Nuveen LLC Makes New $2.89 Million Investment in Midland States Bancorp, Inc. $MSBI

Key Points

• Nuveen LLC acquired 168,588 shares of Midland States Bancorp, valued at approximately $2.89 million, representing about 0.79% ownership of the company.
• Midland States Bancorp recently declared a quarterly dividend increase to $0.32 per share, boosting its annualized dividend yield to 7.0%.
• The company reported a quarterly EPS of $0.44, missing analyst expectations, but had revenues of $82.5 million exceeding forecasts.

Nuveen LLC purchased a new position in shares of Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 168,588 shares of the financial services provider's stock, valued at approximately $2,886,000. Nuveen LLC owned 0.79% of Midland States Bancorp as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Midland States Bancorp by 25.0% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 32,842 shares of the financial services provider's stock valued at $562,000 after purchasing an additional 6,558 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Midland States Bancorp by 2.5% in the first quarter. Vanguard Group Inc. now owns 1,209,953 shares of the financial services provider's stock valued at $20,714,000 after purchasing an additional 29,439 shares in the last quarter. LPL Financial LLC grew its position in shares of Midland States Bancorp by 60.4% in the first quarter. LPL Financial LLC now owns 117,505 shares of the financial services provider's stock valued at $2,012,000 after purchasing an additional 44,230 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Midland States Bancorp by 129.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,533 shares of the financial services provider's stock valued at $215,000 after purchasing an additional 7,072 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd grew its position in shares of Midland States Bancorp by 163.0% in the first quarter. Y Intercept Hong Kong Ltd now owns 38,346 shares of the financial services provider's stock valued at $656,000 after purchasing an additional 23,768 shares in the last quarter. 60.93% of the stock is currently owned by hedge funds and other institutional investors.

Midland States Bancorp Price Performance

NASDAQ:MSBI traded down $0.16 during trading hours on Wednesday, hitting $18.31. 101,870 shares of the company's stock traded hands, compared to its average volume of 115,981. The firm has a market cap of $394.21 million, a P/E ratio of -23.78 and a beta of 0.78. Midland States Bancorp, Inc. has a 52 week low of $14.79 and a 52 week high of $28.08. The business's fifty day simple moving average is $18.02 and its two-hundred day simple moving average is $17.61. The company has a quick ratio of 0.83, a current ratio of 0.88 and a debt-to-equity ratio of 1.36.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.19). The business had revenue of $82.50 million for the quarter, compared to the consensus estimate of $75.76 million. Midland States Bancorp had a negative net margin of 1.50% and a negative return on equity of 1.23%. On average, research analysts anticipate that Midland States Bancorp, Inc. will post 2.53 earnings per share for the current fiscal year.

Midland States Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 15th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 7.0%. This is an increase from Midland States Bancorp's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, August 15th. Midland States Bancorp's dividend payout ratio is presently -166.23%.

Wall Street Analyst Weigh In

MSBI has been the subject of several recent research reports. Wall Street Zen cut Midland States Bancorp from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Piper Sandler reiterated a "neutral" rating and issued a $21.00 price target (up from $18.00) on shares of Midland States Bancorp in a research report on Friday, July 11th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $20.67.

About Midland States Bancorp

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Wealth Management, and Other segments. The company provides a range of financial products and services to consumers and businesses, including commercial loans to finance agricultural equipment and production; and commercial real estate loans for owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, and assisted living facilities.