Charles Schwab Investment Management Inc. Increases Stake in MidWestOne Financial Group, Inc. (NASDAQ:MOFG)

Charles Schwab Investment Management Inc. raised its holdings in shares of MidWestOne Financial Group, Inc. (NASDAQ:MOFG) by 2.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,219 shares of the financial services provider’s stock after buying an additional 1,000 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in MidWestOne Financial Group were worth $1,176,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Rhumbline Advisers grew its stake in MidWestOne Financial Group by 3.0% during the 2nd quarter. Rhumbline Advisers now owns 22,750 shares of the financial services provider’s stock valued at $512,000 after acquiring an additional 653 shares in the last quarter. Sippican Capital Advisors increased its stake in MidWestOne Financial Group by 1.9% during 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 during the last quarter. Empowered Funds LLC raised its position 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 valued at $1,715,000 after purchasing an additional 2,948 shares during the period. SG Americas Securities LLC purchased a new stake in MidWestOne Financial Group in the third quarter valued at $163,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of MidWestOne Financial Group by 10.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 89,619 shares of the financial services provider’s stock valued at $2,016,000 after purchasing an additional 8,490 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MOFG has been the topic of several research analyst reports. StockNews.com lowered shares of MidWestOne Financial Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Piper Sandler dropped their target price on shares of MidWestOne Financial Group from $33.00 to $31.50 and set a “neutral” rating for the company in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods raised MidWestOne Financial Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $34.00 to $39.00 in a research note on Tuesday.

MidWestOne Financial Group Stock Down 0.5 %

MOFG stock opened at $32.55 on Wednesday. The company’s 50 day moving average is $31.10 and its two-hundred day moving average is $27.59. The stock has a market cap of $676.23 million, a P/E ratio of -6.97 and a beta of 1.03. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.20. MidWestOne Financial Group, Inc. has a twelve month low of $19.43 and a twelve month high of $34.56.

MidWestOne Financial Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.243 per share. The ex-dividend date 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 dividend payout ratio (DPR) is presently -20.77%.

Insider Activity

In related news, CEO Charles N. Reeves purchased 7,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was acquired 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 directly owns 45,712 shares of the company’s stock, valued at $1,142,800. This trade represents a 18.08 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew J. Hayek purchased 2,000 shares of MidWestOne Financial Group stock in a transaction dated Monday, September 30th. The stock was acquired at an average cost of $25.00 per share, with a total value of $50,000.00. Following the completion of the acquisition, the director now directly owns 11,293 shares in the company, valued at approximately $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 9,400 shares of company stock valued at $235,000 in the last ninety days. 2.80% of the stock is currently owned by company insiders.

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.