LPL Financial LLC Purchases 44,230 Shares of Midland States Bancorp, Inc. $MSBI

Key Points

• LPL Financial LLC increased its stake in Midland States Bancorp by 60.4% in the first quarter, owning 117,505 shares valued at approximately $2,012,000.
• Midland States Bancorp recently declared a quarterly dividend of $0.32 per share, up from the previous dividend of $0.31, representing an annualized dividend yield of 7.3%.
• The company's stock reported a quarterly earnings per share (EPS) of $0.44, which was below the expected $0.63, despite revenues exceeding estimates at $82.50 million.

LPL Financial LLC boosted its stake in Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) by 60.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 117,505 shares of the financial services provider's stock after purchasing an additional 44,230 shares during the period. LPL Financial LLC owned about 0.55% of Midland States Bancorp worth $2,012,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of MSBI. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Midland States Bancorp by 129.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,533 shares of the financial services provider's stock valued at $215,000 after acquiring an additional 7,072 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its position in Midland States Bancorp by 163.0% during the first quarter. Y Intercept Hong Kong Ltd now owns 38,346 shares of the financial services provider's stock valued at $656,000 after acquiring an additional 23,768 shares during the last quarter. Segall Bryant & Hamill LLC bought a new stake in Midland States Bancorp during the first quarter valued at $1,644,000. CWM LLC boosted its position in Midland States Bancorp by 162.5% during the first quarter. CWM LLC now owns 7,416 shares of the financial services provider's stock valued at $127,000 after acquiring an additional 4,591 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Midland States Bancorp by 2,114.8% during the first quarter. GAMMA Investing LLC now owns 9,125 shares of the financial services provider's stock valued at $156,000 after acquiring an additional 8,713 shares during the last quarter. 60.93% of the stock is currently owned by institutional investors and hedge funds.

Midland States Bancorp Trading Up 7.0%

Shares of NASDAQ MSBI traded up $1.21 during midday trading on Friday, hitting $18.48. 168,978 shares of the company traded hands, compared to its average volume of 125,015. Midland States Bancorp, Inc. has a 12-month low of $14.79 and a 12-month high of $28.08. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.83 and a current ratio of 0.88. The stock has a 50-day moving average price of $17.68 and a 200 day moving average price of $17.69. The firm has a market cap of $397.97 million, a P/E ratio of -24.00 and a beta of 0.77.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.44 EPS for the quarter, missing the consensus estimate of $0.63 by ($0.19). Midland States Bancorp had a negative return on equity of 1.23% and a negative net margin of 1.50%.The business had revenue of $82.50 million for the quarter, compared to the consensus estimate of $75.76 million. As a group, analysts expect that Midland States Bancorp, Inc. will post 2.53 earnings per share for the current year.

Midland States Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, August 15th. This is a positive change from Midland States Bancorp's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 6.9%. Midland States Bancorp's dividend payout ratio is presently -166.23%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Piper Sandler reissued a "neutral" rating and set a $21.00 price objective (up previously from $18.00) on shares of Midland States Bancorp in a research report on Friday, July 11th. Wall Street Zen lowered shares of Midland States Bancorp from a "buy" rating to a "hold" rating in a research note on Tuesday, May 20th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Midland States Bancorp from $21.00 to $20.00 and set a "market perform" rating for the company in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $20.67.

Midland States Bancorp Profile

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Wealth Management, and Other segments. The company provides a range of financial products and services to consumers and businesses, including commercial loans to finance agricultural equipment and production; and commercial real estate loans for owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, and assisted living facilities.