Empowered Funds LLC Acquires New Shares in Midland States Bancorp, Inc. $MSBI

Key Points

• Empowered Funds LLC acquired 92,919 shares of Midland States Bancorp during the second quarter, worth approximately $2.9 million and representing a 0.45% stake. Institutional investors collectively own 60.93% of the company.
• Analysts remain cautious, with Midland States Bancorp holding an average “Hold” rating and a consensus price target of $29.10, below the reported share price of $33.22.
• The company exceeded quarterly earnings expectations, reporting $0.82 in EPS and $83.74 million in revenue, while raising its quarterly dividend to $0.33 per share and maintaining an $45 million share-repurchase authorization.

Empowered Funds LLC bought a new stake in shares of Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 92,919 shares of the financial services provider's stock, valued at approximately $2,893,000. Empowered Funds LLC owned 0.45% of Midland States Bancorp at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MSBI. BlackRock Inc. purchased a new position in shares of Midland States Bancorp in the second quarter valued at $90,950,000. State Street Corp lifted its holdings in 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 in the last quarter. AQR Capital Management LLC boosted its stake in Midland States Bancorp by 38.1% in the 2nd quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider's stock worth $9,370,000 after purchasing an additional 149,175 shares during the period. Patriot Financial Partners GP II L.P. bought a new position in Midland States Bancorp in the 1st quarter worth about $9,783,000. Finally, Rhino Investment Partners Inc grew its holdings in Midland States Bancorp by 22.5% during the 1st 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. Hedge funds and other institutional investors own 60.93% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Midland States Bancorp

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

Midland States Bancorp Stock Up 1.9%

Shares of NASDAQ MSBI opened at $33.22 on Thursday. Midland States Bancorp, Inc. has a 12 month low of $14.24 and a 12 month high of $35.10. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $689.32 million, a price-to-earnings ratio of 21.30 and a beta of 0.65. The business has a 50-day moving average of $32.20 and a 200-day moving average of $27.53.

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 for the quarter, beating 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 business had revenue of $83.74 million for the quarter, compared to the consensus estimate of $80.70 million. Sell-side 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 business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.0%. This is an increase from Midland States Bancorp's previous quarterly dividend of $0.32. Midland States Bancorp's payout ratio is presently 84.62%.

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

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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