BlackRock Inc. Acquires Shares of 2,920,667 Midland States Bancorp, Inc. $MSBI

Key Points

• BlackRock acquired 2.92 million Midland States Bancorp shares in the second quarter, worth approximately $91 million, giving it a 14.08% stake. Institutional investors collectively own 60.93% of the company.
• Midland States Bancorp beat quarterly earnings expectations, reporting $0.82 EPS versus the $0.78 consensus and revenue of $83.74 million. Shares opened at $33.00, near their one-year high of $35.10.
• The company authorized a $45 million share-repurchase program covering up to 8% of outstanding shares and raised its quarterly dividend to $0.33, equivalent to a 4.0% annualized yield. Analysts maintain a consensus “Hold” rating with a $29.10 target price.

BlackRock Inc. bought a new position in shares of Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 2,920,667 shares of the financial services provider's stock, valued at approximately $90,950,000. BlackRock Inc. owned 14.08% of Midland States Bancorp at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MSBI. Amundi boosted its stake in shares of Midland States Bancorp by 39.4% in the first quarter. Amundi now owns 2,194 shares of the financial services provider's stock valued at $38,000 after buying an additional 620 shares in the last quarter. Empowered Funds LLC raised its position in Midland States Bancorp by 3.5% in the first quarter. Empowered Funds LLC now owns 58,504 shares of the financial services provider's stock worth $1,002,000 after acquiring an additional 2,004 shares in the last quarter. Jane Street Group LLC acquired a new stake in Midland States Bancorp in the first quarter valued at $354,000. Rhumbline Advisers lifted its holdings in Midland States Bancorp by 5.5% in the second quarter. Rhumbline Advisers now owns 32,343 shares of the financial services provider's stock valued at $560,000 after acquiring an additional 1,687 shares during the period. Finally, Hsbc Holdings PLC boosted its position in shares of Midland States Bancorp by 18.1% during the 2nd quarter. Hsbc Holdings PLC now owns 33,166 shares of the financial services provider's stock worth $577,000 after purchasing an additional 5,075 shares in the last quarter. 60.93% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Midland States Bancorp

In related news, COO Kyle Owen Mooney sold 1,198 shares of the stock in a transaction on Tuesday, August 11th. The stock was 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jeffrey G. Ludwig sold 8,383 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $34.00, for a total value of $285,022.00. Following the sale, the chief executive officer directly 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 disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 10,070 shares of company stock valued at $341,382. Corporate insiders own 8.57% of the company's stock.

Midland States Bancorp Stock Up 0.5%

MSBI stock opened at $33.00 on Friday. 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 debt-to-equity ratio of 0.73, a quick ratio of 0.78 and a current ratio of 0.78. Midland States Bancorp, Inc. has a one year low of $14.24 and a one year high of $35.10. The company has a 50 day moving average price of $32.03 and a two-hundred day moving average price of $27.30.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last issued its quarterly 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. Midland States Bancorp had a return on equity of 13.32% and a net margin of 9.40%.The company had revenue of $83.74 million during the quarter, compared to the consensus estimate of $80.70 million. As a group, sell-side analysts expect that Midland States Bancorp, Inc. will post 3.4 EPS for the current year.

Midland States Bancorp declared that its board 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 buy up to 8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Midland States Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were issued a $0.33 dividend. This is a positive change from Midland States Bancorp's previous quarterly dividend of $0.32. The ex-dividend date was Friday, August 14th. This represents a $1.32 annualized dividend and a yield of 4.0%. Midland States Bancorp's dividend payout ratio (DPR) is presently 84.62%.

Analyst Upgrades and Downgrades

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

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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