MidWestOne Financial falls after launching $100 mln stock offering

Midwestone Financial (IOWA)

26/09/2024 22:40

** Shares of MidWestOne Financial Group  MOFG.O , parent of
MidWestOne Bank, fall 8.5% in extended trading to $25.45 after
follow-on offering unveiled
    ** Iowa-based co launches $100 mln stock offering with KBW
as sole underwriter
    ** MOFG to use net offering proceeds for general purposes,
including investments in the regional bank to support balance
sheet repositioning and growth, per the investor presentation
    ** As of June 30, MOFG had $6.6 bln total assets, $4.3 bln
gross loans and $5.4 bln total deposits
    ** With ~15.77 mln shares outstanding, co has ~$440 mln
market cap
    ** MOFG shares on Thurs closed down 0.3% at $27.82. Stock 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))