MutualFirst Financial Inc. (NASDAQ:MFSF) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday, July 29th. The brokerage currently has a $40.00 price objective on the bank’s stock. Zacks Investment Research‘s target price points to a potential upside of 17.13% from the company’s previous close.
According to Zacks, “MutualFirst Financial, Inc. is the holding company of Mutual Federal Savings Bank. “
Other equities research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $32.00 target price on shares of MutualFirst Financial in a research note on Friday, July 14th. BidaskClub cut shares of MutualFirst Financial from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. DA Davidson raised shares of MutualFirst Financial from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $29.00 to $34.00 in a research note on Wednesday, July 26th. TheStreet cut shares of MutualFirst Financial from a “b-” rating to a “c+” rating in a research note on Tuesday, July 25th. Finally, ValuEngine raised shares of MutualFirst Financial from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $35.33.
Shares of MutualFirst Financial (MFSF) opened at 34.15 on Friday. The stock has a market cap of $252.06 million, a PE ratio of 18.46 and a beta of 0.35. The stock’s 50 day moving average is $34.46 and its 200 day moving average is $33.16. MutualFirst Financial has a 52-week low of $26.30 and a 52-week high of $36.90.
MutualFirst Financial (NASDAQ:MFSF) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.10. MutualFirst Financial had a net margin of 18.53% and a return on equity of 9.66%. The firm had revenue of $16.76 million for the quarter, compared to analysts’ expectations of $16.40 million. Equities research analysts forecast that MutualFirst Financial will post $1.93 earnings per share for the current year.
In related news, insider David Wayne Heeter sold 7,285 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $34.57, for a total value of $251,842.45. Following the sale, the insider now directly owns 50,715 shares in the company, valued at approximately $1,753,217.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Patrick C. Botts sold 965 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $35.37, for a total transaction of $34,132.05. Following the completion of the sale, the chief operating officer now owns 23,284 shares in the company, valued at $823,555.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,161 shares of company stock worth $1,299,609. Insiders own 11.30% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. purchased a new position in MutualFirst Financial during the fourth quarter valued at $148,000. State Street Corp increased its position in MutualFirst Financial by 12.7% in the fourth quarter. State Street Corp now owns 67,115 shares of the bank’s stock valued at $2,222,000 after buying an additional 7,559 shares in the last quarter. Dimensional Fund Advisors LP increased its position in MutualFirst Financial by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 381,428 shares of the bank’s stock valued at $12,625,000 after buying an additional 2,824 shares in the last quarter. Renaissance Technologies LLC increased its position in MutualFirst Financial by 13.0% in the fourth quarter. Renaissance Technologies LLC now owns 156,180 shares of the bank’s stock valued at $5,170,000 after buying an additional 17,980 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in MutualFirst Financial by 16.7% in the first quarter. Wells Fargo & Company MN now owns 3,490 shares of the bank’s stock valued at $110,000 after buying an additional 500 shares in the last quarter. 45.79% of the stock is owned by institutional investors.
About MutualFirst Financial
MutualFirst Financial, Inc (MutualFirst) is the bank holding company of MutualBank (MutualBank or the Bank). The Bank offers financial services through approximately 30 full service retail financial center offices in Allen, Delaware, Elkhart, Grant, Kosciusko, Randolph, Saint Joseph and Wabash counties in Indiana.
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