Bank of New York Mellon Corp Has $2.58 Million Stock Position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Bank of New York Mellon Corp increased its position in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 12.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,470 shares of the financial services provider’s stock after purchasing an additional 9,510 shares during the period. Bank of New York Mellon Corp owned approximately 0.43% of MidWestOne Financial Group worth $2,576,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Jennison Associates LLC grew its position in MidWestOne Financial Group by 6.2% in the fourth quarter. Jennison Associates LLC now owns 825,632 shares of the financial services provider’s stock valued at $24,042,000 after acquiring an additional 47,979 shares during the last quarter. Wellington Management Group LLP increased its stake in MidWestOne Financial Group by 318.0% in the third quarter. Wellington Management Group LLP now owns 800,334 shares of the financial services provider’s stock valued at $22,834,000 after purchasing an additional 608,883 shares in the last quarter. Geode Capital Management LLC raised its position in shares of MidWestOne Financial Group by 3.0% during the third quarter. Geode Capital Management LLC now owns 335,677 shares of the financial services provider’s stock worth $9,579,000 after purchasing an additional 9,787 shares during the period. State Street Corp increased its position in shares of MidWestOne Financial Group by 5.7% during the third quarter. State Street Corp now owns 300,394 shares of the financial services provider’s stock worth $8,570,000 after acquiring an additional 16,132 shares in the last quarter. Finally, Basswood Capital Management L.L.C. bought a new position in MidWestOne Financial Group during the 3rd quarter valued at $7,094,000. Institutional investors and hedge funds own 65.42% of the company’s stock.

MidWestOne Financial Group Price Performance

MOFG stock opened at $29.60 on Friday. MidWestOne Financial Group, Inc. has a 52-week low of $19.43 and a 52-week high of $34.56. The firm has a 50 day moving average price of $30.46 and a 200-day moving average price of $30.16. The firm has a market capitalization of $614.94 million, a price-to-earnings ratio of -7.29 and a beta of 1.04. 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 quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.72 by $0.05. MidWestOne Financial Group had a return on equity of 6.54% and a net margin of 9.79%. Equities research analysts forecast that MidWestOne Financial Group, Inc. will post 3.2 EPS for the current fiscal year.

MidWestOne Financial Group Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a $0.2425 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.97 annualized dividend and a yield of 3.28%. MidWestOne Financial Group’s payout ratio is presently -23.89%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MOFG. Keefe, Bruyette & Woods raised shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $34.00 to $39.00 in a report on Tuesday, December 17th. StockNews.com upgraded shares of MidWestOne Financial Group from a “sell” rating to a “hold” rating in a research report on Monday, January 27th. Finally, Hovde Group boosted their price objective on shares of MidWestOne Financial Group from $30.00 to $33.50 and gave the stock a “market perform” rating in a report on Monday, January 27th.

Insiders Place Their Bets

In other MidWestOne Financial Group news, CEO Charles N. Reeves purchased 1,785 shares of the company’s stock in a transaction on Monday, March 10th. The stock was acquired at an average cost of $27.98 per share, for a total transaction of $49,944.30. Following the purchase, the chief executive officer now directly owns 53,621 shares of the company’s stock, valued at $1,500,315.58. This trade represents a 3.44 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.80% of the company’s stock.

About MidWestOne Financial Group

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.