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 increased its stake in shares of 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 SEC. The fund owned 117,505 shares of the financial services provider's stock after buying an additional 44,230 shares during the period. LPL Financial LLC owned about 0.55% of Midland States Bancorp worth $2,012,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MSBI. Jacobs Levy Equity Management Inc. grew its position in shares of Midland States Bancorp by 0.9% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 90,032 shares of the financial services provider's stock valued at $2,197,000 after acquiring an additional 845 shares during the period. Barclays PLC lifted its stake in Midland States Bancorp by 2.6% in the fourth quarter. Barclays PLC now owns 67,065 shares of the financial services provider's stock valued at $1,638,000 after purchasing an additional 1,681 shares during the last quarter. Aquatic Capital Management LLC grew its holdings in Midland States Bancorp by 141.9% during the fourth quarter. Aquatic Capital Management LLC now owns 3,387 shares of the financial services provider's stock valued at $83,000 after purchasing an additional 1,987 shares during the period. Wells Fargo & Company MN increased its position in Midland States Bancorp by 22.0% in the fourth quarter. Wells Fargo & Company MN now owns 14,580 shares of the financial services provider's stock worth $356,000 after buying an additional 2,630 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its position in Midland States Bancorp by 136.9% in the fourth quarter. Point72 Asset Management L.P. now owns 4,730 shares of the financial services provider's stock worth $115,000 after buying an additional 2,733 shares during the last quarter. Institutional investors own 60.93% of the company's stock.

Midland States Bancorp Stock Performance

Shares of NASDAQ:MSBI traded up $1.21 during midday trading on Friday, reaching $18.48. 168,978 shares of the company traded hands, compared to its average volume of 125,796. The firm's fifty day moving average price is $17.72 and its two-hundred day moving average price is $17.65. The firm has a market capitalization of $397.87 million, a price-to-earnings ratio of -24.00 and a beta of 0.77. The company has a quick ratio of 0.83, a current ratio of 0.88 and a debt-to-equity ratio of 1.36. Midland States Bancorp, Inc. has a 12 month low of $14.79 and a 12 month high of $28.08.

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

Midland States Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 15th were paid a dividend of $0.32 per share. This is an increase from Midland States Bancorp's previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend was Friday, August 15th. Midland States Bancorp's dividend payout ratio is presently -166.23%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wall Street Zen downgraded Midland States Bancorp from a "hold" rating to a "sell" rating in a research note on Friday. Piper Sandler reaffirmed a "neutral" rating and set a $21.00 price objective (up from $18.00) on shares of Midland States Bancorp in a report on Friday, July 11th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Midland States Bancorp from $21.00 to $20.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $20.67.

About Midland States Bancorp

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.