Franklin Resources Inc. Purchases New Stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Franklin Resources Inc. acquired a new position in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 39,042 shares of the financial services provider’s stock, valued at approximately $1,116,000. Franklin Resources Inc. owned about 0.19% of MidWestOne Financial Group at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MOFG. Jennison Associates LLC acquired a new stake in shares of MidWestOne Financial Group during the third quarter worth $22,186,000. Wellington Management Group LLP grew its position in shares of MidWestOne Financial Group by 318.0% during the 3rd quarter. Wellington Management Group LLP now owns 800,334 shares of the financial services provider’s stock valued at $22,834,000 after buying an additional 608,883 shares during the last quarter. Basswood Capital Management L.L.C. acquired a new stake in MidWestOne Financial Group during the third quarter worth about $7,094,000. Jacobs Asset Management LLC bought a new position in MidWestOne Financial Group in the third quarter worth about $5,739,000. Finally, Stieven Capital Advisors L.P. acquired a new position in MidWestOne Financial Group in the third quarter valued at approximately $5,706,000. Institutional investors and hedge funds own 65.42% of the company’s stock.

MidWestOne Financial Group Stock Performance

MOFG opened at $29.29 on Friday. MidWestOne Financial Group, Inc. has a twelve month low of $19.43 and a twelve month high of $34.56. The stock has a market cap of $608.50 million, a PE ratio of -6.27 and a beta of 1.03. The business’s 50 day moving average is $31.38 and its 200-day moving average is $28.13. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20.

MidWestOne Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.243 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.97 dividend on an annualized basis and a yield of 3.32%. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently -20.77%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MOFG shares. StockNews.com cut MidWestOne Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. Piper Sandler dropped their target price on MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating on the stock in a research report on Monday, October 28th. Finally, Keefe, Bruyette & Woods upgraded MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and raised their target price for the company from $34.00 to $39.00 in a research note on Tuesday, December 17th.

Insider Transactions at MidWestOne Financial Group

In other news, Director Matthew J. Hayek bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average price of $25.00 per share, with a total value of $50,000.00. Following the completion of the acquisition, the director now directly owns 11,293 shares in the company, valued at approximately $282,325. This trade represents a 21.52 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles N. Reeves purchased 7,000 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were purchased at an average cost of $25.00 per share, with a total value of $175,000.00. Following the completion of 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 position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 9,400 shares of company stock valued at $235,000. 2.80% of the stock is currently owned by corporate insiders.

MidWestOne Financial Group 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.