MidWestOne Financial Group, Inc. (NASDAQ:MOFG) Sees Significant Increase in Short Interest
MidWestOne Financial Group, Inc. (NASDAQ:MOFG) was the recipient of a significant increase in short interest in June. As of June 30th, there was short interest totalling 82,400 shares, an increase of 43.3% from the May 30th total of 57,500 shares. Currently, 0.8% of the shares of the stock are sold short. Based on an average daily volume of 28,900 shares, the short-interest ratio is presently 2.9 days.
In other news, Director Richard J. Hartig bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average price of $29.04 per share, with a total value of $29,040.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have purchased 1,600 shares of company stock worth $45,815. 3.30% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA increased its holdings in shares of MidWestOne Financial Group by 502.1% in the first quarter. BNP Paribas Arbitrage SA now owns 2,336 shares of the financial services provider’s stock valued at $64,000 after buying an additional 1,948 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in shares of MidWestOne Financial Group by 355.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 3,962 shares of the financial services provider’s stock valued at $98,000 after buying an additional 3,092 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of MidWestOne Financial Group by 63.3% in the fourth quarter. Bank of America Corp DE now owns 7,859 shares of the financial services provider’s stock valued at $195,000 after buying an additional 3,045 shares in the last quarter. Shell Asset Management Co. bought a new position in shares of MidWestOne Financial Group in the first quarter valued at $329,000. Finally, Schneider Capital Management Corp increased its holdings in shares of MidWestOne Financial Group by 11.9% in the first quarter. Schneider Capital Management Corp now owns 12,201 shares of the financial services provider’s stock valued at $332,000 after buying an additional 1,300 shares in the last quarter. 33.91% of the stock is currently owned by institutional investors.
NASDAQ:MOFG traded up $0.51 during midday trading on Friday, hitting $27.78. 23,264 shares of the stock were exchanged, compared to its average volume of 25,193. The company has a market cap of $454.52 million, a P/E ratio of 10.94, a price-to-earnings-growth ratio of 1.18 and a beta of 0.96. MidWestOne Financial Group has a one year low of $23.80 and a one year high of $35.20. The company’s 50-day moving average price is $27.82. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.88 and a quick ratio of 0.88.
MidWestOne Financial Group (NASDAQ:MOFG) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.05). The company had revenue of $31.39 million during the quarter, compared to the consensus estimate of $32.02 million. MidWestOne Financial Group had a net margin of 19.41% and a return on equity of 8.80%. As a group, analysts forecast that MidWestOne Financial Group will post 2.97 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, April 29th were issued a $0.2025 dividend. The ex-dividend date of this dividend was Friday, April 26th. This represents a $0.81 annualized dividend and a dividend yield of 2.92%. MidWestOne Financial Group’s dividend payout ratio is currently 31.89%.
MidWestOne Financial Group Company Profile
MidWestOne Financial Group, Inc is a bank holding company. It operates through the following subsidiaries: MidWestOne Bank and MidWestOne Insurance Services, Inc The MidWestOne Bank provides retail banking services, which include deposit products, including checking and other demand deposit accounts, NOW accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts and other time deposits.
Further Reading: Outstanding Shares
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