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

MidWestOne Financial Group, Inc. (NASDAQ:MOFG)’s stock 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 traded.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MOFG shares. Keefe, Bruyette & Woods raised MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and upped their price target for the company from $34.00 to $39.00 in a report on Tuesday, December 17th. Hovde Group upped their target price on MidWestOne Financial Group from $30.00 to $33.50 and gave the company a “market perform” rating in a research note on Monday. Piper Sandler cut their price target 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 MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Monday.

MidWestOne Financial Group Stock Down 0.6 %

The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $660.38 million, a P/E ratio of -6.81 and a beta of 1.05. The firm’s fifty day moving average is $30.88 and its 200-day moving average is $29.38.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 5.13% and a net margin of 9.79%. As a group, equities research analysts predict that MidWestOne Financial Group, Inc. will post 2.3 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. Shareholders of record on Monday, March 3rd will be given a $0.2425 dividend. This represents a $0.97 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Monday, March 3rd. MidWestOne Financial Group’s payout ratio is presently -20.77%.

Hedge Funds Weigh In On MidWestOne Financial Group

A number of large investors have recently modified their holdings of the stock. Empowered Funds LLC increased its holdings in shares of MidWestOne Financial Group by 5.0% in the fourth quarter. Empowered Funds LLC now owns 63,137 shares of the financial services provider’s stock valued at $1,839,000 after purchasing an additional 3,023 shares in the last quarter. Jennison Associates LLC raised its position in shares of MidWestOne Financial Group by 6.2% during the fourth quarter. Jennison Associates LLC now owns 825,632 shares of the financial services provider’s stock worth $24,042,000 after acquiring an additional 47,979 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of MidWestOne Financial Group by 35.3% during the fourth quarter. SG Americas Securities LLC now owns 7,723 shares of the financial services provider’s stock valued at $225,000 after acquiring an additional 2,014 shares during the period. Apella Capital LLC bought a new position in MidWestOne Financial Group in the fourth quarter valued at about $268,000. Finally, Assenagon Asset Management S.A. acquired a new stake in MidWestOne Financial Group in the fourth quarter worth about $1,776,000. 65.42% of the stock is currently owned by institutional investors and hedge funds.

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.