MidWestOne Financial drops after stock offering priced

Midwestone Financial (IOWA)

27/09/2024 14:17

** Shares of MidWestOne Financial Group  MOFG.O , parent of
MidWestOne Bank, down 7.4% premarket to $25.75, over 1-mth low,
after overnight follow-on priced
    ** Iowa-based co late Thurs sold ~4.3 mln shares at $25,
10.1% discount to last sale, with KBW as sole underwriter
    ** MOFG said intends to invest expected net proceeds of
~$103.5 mln into the bank, to support capital ratios for
potential repositioning of substantial portion of its
available-for-sale and held-to-maturity securities portfolio
    ** As of June 30, bank had $6.6 bln total assets, $4.3 bln
gross loans and $5.4 bln total deposits (Click here for the
investor presentation)
    ** With ~15.77 mln shares outstanding, MOFG has ~$439 mln
market cap
    ** Through Thurs, shares up ~3% YTD and closed at $19.33 a
yr ago
    ** 2 of 5 analysts covering MOFG rate stock "strong buy", 3
rate "hold" and median PT is $30, per LSEG

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))