Form 4: MidWestOne Financial Group Director Charles N. Funk Reports Stock Sales
SEC Form 4 Filing
Director Charles N. Funk reported the sale of MidWestOne Financial Group (MOFG) stock through multiple transactions, while also holding shares indirectly through an ESOP and a family member's trust.
Summary
- Charles N. Funk, a director of MidWestOne Financial Group, Inc. (MOFG), filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On May 9, 2024, Funk sold 2,500 shares of common stock at $21.45 per share and another 2,500 shares at $21.62 per share.
- On May 10, 2024, he sold 1,000 shares at $21.9992 per share and 591 shares at $21.75 per share.
- Following these transactions, Funk directly owns 124,628.457 shares of common stock.
- He also indirectly owns 7,276.93 shares through the MidWestOne Financial Group, Inc. Employee Stock Ownership Plan (ESOP) as of April 30, 2024.
- Additionally, he indirectly owns shares through a family member's trust: 9,172 shares after the first two sales on May 9, 6,672 shares after the sale on May 9, 5,672 shares after the sale on May 10, and 5,081 shares after the sale on May 10.
- The filing also includes a Power of Attorney document, effective April 27, 2023, authorizing Kenneth R. Urmie, John J. Ruppel, and Celeste M. Yoder to act on Funk's behalf in matters related to securities filings.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing reporting stock sales by a company director. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about insider transactions.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Stakeholder Impact
- Shareholders may interpret the stock sales as a signal, although routine sales for personal financial planning are common.
- The transactions have a minimal direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| April 27, 2023 | Date of Power of Attorney granted to Kenneth R. Urmie, John J. Ruppel, and Celeste M. Yoder. |
| April 30, 2024 | Date as of which ESOP shares are allocated to the reporting person's account. |
| May 09, 2024 | Date of stock sales at $21.45 and $21.62 per share. |
| May 10, 2024 | Date of stock sales at $21.9992 and $21.75 per share. |
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