Prudential Financial Inc. boosted its stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 9.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,942 shares of the financial services provider’s stock after purchasing an additional 5,403 shares during the period. Prudential Financial Inc. owned approximately 0.38% of MidWestOne Financial Group worth $1,732,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Trust Advisors LP increased its holdings in MidWestOne Financial Group by 3.5% in the 2nd quarter. First Trust Advisors LP now owns 31,371 shares of the financial services provider’s stock valued at $877,000 after purchasing an additional 1,059 shares in the last quarter. AJO LP grew its stake in shares of MidWestOne Financial Group by 2.2% during the first quarter. AJO LP now owns 87,809 shares of the financial services provider’s stock valued at $2,393,000 after acquiring an additional 1,850 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of MidWestOne Financial Group by 16.1% during the second quarter. Bessemer Group Inc. now owns 23,800 shares of the financial services provider’s stock valued at $665,000 after acquiring an additional 3,300 shares in the last quarter. Chicago Equity Partners LLC acquired a new stake in shares of MidWestOne Financial Group during the second quarter valued at about $224,000. Finally, Bank of America Corp DE grew its stake in shares of MidWestOne Financial Group by 63.3% during the fourth quarter. Bank of America Corp DE now owns 7,859 shares of the financial services provider’s stock valued at $195,000 after acquiring an additional 3,045 shares in the last quarter. Hedge funds and other institutional investors own 54.74% of the company’s stock.
Shares of MOFG stock traded up $0.10 during trading hours on Thursday, hitting $31.00. 300 shares of the company were exchanged, compared to its average volume of 26,460. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.94 and a current ratio of 0.94. MidWestOne Financial Group, Inc. has a one year low of $23.80 and a one year high of $35.06. The business’s 50-day simple moving average is $29.67 and its two-hundred day simple moving average is $28.80. The stock has a market capitalization of $502.98 million, a price-to-earnings ratio of 12.20 and a beta of 0.99.
MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.73 by $0.15. MidWestOne Financial Group had a net margin of 19.03% and a return on equity of 9.13%. The business had revenue of $43.63 million for the quarter, compared to analysts’ expectations of $45.87 million. As a group, analysts anticipate that MidWestOne Financial Group, Inc. will post 3.07 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 2nd were given a dividend of $0.203 per share. This is a boost from MidWestOne Financial Group’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.81 annualized dividend and a dividend yield of 2.62%. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently 31.89%.
In other news, Director Kurt R. Weise sold 1,500 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $30.09, for a total transaction of $45,135.00. Following the transaction, the director now owns 2,731 shares of the company’s stock, valued at $82,175.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.30% of the company’s stock.
MOFG has been the subject of several recent analyst reports. ValuEngine upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research note on Saturday, July 27th. BidaskClub upgraded MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research note on Tuesday, July 2nd. Finally, Zacks Investment Research upgraded MidWestOne Financial Group from a “hold” rating to a “strong-buy” rating and set a $35.00 target price for the company in a research note on Wednesday, July 31st.
About MidWestOne Financial Group
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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