D.A. Davidson Reiterates a Sell Rating on Mutualfirst Financial Inc.

By Jason Carr

In a report issued on November 23, Kevin Reevey from D.A. Davidson reiterated a Sell rating on Mutualfirst Financial Inc. (NASDAQ: MFSF), with a price target of $24. The company’s shares opened today at $29.42, close to its 52-week high of $30.

Reevey commented:

“We expect the bulk of these benefits to come into play during the second half of 2017.”

According to TipRanks.com, Reevey is a 4-star analyst with an average return of 18.0% and a 77.8% success rate. Reevey covers the Financial sector, focusing on stocks such as Lakeland Financial Corp., Wintrust Financial Corp., and Midland States Bancrop.

Mutualfirst Financial Inc. has an analyst consensus of Moderate Sell, with a price target consensus of $24.

Based on Mutualfirst Financial Inc.’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $18.63 million and quarterly net profit of $3.48 million. In comparison, last year the company earned revenue of $17.44 million and had a net profit of $3.23 million.

Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is neutral on the stock. Earlier this month, Charles Viater, the SVP of MFSF sold 2,000 shares for a total of $56,100.

MutualFirst Financial, Inc. operates as a bank holding company for MutualBank, which provides financial products and services, including wealth management and trust services and Internet banking services. It engages in accepting retail deposits from the general public and investing those funds primarily in loans. The company also provides one-to four-family residential mortgage loans, multi-family and commercial real estate loans, construction and development loans, commercial business loans, and consumer loans, including home equity and lines of credit, home improvement, auto, boat, and recreational vehicle loans, as well as loans secured by savings deposits, and credit card and unsecured loans. It also provides investment money management and trust services for its customers. MutualFirst Financial was founded in September 1999 and is headquartered in Muncie, IN.