MidWestOne Financial Group (MOFG) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of MidWestOne Financial Group (NASDAQ:MOFG) from a sell rating to a hold rating in a research note released on Tuesday.

According to Zacks, “MIDWESTONE FINANCIAL publicly trades common stock on the NASDAQ under the symbol MOFG. It includes the banking affiliates of MidWestOne Bank, Iowa State Bank & Trust Company, Iowa City, Iowa and First State Bank, Conrad, Iowa and is committed to expansion in existing and new markets to continually enhance shareholder value. “

Several other research analysts also recently weighed in on MOFG. BidaskClub upgraded MidWestOne Financial Group from a hold rating to a buy rating in a research note on Thursday, October 11th. ValuEngine downgraded MidWestOne Financial Group from a hold rating to a sell rating in a research note on Tuesday, October 2nd. Finally, TheStreet downgraded MidWestOne Financial Group from a b rating to a c+ rating in a research note on Thursday, November 15th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company’s stock. MidWestOne Financial Group has an average rating of Hold and an average price target of $36.50.



MOFG stock opened at $25.64 on Tuesday. MidWestOne Financial Group has a 1-year low of $23.80 and a 1-year high of $35.20. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $315.94 million, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 1.04 and a beta of 1.06.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.07). MidWestOne Financial Group had a return on equity of 7.33% and a net margin of 14.22%. The business had revenue of $32.35 million during the quarter, compared to the consensus estimate of $32.53 million. On average, sell-side analysts expect that MidWestOne Financial Group will post 2.53 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, December 17th. Stockholders of record on Saturday, December 1st were given a dividend of $0.195 per share. The ex-dividend date of this dividend was Thursday, November 29th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 3.04%. MidWestOne Financial Group’s dividend payout ratio is currently 43.09%.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Royce & Associates LP boosted its position in shares of MidWestOne Financial Group by 13.2% during the 3rd quarter. Royce & Associates LP now owns 829,970 shares of the financial services provider’s stock valued at $27,646,000 after acquiring an additional 96,546 shares during the last quarter. BlackRock Inc. boosted its position in shares of MidWestOne Financial Group by 1.4% during the 3rd quarter. BlackRock Inc. now owns 573,874 shares of the financial services provider’s stock valued at $19,116,000 after acquiring an additional 8,074 shares during the last quarter. Vanguard Group Inc boosted its position in shares of MidWestOne Financial Group by 0.4% during the 3rd quarter. Vanguard Group Inc now owns 476,740 shares of the financial services provider’s stock valued at $15,880,000 after acquiring an additional 1,709 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of MidWestOne Financial Group by 6.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 356,764 shares of the financial services provider’s stock valued at $11,884,000 after acquiring an additional 22,610 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of MidWestOne Financial Group by 5.7% during the 3rd quarter. Renaissance Technologies LLC now owns 219,849 shares of the financial services provider’s stock valued at $7,323,000 after acquiring an additional 11,849 shares during the last quarter. Hedge funds and other institutional investors own 45.95% 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, institutional customers, and government agencies in Iowa, Minnesota, Wisconsin, Florida, and Colorado. It offers deposit products, such as checking and other demand deposit accounts, NOW accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, and other time deposits.

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