Rhino Investment Partners Inc raised its holdings in shares of Midland States Bancorp, Inc. (NASDAQ:MSBI - Free Report) by 22.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 320,288 shares of the financial services provider's stock after acquiring an additional 58,754 shares during the quarter. Midland States Bancorp makes up approximately 2.0% of Rhino Investment Partners Inc's holdings, making the stock its 20th biggest position. Rhino Investment Partners Inc owned approximately 1.55% of Midland States Bancorp worth $7,146,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Empowered Funds LLC lifted its position in shares of Midland States Bancorp by 43.3% in the first quarter. Empowered Funds LLC now owns 96,686 shares of the financial services provider's stock worth $2,157,000 after purchasing an additional 29,214 shares in the last quarter. Quantinno Capital Management LP grew its position in Midland States Bancorp by 26.9% in the first quarter. Quantinno Capital Management LP now owns 54,635 shares of the financial services provider's stock valued at $1,219,000 after purchasing an additional 11,582 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Midland States Bancorp by 9.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 198,525 shares of the financial services provider's stock valued at $4,429,000 after buying an additional 16,637 shares during the last quarter. Sei Investments Co. lifted its position in Midland States Bancorp by 163.0% during the 1st quarter. Sei Investments Co. now owns 38,076 shares of the financial services provider's stock worth $849,000 after buying an additional 23,600 shares in the last quarter. Finally, Patriot Financial Partners GP II L.P. acquired a new position in shares of Midland States Bancorp during the 1st quarter worth about $9,783,000. 60.93% of the stock is currently owned by institutional investors and hedge funds.
Midland States Bancorp Stock Performance
Shares of MSBI stock opened at $34.10 on Wednesday. The company has a fifty day moving average price of $29.82 and a two-hundred day moving average price of $25.64. Midland States Bancorp, Inc. has a one year low of $14.24 and a one year high of $34.36. The stock has a market cap of $706.89 million, a P/E ratio of 21.86 and a beta of 0.66. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78.
Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.04. The company had revenue of $83.74 million for the quarter, compared to analyst estimates 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 predict that Midland States Bancorp, Inc. will post 3.2 EPS for the current year.
Midland States Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 15th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, May 15th. This represents a $1.28 dividend on an annualized basis and a yield of 3.8%. Midland States Bancorp's dividend payout ratio (DPR) is presently 82.05%.
Midland States Bancorp declared that its board has authorized a share repurchase program 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 repurchase up to 8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted 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. 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 research report on Monday. Piper Sandler raised their price target on Midland States Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday. Wall Street Zen downgraded Midland States Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday, May 24th. Finally, Zacks Research raised Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Midland States Bancorp currently has an average rating of "Hold" and an average target price of $29.10.
Read Our Latest Analysis on Midland States Bancorp
Insider Buying and Selling
In other Midland States Bancorp news, Director Travis Franklin purchased 9,400 shares of the stock in a transaction on Tuesday, May 5th. The shares were purchased at an average price of $26.49 per share, with a total value of $249,006.00. Following the completion of the transaction, the director directly owned 9,400 shares in the company, valued at $249,006. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.57% of the company's stock.
Midland States Bancorp Company Profile
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Free Report)
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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