MidWestOne Financial Group (MOFG) Downgraded by BidaskClub to Strong Sell

BidaskClub cut shares of MidWestOne Financial Group (NASDAQ:MOFG) from a sell rating to a strong sell rating in a report released on Wednesday.

Several other brokerages have also weighed in on MOFG. Zacks Investment Research lowered MidWestOne Financial Group from a hold rating to a sell rating in a report on Thursday, March 29th. Sandler O’Neill reissued a buy rating and issued a $37.00 price objective on shares of MidWestOne Financial Group in a report on Tuesday, March 27th. Finally, ValuEngine lowered MidWestOne Financial Group from a buy rating to a hold rating in a report on Monday, April 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $36.67.

Shares of MidWestOne Financial Group opened at $33.04 on Wednesday, Marketbeat Ratings reports. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $404.69 million, a P/E ratio of 18.25, a PEG ratio of 1.52 and a beta of 1.02. MidWestOne Financial Group has a fifty-two week low of $30.56 and a fifty-two week high of $37.94.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings data on Wednesday, April 25th. The financial services provider reported $0.64 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.01). The firm had revenue of $31.99 million during the quarter, compared to the consensus estimate of $31.56 million. MidWestOne Financial Group had a net margin of 13.71% and a return on equity of 6.70%. equities research analysts anticipate that MidWestOne Financial Group will post 2.72 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 1st will be issued a dividend of $0.195 per share. This represents a $0.78 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, May 31st. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently 43.09%.

Several large investors have recently bought and sold shares of the company. Cornerstone Capital Management Holdings LLC. grew its holdings in shares of MidWestOne Financial Group by 7.2% during the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 25,255 shares of the financial services provider’s stock valued at $845,000 after purchasing an additional 1,700 shares during the last quarter. Brandywine Global Investment Management LLC grew its holdings in shares of MidWestOne Financial Group by 46.3% during the fourth quarter. Brandywine Global Investment Management LLC now owns 5,671 shares of the financial services provider’s stock valued at $191,000 after purchasing an additional 1,794 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of MidWestOne Financial Group by 1.5% during the first quarter. The Manufacturers Life Insurance Company now owns 131,452 shares of the financial services provider’s stock valued at $4,376,000 after purchasing an additional 1,895 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of MidWestOne Financial Group by 17.3% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 22,061 shares of the financial services provider’s stock valued at $740,000 after purchasing an additional 3,261 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of MidWestOne Financial Group by 9.9% during the fourth quarter. First Trust Advisors LP now owns 49,751 shares of the financial services provider’s stock valued at $1,668,000 after purchasing an additional 4,483 shares during the last quarter. 46.05% of the stock is owned by institutional investors.

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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