Zacks Investment Research Downgrades MidWestOne Financial Group (NASDAQ:MOFG) to Sell

Zacks Investment Research cut shares of MidWestOne Financial Group (NASDAQ:MOFG) from a hold rating to a sell rating in a research note published 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. “

Several other brokerages have also weighed in on MOFG. BidaskClub lowered shares of MidWestOne Financial Group from a hold rating to a sell rating in a research note on Tuesday, April 30th. ValuEngine raised shares of MidWestOne Financial Group from a sell rating to a hold rating in a research note on Saturday, May 4th. Finally, TheStreet raised shares of MidWestOne Financial Group from a c+ rating to a b- rating in a research note on Friday, March 1st.

Shares of MOFG opened at $28.07 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.45. MidWestOne Financial Group has a 12-month low of $23.80 and a 12-month high of $35.20. The stock has a market capitalization of $456.47 million, a P/E ratio of 11.05, a PEG ratio of 1.18 and a beta of 1.01.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.05). MidWestOne Financial Group had a net margin of 19.41% and a return on equity of 8.80%. The firm had revenue of $31.39 million during the quarter, compared to analysts’ expectations of $32.02 million. Equities research analysts anticipate that MidWestOne Financial Group will post 2.97 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, April 29th will be paid a dividend of $0.2025 per share. This represents a $0.81 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Friday, April 26th. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently 31.89%.

In other MidWestOne Financial Group news, Director Richard J. Hartig acquired 1,000 shares of the stock in a transaction dated Friday, May 3rd. The stock was acquired at an average price of $29.04 per share, with a total value of $29,040.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders bought 1,600 shares of company stock valued at $45,815. Insiders own 3.30% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA boosted its stake in shares of MidWestOne Financial Group by 502.1% in the first quarter. BNP Paribas Arbitrage SA now owns 2,336 shares of the financial services provider’s stock valued at $64,000 after purchasing an additional 1,948 shares during the period. Citigroup Inc. boosted its stake in shares of MidWestOne Financial Group by 21.2% in the first quarter. Citigroup Inc. now owns 3,518 shares of the financial services provider’s stock valued at $96,000 after purchasing an additional 615 shares during the period. Metropolitan Life Insurance Co. NY boosted its stake in shares of MidWestOne Financial Group by 355.4% in the fourth 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. Ramsey Quantitative Systems boosted its stake in shares of MidWestOne Financial Group by 38.7% in the fourth quarter. Ramsey Quantitative Systems now owns 5,022 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 1,400 shares during the period. Finally, SEI Investments Co purchased a new position in shares of MidWestOne Financial Group in the first quarter valued at approximately $126,000. 33.91% of the stock is owned by institutional investors and hedge funds.

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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