JPMorgan Chase & Co. Boosts Holdings in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

JPMorgan Chase & Co. grew its position in MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 54.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 43,430 shares of the financial services provider’s stock after purchasing an additional 15,351 shares during the period. JPMorgan Chase & Co.’s holdings in MidWestOne Financial Group were worth $1,239,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its position in shares of MidWestOne Financial Group by 2.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 41,219 shares of the financial services provider’s stock worth $1,176,000 after purchasing an additional 1,000 shares in the last quarter. Sippican Capital Advisors boosted its holdings in MidWestOne Financial Group by 1.9% in the third quarter. Sippican Capital Advisors now owns 66,338 shares of the financial services provider’s stock worth $1,893,000 after acquiring an additional 1,205 shares in the last quarter. Empowered Funds LLC boosted its holdings in MidWestOne Financial Group by 5.2% in the third quarter. Empowered Funds LLC now owns 60,114 shares of the financial services provider’s stock worth $1,715,000 after acquiring an additional 2,948 shares in the last quarter. Martingale Asset Management L P grew its stake in shares of MidWestOne Financial Group by 13.1% during the third quarter. Martingale Asset Management L P now owns 33,186 shares of the financial services provider’s stock worth $947,000 after acquiring an additional 3,852 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of MidWestOne Financial Group during the third quarter valued at about $163,000. 65.42% of the stock is owned by institutional investors and hedge funds.

MidWestOne Financial Group Price Performance

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

MidWestOne Financial Group (NASDAQ:MOFG) last issued its quarterly earnings results 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 5.13% and a net margin of 9.79%. As a group, research analysts predict that MidWestOne Financial Group, Inc. will post 2.3 EPS for the current fiscal year.

MidWestOne Financial Group Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and upped their price target for the company from $34.00 to $39.00 in a research note on Tuesday, December 17th. Piper Sandler cut 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, StockNews.com lowered 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.