Bank of America Corp DE Makes New Investment in Midland States Bancorp, Inc. $MSBI

Key Points

• Bank of America initiated a stake in Midland States Bancorp, purchasing 113,856 shares worth approximately $3.55 million, or 0.55% of the company. Institutional investors collectively own 60.93% of MSBI.
• Midland States Bancorp reported quarterly EPS of $0.82, exceeding estimates of $0.78, while revenue reached $83.74 million. The company also increased its quarterly dividend to $0.33, equivalent to a 4.1% annualized yield.
• Insiders sold 12,470 shares worth about $421,000 during the latest quarter. Analysts maintain a consensus “Hold” rating, with an average price target of $31.12 versus the reported share price of $32.39.

Bank of America Corp DE bought a new position in shares of Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 113,856 shares of the financial services provider's stock, valued at approximately $3,545,000. Bank of America Corp DE owned 0.55% of Midland States Bancorp at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Man Group plc purchased a new stake in Midland States Bancorp in the 2nd quarter worth approximately $940,000. Hsbc Holdings PLC purchased a new position in shares of Midland States Bancorp during the second quarter valued at approximately $1,820,000. Ancora Advisors LLC bought a new position in shares of Midland States Bancorp during the second quarter valued at approximately $144,000. Legal & General Group Plc bought a new position in shares of Midland States Bancorp during the second quarter valued at approximately $58,000. Finally, Algert Global LLC lifted its stake in Midland States Bancorp by 46.1% in the second quarter. Algert Global LLC now owns 200,545 shares of the financial services provider's stock worth $6,245,000 after acquiring an additional 63,314 shares during the period. 60.93% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Midland States Bancorp news, CEO Jeffrey G. Ludwig sold 8,383 shares of Midland States Bancorp 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 sale, the chief executive officer owned 400,971 shares of the company's stock, valued at approximately $13,633,014. This trade represents a 2.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Kyle Mooney sold 2,400 shares of the business's stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $33.33, for a total value of $79,992.00. Following the completion of the transaction, the chief operating officer owned 13,610 shares of the company's stock, valued at $453,621.30. This represents a 14.99% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 12,470 shares of company stock worth $421,374. Corporate insiders own 8.57% of the company's stock.

Midland States Bancorp Stock Performance

Shares of MSBI opened at $32.39 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.73. The stock has a market cap of $672.16 million, a P/E ratio of 20.76 and a beta of 0.65. The business's 50 day moving average price is $33.16 and its 200-day moving average price is $28.99. Midland States Bancorp, Inc. has a 52 week low of $14.24 and a 52 week high of $35.10.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.78 by $0.04. The business 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%. Equities research analysts anticipate that Midland States Bancorp, Inc. will post 3.39 earnings per share for the current fiscal year.

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 issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 4.1%. This is a boost from Midland States Bancorp's previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, August 14th. Midland States Bancorp's dividend payout ratio is presently 84.62%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MSBI shares. Weiss Ratings upgraded shares of Midland States Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, September 22nd. Keefe, Bruyette & Woods raised their price objective on shares of Midland States Bancorp from $28.00 to $31.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Piper Sandler upped their target price on Midland States Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday, July 28th. DA Davidson increased their target price on Midland States Bancorp from $30.00 to $33.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Finally, Zacks Research cut Midland States Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 25th. Five research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $31.12.

About Midland States Bancorp

Midland States Bancorp, Inc is the holding company for Midland States Bank, a community-focused financial institution headquartered in Effingham, Illinois. Founded in 1881, the bank serves individuals, families, businesses and agricultural customers through banking offices primarily across Illinois, Wisconsin and Ohio.

Midland States Bank offers a range of consumer and commercial banking products, including checking and savings accounts, certificates of deposit, residential mortgage lending, consumer loans, commercial real estate financing, business loans and agricultural lending.

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