Bank of New York Mellon Corp Buys New Holdings in Midland States Bancorp, Inc. $MSBI

Key Points

• Bank of New York Mellon initiated a 126,552-share stake in Midland States Bancorp worth approximately $3.94 million, while institutional investors collectively own 60.93% of the company.
• Analysts remain cautious, with a consensus “Hold” rating and a $29.10 target price despite several firms raising their targets; MSBI recently traded at $33.73.
• Midland States Bancorp exceeded quarterly earnings and revenue estimates, reporting $0.82 in EPS and $83.74 million in revenue, and increased its quarterly dividend to $0.33 per share, yielding about 3.9%.

Bank of New York Mellon Corp purchased a new stake in shares of Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 126,552 shares of the financial services provider's stock, valued at approximately $3,941,000. Bank of New York Mellon Corp owned 0.61% of Midland States Bancorp at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of Midland States Bancorp by 10.1% during the 4th 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 raised its holdings in Midland States Bancorp by 38.1% in the second quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider's stock valued at $9,370,000 after buying an additional 149,175 shares during the period. Patriot Financial Partners GP II L.P. purchased a new position in Midland States Bancorp in the first quarter valued at approximately $9,783,000. Rhino Investment Partners Inc lifted its position in Midland States Bancorp by 22.5% during the first quarter. Rhino Investment Partners Inc now owns 320,288 shares of the financial services provider's stock valued at $7,146,000 after buying an additional 58,754 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Midland States Bancorp by 97.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 238,364 shares of the financial services provider's stock valued at $5,046,000 after buying an additional 117,422 shares in the last quarter. 60.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wall Street Zen downgraded shares of Midland States Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. 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 report on Monday, July 27th. Keefe, Bruyette & Woods increased their price target on Midland States Bancorp from $28.00 to $31.00 and gave the company 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. Finally, Piper Sandler boosted their price objective on Midland States Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Midland States Bancorp presently has a consensus rating of "Hold" and a consensus target price of $29.10.

Midland States Bancorp Stock Performance

Shares of MSBI stock opened at $33.73 on Friday. Midland States Bancorp, Inc. has a 12 month low of $14.24 and a 12 month high of $35.10. 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 firm has a market capitalization of $699.90 million, a P/E ratio of 21.62 and a beta of 0.65. The company's fifty day moving average price is $32.31 and its two-hundred day moving average price is $27.65.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.04. The company had revenue of $83.74 million during the quarter, compared to analysts' expectations of $80.70 million. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. On average, research analysts anticipate 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 declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 14th were issued a $0.33 dividend. This is an increase from Midland States Bancorp's previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Friday, August 14th. Midland States Bancorp's dividend payout ratio (DPR) is currently 84.62%.

Insider Buying and Selling

In other Midland States Bancorp news, COO Kyle Mooney sold 1,198 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $33.51, for a total transaction of $40,144.98. Following the completion of the sale, the chief operating officer owned 14,099 shares in the company, valued at $472,457.49. This trade represents a 7.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey Ludwig sold 8,383 shares of Midland States Bancorp stock in a transaction that occurred 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 sale, 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. In the last 90 days, insiders have sold 10,070 shares of company stock valued at $341,382. 8.57% of the stock is owned by insiders.

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.

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