69,309 Shares in Midland States Bancorp, Inc. $MSBI Bought by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management acquired 69,309 shares of Midland States Bancorp worth approximately $2.16 million, giving it a 0.33% stake. Institutional investors and hedge funds collectively own 60.93% of the company.
• Midland States Bancorp reported quarterly EPS of $0.82, exceeding analysts’ $0.78 estimate, while revenue of $83.74 million also topped expectations. The company raised its quarterly dividend to $0.33 per share, equivalent to a 4.0% yield.
• Shares opened at $33.00, near the 12-month high of $35.10, while analysts maintained an overall “Hold” consensus with a $29.10 target price. The company also authorized a $45 million share-repurchase program covering up to 8% of outstanding shares.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 69,309 shares of the financial services provider's stock, valued at approximately $2,158,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.33% of Midland States Bancorp as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MSBI. Amundi raised its holdings in Midland States Bancorp by 39.4% in the 1st quarter. Amundi now owns 2,194 shares of the financial services provider's stock worth $38,000 after acquiring an additional 620 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in Midland States Bancorp by 33.1% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 503 shares during the period. CIBC Private Wealth Group LLC acquired a new stake in shares of Midland States Bancorp in the third quarter valued at about $46,000. Quadrant Capital Group LLC grew its position in shares of Midland States Bancorp by 302.7% in the fourth quarter. Quadrant Capital Group LLC now owns 4,599 shares of the financial services provider's stock valued at $97,000 after purchasing an additional 3,457 shares during the last quarter. Finally, Quantbot Technologies LP increased its stake in shares of Midland States Bancorp by 32.0% in the second quarter. Quantbot Technologies LP now owns 7,372 shares of the financial services provider's stock worth $128,000 after purchasing an additional 1,787 shares during the period. 60.93% of the stock is currently owned by institutional investors and hedge funds.

Midland States Bancorp Trading Up 0.5%

Shares of Midland States Bancorp stock opened at $33.00 on Friday. Midland States Bancorp, Inc. has a 12-month low of $14.24 and a 12-month high of $35.10. The stock has a market capitalization of $684.82 million, a P/E ratio of 21.15 and a beta of 0.66. The company has a 50-day simple moving average of $32.03 and a 200 day simple moving average of $27.30. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.73.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.04. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. The company had revenue of $83.74 million for the quarter, compared to analyst estimates of $80.70 million. Research analysts expect that Midland States Bancorp, Inc. will post 3.4 earnings per share for the current fiscal year.

Midland States Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Friday, August 14th. This is a boost from Midland States Bancorp's previous quarterly dividend of $0.32. Midland States Bancorp's dividend payout ratio is currently 84.62%.

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. DA Davidson raised their target price on Midland States Bancorp from $30.00 to $33.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Keefe, Bruyette & Woods upped their price target on Midland States Bancorp from $28.00 to $31.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Weiss Ratings reissued a "hold (c)" rating on shares of Midland States Bancorp in a research report on Friday, July 31st. Piper Sandler raised their price objective on shares of Midland States Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 28th. Finally, Wall Street Zen lowered shares of Midland States Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $29.10.

Insider Activity

In other Midland States Bancorp news, COO Kyle Owen Mooney sold 1,198 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $33.51, for a total value of $40,144.98. Following the transaction, the chief operating officer directly owned 14,099 shares of the company's stock, valued at approximately $472,457.49. This trade represents a 7.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey G. Ludwig sold 8,383 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $34.00, for a total value of $285,022.00. Following the completion of the transaction, the chief executive officer owned 400,971 shares in the company, valued at $13,633,014. This represents a 2.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 10,070 shares of company stock worth $341,382 in the last ninety days. Insiders own 8.57% of the company's stock.

Midland States Bancorp Profile

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.

Want to see what other hedge funds are holding MSBI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source