Renaissance Technologies LLC Makes New Investment in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Renaissance Technologies LLC purchased a new stake in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 11,000 shares of the financial services provider’s stock, valued at approximately $247,000. Renaissance Technologies LLC owned about 0.07% of MidWestOne Financial Group at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of MidWestOne Financial Group by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 707,071 shares of the financial services provider’s stock valued at $15,901,000 after purchasing an additional 25,767 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of MidWestOne Financial Group by 8.5% in 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 period. Choreo LLC bought a new position in MidWestOne Financial Group during the second quarter valued at about $584,000. Rhumbline Advisers grew its holdings in MidWestOne Financial Group by 3.0% during the second quarter. Rhumbline Advisers now owns 22,750 shares of the financial services provider’s stock worth $512,000 after acquiring an additional 653 shares during the period. Finally, Bank of New York Mellon Corp raised its position in MidWestOne Financial Group by 10.5% in the second quarter. Bank of New York Mellon Corp now owns 89,619 shares of the financial services provider’s stock worth $2,016,000 after acquiring an additional 8,490 shares in the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

MidWestOne Financial Group Stock Performance

Shares of MOFG opened at $28.30 on Friday. MidWestOne Financial Group, Inc. has a one year low of $19.19 and a one year high of $30.51. The company has a 50-day moving average of $27.84 and a two-hundred day moving average of $24.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market cap of $445.87 million, a price-to-earnings ratio of 19.65 and a beta of 1.02.

MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). The business had revenue of $57.90 million for the quarter, compared to analysts’ expectations of $45.75 million. MidWestOne Financial Group had a net margin of 9.79% and a return on equity of 5.27%. On average, equities research analysts expect that MidWestOne Financial Group, Inc. will post 2.27 earnings per share for the current year.

MidWestOne Financial Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.243 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.97 annualized dividend and a dividend yield of 3.43%. MidWestOne Financial Group’s dividend payout ratio (DPR) is presently 67.36%.

Insider Activity

In other news, CEO Charles N. Reeves purchased 7,000 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were bought at an average price of $25.00 per share, with a total value of $175,000.00. Following the completion of the transaction, the chief executive officer now directly owns 45,712 shares in the company, valued at $1,142,800. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other MidWestOne Financial Group news, Director Matthew J. Hayek acquired 2,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $25.00 per share, for a total transaction of $50,000.00. Following the purchase, the director now owns 11,293 shares in the company, valued at $282,325. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Charles N. Reeves acquired 7,000 shares of the stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $25.00 per share, for a total transaction of $175,000.00. Following the completion of the purchase, the chief executive officer now owns 45,712 shares in the company, valued at approximately $1,142,800. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 9,400 shares of company stock valued at $235,000. Insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MOFG. Piper Sandler raised their price objective on shares of MidWestOne Financial Group from $22.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $28.00 price target (up previously from $25.00) on shares of MidWestOne Financial Group in a report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat.com, MidWestOne Financial Group currently has a consensus rating of “Hold” and an average target price of $26.50.

MidWestOne Financial Group Company 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.