Charles Schwab Investment Management Inc. Raises Stock Position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Charles Schwab Investment Management Inc. increased its stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 2.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,219 shares of the financial services provider’s stock after acquiring an additional 1,000 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.26% of MidWestOne Financial Group worth $1,176,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MOFG. SG Americas Securities LLC purchased a new stake in shares of MidWestOne Financial Group in the third quarter worth approximately $163,000. Renaissance Technologies LLC bought a new stake in shares of MidWestOne Financial Group during the second quarter worth $247,000. GSA Capital Partners LLP purchased a new stake in shares of MidWestOne Financial Group during the third quarter valued at $361,000. Hsbc Holdings PLC purchased a new position in MidWestOne Financial Group in the 2nd quarter worth about $329,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in MidWestOne Financial Group during the 3rd quarter valued at about $436,000. 65.42% of the stock is currently owned by hedge funds and other institutional investors.

MidWestOne Financial Group Price Performance

MOFG opened at $32.55 on Wednesday. The firm has a market capitalization of $676.23 million, a PE ratio of -6.97 and a beta of 1.03. The business’s 50-day moving average is $31.10 and its two-hundred day moving average is $27.59. MidWestOne Financial Group, Inc. has a 1 year low of $19.43 and a 1 year high of $34.56. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.78 and a quick ratio of 0.77.

MidWestOne Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a $0.243 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.99%. MidWestOne Financial Group’s payout ratio is -20.77%.

Insider Buying and Selling

In related news, CEO Charles N. Reeves acquired 7,000 shares of the stock in a transaction dated Monday, September 30th. The stock was acquired at an average cost 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 of the company’s stock, valued at approximately $1,142,800. This represents a 18.08 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew J. Hayek bought 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $25.00 per share, for a total transaction of $50,000.00. Following the completion of the transaction, the director now owns 11,293 shares in the company, valued at $282,325. This trade represents a 21.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 9,400 shares of company stock worth $235,000 in the last ninety days. 2.80% of the stock is owned by insiders.

Analyst Ratings Changes

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

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.