MidWestOne Financial Group (NASDAQ:MOFG) Rating Increased to Hold at Zacks Investment Research

MidWestOne Financial Group (NASDAQ:MOFG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Saturday, Zacks.com reports.

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. “

A number of other equities research analysts have also commented on MOFG. BidaskClub lowered shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Saturday, June 22nd. ValuEngine lowered shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Saturday, June 22nd. Finally, TheStreet raised shares of MidWestOne Financial Group from a “c+” rating to a “b-” rating in a report on Friday, March 1st.

MOFG opened at $27.96 on Friday. The stock has a 50-day moving average price of $28.05. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.45. MidWestOne Financial Group has a twelve month low of $23.80 and a twelve month high of $35.20. The company has a market cap of $430.13 million, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 1.11 and a beta of 1.02.

MidWestOne Financial Group (NASDAQ:MOFG) last posted its earnings results on Thursday, April 25th. The financial services provider reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.05). MidWestOne Financial Group had a return on equity of 8.80% and a net margin of 19.41%. The firm had revenue of $31.39 million during the quarter, compared to the consensus estimate of $32.02 million. As a group, sell-side analysts predict that MidWestOne Financial Group will post 2.97 EPS for the current fiscal year.

In related news, Director Richard J. Hartig acquired 1,000 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were purchased at an average price of $29.04 per share, with a total value of $29,040.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have acquired 1,600 shares of company stock worth $45,815. Insiders own 3.30% of the company’s stock.

Large investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA grew its holdings in MidWestOne Financial Group by 502.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,336 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 1,948 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its position in MidWestOne Financial Group by 355.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,962 shares of the financial services provider’s stock valued at $98,000 after purchasing an additional 3,092 shares during the period. Bank of America Corp DE lifted its position in MidWestOne Financial Group by 63.3% during the 4th quarter. Bank of America Corp DE now owns 7,859 shares of the financial services provider’s stock valued at $195,000 after purchasing an additional 3,045 shares during the period. EJF Capital LLC acquired a new position in MidWestOne Financial Group during the 4th quarter valued at about $252,000. Finally, Acadian Asset Management LLC lifted its position in MidWestOne Financial Group by 19.3% during the 4th quarter. Acadian Asset Management LLC now owns 11,260 shares of the financial services provider’s stock valued at $280,000 after purchasing an additional 1,822 shares during the period. 33.91% of the stock is currently owned by hedge funds and other institutional investors.

MidWestOne Financial Group Company Profile

MidWestOne Financial Group, Inc is a bank holding company. It operates through the following subsidiaries: MidWestOne Bank and MidWestOne Insurance Services, Inc The MidWestOne Bank provides retail banking services, which include deposit products, including 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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