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

Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) reached a new 52-week high on Wednesday . The company traded as high as $44.48 and last traded at $44.26, with a volume of 134841 shares trading hands. The stock had previously closed at $41.58.

Analysts Set New Price Targets

MOFG has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of MidWestOne Financial Group from $37.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Stephens lowered MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of MidWestOne Financial Group in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $38.17.

MidWestOne Financial Group Stock Performance

The firm has a 50 day moving average of $39.87 and a 200-day moving average of $33.67. The company has a market cap of $913.29 million, a P/E ratio of 15.75 and a beta of 1.06. 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 issued its earnings results on Thursday, October 23rd. The financial services provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.05. The business had revenue of $112.27 million during the quarter, compared to analysts’ expectations of $63.07 million. MidWestOne Financial Group had a return on equity of 10.22% and a net margin of 16.66%. As a group, sell-side analysts anticipate that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 16th will be issued a $0.2425 dividend. The ex-dividend date is Friday, January 16th. This represents a $0.97 annualized dividend and a dividend yield of 2.2%. MidWestOne Financial Group’s payout ratio is currently 34.52%.

Insider Activity

In other MidWestOne Financial Group news, CEO Charles N. Reeves acquired 1,550 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The shares were bought at an average cost of $36.67 per share, with a total value of $56,838.50. Following the completion of the acquisition, the chief executive officer directly owned 60,542 shares in the company, valued at $2,220,075.14. This represents a 2.63% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased 3,760 shares of company stock worth $138,546 in the last 90 days. 2.50% of the stock is currently owned by company insiders.

Institutional Trading of MidWestOne Financial Group

Several hedge funds and other institutional investors have recently bought and sold shares of MOFG. Federated Hermes Inc. grew its stake 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 purchasing an additional 700 shares during the last quarter. Russell Investments Group Ltd. boosted its position in MidWestOne Financial Group by 12,135.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,713 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,699 shares in the last quarter. Signaturefd LLC boosted its holdings in MidWestOne Financial Group by 402.1% during the fourth quarter. Signaturefd LLC now owns 2,124 shares of the financial services provider’s stock worth $82,000 after buying an additional 1,701 shares in the last quarter. CWM LLC boosted 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 worth $91,000 after acquiring an additional 2,238 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in MidWestOne Financial Group by 65.0% during the third quarter. BNP Paribas Financial Markets now owns 3,298 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 1,299 shares in the last quarter. Institutional investors own 65.42% of the company’s stock.

About MidWestOne Financial Group

MidWestOne Financial Group, Inc (NASDAQ: MOFG) is a registered bank holding company headquartered in West Des Moines, Iowa. Through its principal subsidiary, MidWestOne Bank, the company provides a comprehensive range of commercial and consumer banking products and services. Its commercial banking division offers business lending solutions, including commercial real estate loans, business lines of credit, equipment financing and treasury management services. For individual customers, MidWestOne delivers checking and savings accounts, home mortgage and home equity loans, and personal lending solutions.

Beyond traditional banking, MidWestOne offers trust, wealth management and insurance services through specialized teams of financial advisors.