MidWestOne Financial Group (MOFG) Downgraded to Sell at ValuEngine

MidWestOne Financial Group (NASDAQ:MOFG) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a report released on Friday.

Several other analysts have also recently issued reports on MOFG. BidaskClub upgraded MidWestOne Financial Group from a “hold” rating to a “buy” rating in a research note on Thursday, October 11th. Zacks Investment Research cut MidWestOne Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 25th. Finally, TheStreet cut MidWestOne Financial Group from a “b” rating to a “c+” rating in a research note on Thursday, November 15th. Two analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company. MidWestOne Financial Group currently has an average rating of “Hold” and an average target price of $36.50.

NASDAQ:MOFG traded down $0.06 during trading hours on Friday, reaching $25.64. 22,600 shares of the stock were exchanged, compared to its average volume of 26,450. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.50. MidWestOne Financial Group has a twelve month low of $23.80 and a twelve month high of $35.20. The stock has a market capitalization of $315.94 million, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 1.04 and a beta of 1.06.

MidWestOne Financial Group (NASDAQ:MOFG) last announced its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.07). The company had revenue of $32.35 million during the quarter, compared to analyst estimates of $32.53 million. MidWestOne Financial Group had a net margin of 14.22% and a return on equity of 7.33%. On average, sell-side analysts expect that MidWestOne Financial Group will post 2.53 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in MOFG. Royce & Associates LP increased its holdings in MidWestOne Financial Group by 13.2% in the third quarter. Royce & Associates LP now owns 829,970 shares of the financial services provider’s stock valued at $27,646,000 after buying an additional 96,546 shares during the last quarter. BlackRock Inc. increased its holdings in MidWestOne Financial Group by 1.4% in the third quarter. BlackRock Inc. now owns 573,874 shares of the financial services provider’s stock valued at $19,116,000 after buying an additional 8,074 shares during the last quarter. Vanguard Group Inc increased its holdings in MidWestOne Financial Group by 0.4% in the third quarter. Vanguard Group Inc now owns 476,740 shares of the financial services provider’s stock valued at $15,880,000 after buying an additional 1,709 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in MidWestOne Financial Group by 6.8% in the third quarter. Dimensional Fund Advisors LP now owns 356,764 shares of the financial services provider’s stock valued at $11,884,000 after buying an additional 22,610 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in MidWestOne Financial Group by 5.7% in the third quarter. Renaissance Technologies LLC now owns 219,849 shares of the financial services provider’s stock valued at $7,323,000 after buying an additional 11,849 shares during the last quarter. Institutional investors and hedge funds own 45.95% of the company’s stock.

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, institutional customers, and government agencies in Iowa, Minnesota, Wisconsin, Florida, and Colorado. It offers deposit products, such as checking and other demand deposit accounts, NOW accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, and other time deposits.

See Also: Roth IRA

To view ValuEngine’s full report, visit ValuEngine’s official website.

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