Ieq Capital LLC Makes New $1.71 Million Investment in Midland States Bancorp, Inc. $MSBI

Key Points

• Ieq Capital acquired a new $1.71 million stake in Midland States Bancorp during the second quarter, while institutional investors and hedge funds collectively owned 60.93% of the company.
• Midland States Bancorp exceeded quarterly earnings expectations, reporting $0.82 EPS versus the $0.78 consensus and revenue of $83.74 million. The company also authorized a $45 million share buyback and raised its quarterly dividend to $0.33.
• Analyst sentiment remains cautious, with one Strong Buy and five Hold ratings producing a consensus “Hold” rating and a $29.10 target price. Shares opened at $32.71, near their one-year high of $35.10.

Ieq Capital LLC acquired 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 Form 13F filing with the Securities and Exchange Commission. The firm acquired 55,043 shares of the financial services provider's stock, valued at approximately $1,714,000. Ieq Capital LLC owned approximately 0.27% 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. Vise Technologies Inc. bought a new position in Midland States Bancorp in the second quarter worth $287,000. BlackRock Inc. bought a new stake in Midland States Bancorp in the 2nd quarter valued at $90,950,000. Deutsche Bank AG bought a new stake in Midland States Bancorp in the 2nd quarter valued at $591,000. Bank of New York Mellon Corp acquired a new position in shares of Midland States Bancorp in the 2nd quarter valued at $3,941,000. Finally, Rhino Investment Partners Inc raised its stake in shares of Midland States Bancorp by 22.5% in 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. 60.93% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 transaction, the chief executive officer directly owned 400,971 shares of the company's stock, valued at $13,633,014. The trade was a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Kyle Owen Mooney sold 1,198 shares of Midland States Bancorp stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $33.51, for a total value of $40,144.98. Following the completion of the transaction, the chief operating officer directly 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 SEC filing for this sale provides additional information. In the last three months, insiders sold 10,070 shares of company stock worth $341,382. Insiders own 8.57% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on MSBI shares. Zacks Research upgraded shares of Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 28th. Wall Street Zen cut shares of Midland States Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday. Piper Sandler lifted their price objective on Midland States Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, July 28th. Weiss Ratings reiterated a "hold (c)" rating on shares of Midland States Bancorp in a research note on Friday, July 31st. Finally, DA Davidson upped their price target on Midland States Bancorp from $30.00 to $33.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $29.10.

Midland States Bancorp Price Performance

Shares of Midland States Bancorp stock opened at $32.71 on Wednesday. The stock has a market capitalization of $678.73 million, a price-to-earnings ratio of 20.97 and a beta of 0.66. The firm's 50-day moving average price is $31.81 and its two-hundred day moving average price is $27.14. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.73. Midland States Bancorp, Inc. has a 1-year low of $14.24 and a 1-year high of $35.10.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share (EPS) 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, equities analysts predict that Midland States Bancorp, Inc. will post 3.4 earnings per share for the current fiscal year.

Midland States Bancorp declared that its Board of Directors has authorized a share buyback program on Wednesday, May 6th that authorizes the company to repurchase $45.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Midland States Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 4.0%. The ex-dividend date was 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 presently 84.62%.

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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