Empowered Funds LLC Boosts Stock Position in Midland States Bancorp, Inc. $MSBI

Key Points

• Empowered Funds LLC increased its Midland States Bancorp stake by 43.3% in the first quarter, bringing its holdings to 96,686 shares worth approximately $2.16 million. Institutional investors collectively own 60.93% of the company.
• Midland States Bancorp exceeded quarterly earnings expectations, reporting $0.82 in EPS versus the $0.78 consensus and revenue of $83.74 million. Analysts maintain an average “Hold” rating with a consensus price target of $29.10, below the stock’s reported $34.24 price.
• The company raised its quarterly dividend from $0.32 to $0.33 per share, implying a 3.9% yield, and authorized a $45 million share repurchase program covering up to 8% of outstanding shares.

Empowered Funds LLC increased its holdings in Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) by 43.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 96,686 shares of the financial services provider's stock after purchasing an additional 29,214 shares during the period. Empowered Funds LLC owned approximately 0.47% of Midland States Bancorp worth $2,157,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Patriot Financial Partners GP II L.P. bought a new position in Midland States Bancorp during the first quarter valued at $9,783,000. AQR Capital Management LLC raised its position in shares of Midland States Bancorp by 38.1% during the 2nd 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 in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Midland States Bancorp by 97.1% during the 4th 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. Algert Global LLC bought a new position in shares of Midland States Bancorp in the 3rd quarter valued at about $1,297,000. Finally, Royal Bank of Canada lifted its holdings in shares of Midland States Bancorp by 8,633.1% in the 4th quarter. Royal Bank of Canada now owns 68,555 shares of the financial services provider's stock valued at $1,451,000 after acquiring an additional 67,770 shares during the last quarter. Hedge funds and other institutional investors own 60.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MSBI. Wall Street Zen raised Midland States Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Keefe, Bruyette & Woods boosted their target price on 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. Weiss Ratings restated a "hold (c)" rating on shares of Midland States Bancorp in a report on Friday, July 31st. DA Davidson increased their price target on Midland States Bancorp from $30.00 to $33.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Finally, Zacks Research upgraded Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $29.10.

Midland States Bancorp Price Performance

Shares of MSBI stock opened at $34.24 on Thursday. The company has a market capitalization of $710.48 million, a P/E ratio of 21.95 and a beta of 0.66. The company's 50-day simple moving average is $30.56 and its two-hundred day simple moving average is $26.15. Midland States Bancorp, Inc. has a one year low of $14.24 and a one year 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.

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

Midland States Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 14th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is 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 is currently 82.05%.

Midland States Bancorp declared that its board has initiated a share 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 purchase up to 8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Activity at Midland States Bancorp

In related news, CEO Jeffrey G. Ludwig sold 8,383 shares of Midland States Bancorp stock in a transaction dated 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 directly 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 8.57% of the company's stock.

About Midland States Bancorp

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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