisors boosted its stake in shares of MidWestOne Financial Group by 1.9% during the 3rd quarter. Sippican Capital Advisors now owns 66,338 shares of the financial services provider’s stock worth $1,893,000 after acquiring an additional 1,205 shares in the last quarter. SG Americas Securities LLC acquired a new position in MidWestOne Financial Group in the 3rd quarter worth about $163,000. MidWestOne Financial Group Inc. boosted its position in MidWestOne Financial Group by 1.0% during the second quarter. MidWestOne Financial Group Inc. now owns 4,197,286 shares of the financial services provider’s stock worth $94,397,000 after purchasing an additional 43,172 shares in the last quarter. Bank of Montreal Can acquired a new stake in MidWestOne Financial Group in the second quarter valued at approximately $388,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of MidWestOne Financial Group in the second quarter valued at approximately $329,000. Institutional investors and hedge funds own 65.42% of the company’s stock.

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.