JPMorgan Chase & Co. Purchases 15,351 Shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

JPMorgan Chase & Co. boosted its holdings in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 54.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,430 shares of the financial services provider’s stock after acquiring an additional 15,351 shares during the quarter. JPMorgan Chase & Co. owned 0.21% of MidWestOne Financial Group worth $1,239,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. American Century Companies Inc. boosted its position in shares of MidWestOne Financial Group by 8.5% during the second quarter. American Century Companies Inc. now owns 137,963 shares of the financial services provider’s stock valued at $3,103,000 after buying an additional 10,798 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in MidWestOne Financial Group by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 707,071 shares of the financial services provider’s stock valued at $15,901,000 after acquiring an additional 25,767 shares during the period. Renaissance Technologies LLC bought a new position in MidWestOne Financial Group during the 2nd quarter valued at about $247,000. Hsbc Holdings PLC purchased a new stake in shares of MidWestOne Financial Group during the 2nd quarter valued at about $329,000. Finally, Bank of Montreal Can bought a new stake in shares of MidWestOne Financial Group in the second quarter worth approximately $388,000. 65.42% of the stock is owned by institutional investors.

MidWestOne Financial Group Trading Up 2.6 %

MOFG stock opened at $30.99 on Friday. The firm has a fifty day moving average price of $30.89 and a 200 day moving average price of $29.18. MidWestOne Financial Group, Inc. has a fifty-two week low of $19.43 and a fifty-two week high of $34.56. The firm has a market cap of $643.66 million, a PE ratio of -6.64 and a beta of 1.05. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.77 and a current ratio of 0.78.

MidWestOne Financial Group (NASDAQ:MOFG) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 5.13% and a net margin of 9.79%. Sell-side analysts anticipate that MidWestOne Financial Group, Inc. will post 2.3 earnings per share for the current fiscal year.

MidWestOne Financial Group Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.2425 per share. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend is Monday, March 3rd. MidWestOne Financial Group’s dividend payout ratio is currently -20.77%.

Wall Street Analysts Forecast Growth

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

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.