Brandywine Global Investment Management LLC bought a new position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,921 shares of the financial services provider’s stock, valued at approximately $133,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. American International Group Inc. raised its holdings in shares of MidWestOne Financial Group by 7.0% during the first quarter. American International Group Inc. now owns 5,077 shares of the financial services provider’s stock valued at $174,000 after acquiring an additional 332 shares during the period. Alpine Woods Capital Investors LLC acquired a new stake in shares of MidWestOne Financial Group during the second quarter valued at approximately $203,000. Alliancebernstein L.P. acquired a new stake in shares of MidWestOne Financial Group during the second quarter valued at approximately $217,000. Stifel Financial Corp acquired a new stake in shares of MidWestOne Financial Group during the first quarter valued at approximately $304,000. Finally, Cornerstone Capital Management Holdings LLC. raised its holdings in shares of MidWestOne Financial Group by 108.3% during the first quarter. Cornerstone Capital Management Holdings LLC. now owns 8,955 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 4,655 shares during the period. Institutional investors and hedge funds own 46.44% of the company’s stock.
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In related news, Director Kurt R. Weise sold 889 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $32.91, for a total value of $29,256.99. Following the completion of the transaction, the director now owns 2,275 shares of the company’s stock, valued at $74,870.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 25.30% of the stock is owned by insiders.
MidWestOne Financial Group, Inc. (NASDAQ MOFG) opened at 36.37 on Friday. MidWestOne Financial Group, Inc. has a 52 week low of $27.93 and a 52 week high of $39.20. The stock has a 50 day moving average of $33.97 and a 200-day moving average of $34.36. The firm has a market cap of $444.37 million, a PE ratio of 17.70 and a beta of 1.25.
MidWestOne Financial Group (NASDAQ:MOFG) last posted its earnings results on Thursday, July 27th. The financial services provider reported $0.59 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.59. MidWestOne Financial Group had a return on equity of 7.55% and a net margin of 17.60%. The company had revenue of $31.57 million during the quarter, compared to the consensus estimate of $31.17 million. Analysts expect that MidWestOne Financial Group, Inc. will post $2.45 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, November 30th. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently 33.17%.
A number of research analysts recently commented on the stock. BidaskClub downgraded shares of MidWestOne Financial Group from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 19th. Zacks Investment Research upgraded shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Piper Jaffray Companies set a $37.00 price objective on shares of MidWestOne Financial Group and gave the stock a “hold” rating in a research note on Thursday, July 27th.
MidWestOne Financial Group Profile
MidWestOne Financial Group, Inc is a bank holding and financial holding company. The Company operates through its bank subsidiaries, MidWestOne Bank, Central Bank and MidWestOne Insurance Services, Inc that operates through three agencies located in central and east-central Iowa. As of December 31, 2016, the Bank operated a total of 43 banking offices in Iowa, Minnesota, Wisconsin, and Florida.
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