438,500 Shares in Midland States Bancorp, Inc. $MSBI Acquired by Patriot Financial Partners GP II L.P.

Key Points

• Patriot Financial Partners GP II L.P. opened a new stake in Midland States Bancorp, buying 438,500 shares worth about $9.78 million. The position represents about 2.5% of its portfolio and 2.12% ownership of the bank.
• Midland States Bancorp recently reported better-than-expected quarterly results, posting EPS of $0.79 versus the $0.60 estimate and revenue of $81.1 million versus $75.59 million expected. Analysts currently rate the stock a Hold on average, with a consensus target price of $24.70.
• The company also announced a quarterly dividend of $0.32 per share and authorized a $45 million share buyback, signaling shareholder returns and confidence in the stock. The dividend yields about 4.1%, while insider buying included Director Travis Franklin purchasing 9,400 shares.

Patriot Financial Partners GP II L.P. purchased a new position in Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 438,500 shares of the financial services provider's stock, valued at approximately $9,783,000. Midland States Bancorp makes up approximately 2.5% of Patriot Financial Partners GP II L.P.'s portfolio, making the stock its 11th largest position. Patriot Financial Partners GP II L.P. owned 2.12% of Midland States Bancorp as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp raised its position in shares of Midland States Bancorp by 10.1% during the fourth quarter. State Street Corp now owns 682,862 shares of the financial services provider's stock worth $14,456,000 after purchasing an additional 62,874 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Midland States Bancorp by 38.1% in the 2nd quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider's stock worth $9,370,000 after purchasing an additional 149,175 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in Midland States Bancorp by 97.1% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 238,364 shares of the financial services provider's stock valued at $5,046,000 after purchasing an additional 117,422 shares during the period. Bank of America Corp DE grew its position in Midland States Bancorp by 9.0% in the 3rd quarter. Bank of America Corp DE now owns 211,795 shares of the financial services provider's stock valued at $3,630,000 after purchasing an additional 17,442 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Midland States Bancorp by 10.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 174,098 shares of the financial services provider's stock valued at $3,686,000 after purchasing an additional 16,301 shares in the last quarter. Institutional investors and hedge funds own 60.93% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. DA Davidson upped their price objective on shares of Midland States Bancorp from $23.00 to $26.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Zacks Research upgraded shares of Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 28th. Piper Sandler boosted their target price on shares of Midland States Bancorp from $28.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Wall Street Zen lowered shares of Midland States Bancorp from a "buy" rating to a "hold" rating in a report on Sunday, May 24th. Finally, Weiss Ratings raised shares of Midland States Bancorp from a "sell (d+)" rating to a "hold (c)" rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Midland States Bancorp presently has an average rating of "Hold" and a consensus target price of $24.70.

Midland States Bancorp Price Performance

Midland States Bancorp stock opened at $31.12 on Friday. Midland States Bancorp, Inc. has a 52 week low of $14.24 and a 52 week high of $31.82. The company's 50 day moving average price is $29.11 and its two-hundred day moving average price is $25.09. The stock has a market cap of $645.12 million, a P/E ratio of 26.37 and a beta of 0.66. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last released its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.19. The company had revenue of $81.10 million during the quarter, compared to analyst estimates of $75.59 million. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%. On average, equities analysts predict that Midland States Bancorp, Inc. will post 3.17 earnings per share for the current year.

Midland States Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 15th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, May 15th. Midland States Bancorp's dividend payout ratio is 108.47%.

Midland States Bancorp declared that its board has authorized a stock buyback plan on Wednesday, May 6th that authorizes the company to buyback $45.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Transactions at Midland States Bancorp

In other Midland States Bancorp news, Director Travis Franklin acquired 9,400 shares of Midland States Bancorp stock in a transaction on Tuesday, May 5th. The stock was purchased at an average price of $26.49 per share, for a total transaction of $249,006.00. Following the purchase, the director directly owned 9,400 shares of the company's stock, valued at $249,006. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 8.57% of the stock is owned by company insiders.

About Midland States Bancorp

Midland States Bancorp, Inc is a bank holding company headquartered in Effingham, Illinois, that oversees Midland States Bank, a community-focused financial institution. Through its subsidiary, the company provides a full range of commercial and retail banking services designed to meet the needs of individuals, small and mid-sized businesses, and nonprofit organizations. Its branch network spans key markets in Illinois, Missouri and Florida, where it emphasizes relationship-driven banking and local decision-making.

The company's offerings include traditional deposit accounts, business and commercial lending, treasury and cash management services, mortgage financing and home equity products.

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