Algert Global LLC Purchases 63,314 Shares of Midland States Bancorp, Inc. $MSBI

Key Points

• Algert Global increased its Midland States Bancorp position by 46.1% in the second quarter, acquiring 63,314 shares and bringing its holdings to 200,545 shares worth approximately $6.25 million. Institutional investors collectively own 60.93% of the company.
• Analysts maintain a generally cautious view, with one Strong Buy and five Hold ratings; the consensus rating is Hold with a $29.10 price target. The stock opened at $32.79 and recently traded near its 52-week high of $35.10.
• Midland States Bancorp exceeded quarterly earnings and revenue expectations, reporting $0.82 in EPS and $83.74 million in revenue. The company also raised its quarterly dividend to $0.33 per share, yielding about 4%, and has authorization to repurchase up to $45 million—or 8%—of its shares.

Algert Global LLC lifted its position in Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) by 46.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 200,545 shares of the financial services provider's stock after acquiring an additional 63,314 shares during the period. Algert Global LLC owned 0.97% of Midland States Bancorp worth $6,245,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Amundi raised its holdings in Midland States Bancorp by 39.4% in the first quarter. Amundi now owns 2,194 shares of the financial services provider's stock worth $38,000 after purchasing an additional 620 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Midland States Bancorp by 33.1% during the 4th 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 purchased a new position in Midland States Bancorp during the 3rd quarter valued at about $46,000. Quadrant Capital Group LLC boosted its stake in Midland States Bancorp by 302.7% during the fourth quarter. Quadrant Capital Group LLC now owns 4,599 shares of the financial services provider's stock worth $97,000 after acquiring an additional 3,457 shares in the last quarter. Finally, Quantbot Technologies LP lifted its holdings in shares of Midland States Bancorp by 32.0% during the second quarter. Quantbot Technologies LP now owns 7,372 shares of the financial services provider's stock valued at $128,000 after purchasing an additional 1,787 shares during the last quarter. Hedge funds and other institutional investors own 60.93% of the company's stock.

Insider Activity at Midland States Bancorp

In other news, CEO Jeffrey G. Ludwig sold 8,383 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $34.00, for a total value of $285,022.00. Following the completion of the sale, the chief executive officer directly owned 400,971 shares of the company's stock, valued at $13,633,014. This represents a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Kyle Owen Mooney sold 1,198 shares of the firm's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $33.51, for a total transaction of $40,144.98. Following the sale, the chief operating officer owned 14,099 shares in the company, valued at $472,457.49. The trade was a 7.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 10,070 shares of company stock worth $341,382 in the last ninety days. Insiders own 8.57% of the company's stock.

Analysts Set New Price Targets

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

Midland States Bancorp Stock Performance

Shares of MSBI opened at $32.79 on Thursday. Midland States Bancorp, Inc. has a one year low of $14.24 and a one year high of $35.10. The firm has a market capitalization of $680.46 million, a P/E ratio of 21.02 and a beta of 0.66. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.78 and a quick ratio of 0.78. The business has a fifty day moving average of $31.89 and a 200 day moving average of $27.20.

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

Midland States Bancorp declared that its Board of Directors has approved a stock buyback plan on Wednesday, May 6th that allows the company to repurchase $45.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Midland States Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were paid 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 positive change from Midland States Bancorp's previous quarterly dividend of $0.32. Midland States Bancorp's dividend payout ratio (DPR) is 84.62%.

Midland States Bancorp Company 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.

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