Keefe, Bruyette & Woods Upgrades MidWestOne Financial Group (NASDAQ:MOFG) to Outperform

MidWestOne Financial Group (NASDAQ:MOFG) was upgraded by Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday, Marketbeat.com reports. The brokerage currently has a $39.00 price objective on the financial services provider’s stock, up from their previous price objective of $34.00. Keefe, Bruyette & Woods’ price objective points to a potential upside of 27.62% from the company’s current price.

Several other research firms also recently issued reports on MOFG. Piper Sandler cut their price objective on MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a report on Monday, October 28th. StockNews.com lowered shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th.

MidWestOne Financial Group Stock Performance

Shares of NASDAQ MOFG opened at $30.56 on Tuesday. MidWestOne Financial Group has a 52-week low of $19.43 and a 52-week high of $34.56. The stock has a market capitalization of $634.88 million, a price-to-earnings ratio of -6.54 and a beta of 1.03. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.20. The stock’s fifty day simple moving average is $31.28 and its 200 day simple moving average is $27.69.

Insiders Place Their Bets

In related news, CEO Charles N. Reeves acquired 7,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $175,000.00. Following the purchase, the chief executive officer now owns 45,712 shares in the company, valued at $1,142,800. This represents a 18.08 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew J. Hayek bought 2,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was bought at an average price of $25.00 per share, with a total value of $50,000.00. Following the transaction, the director now owns 11,293 shares in the company, valued at approximately $282,325. This represents a 21.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 9,400 shares of company stock worth $235,000. 2.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MidWestOne Financial Group

Hedge funds have recently modified their holdings of the stock. MidWestOne Financial Group Inc. boosted its position in MidWestOne Financial Group by 1.0% during the second quarter. MidWestOne Financial Group Inc. now owns 4,197,286 shares of the financial services provider’s stock valued at $94,397,000 after purchasing an additional 43,172 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of MidWestOne Financial Group during the 3rd quarter valued at about $436,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of MidWestOne Financial Group in the 3rd quarter valued at approximately $713,000. Stieven Capital Advisors L.P. acquired a new position in MidWestOne Financial Group in the third quarter worth approximately $5,706,000. Finally, BNP Paribas Financial Markets raised its position in MidWestOne Financial Group by 1,350.1% during the third quarter. BNP Paribas Financial Markets now owns 39,936 shares of the financial services provider’s stock valued at $1,139,000 after acquiring an additional 37,182 shares in the last quarter. 65.42% of the stock is owned by institutional investors and hedge funds.

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, 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.