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

Empowered Funds LLC purchased a new position in shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 92,919 shares of the financial services provider’s stock, valued at approximately $2,893,000.

A number of other large investors have also bought and sold shares of MSBI. Patriot Financial Partners GP II L.P. purchased a new stake in Midland States Bancorp during the 1st quarter valued at $9,783,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Midland States Bancorp in the second quarter valued at about $2,158,000. Principal Financial Group Inc. bought a new position in shares of Midland States Bancorp during the first quarter valued at about $912,000. Algert Global LLC raised its stake in shares of Midland States Bancorp by 46.1% during the second quarter. Algert Global LLC now owns 200,545 shares of the financial services provider’s stock valued at $6,245,000 after acquiring an additional 63,314 shares during the last quarter. Finally, BlackRock Inc. purchased a new stake in shares of Midland States Bancorp during the second quarter worth about $90,950,000. 60.93% of the stock is owned by hedge funds and other institutional investors.

Midland States Bancorp Stock Up 1.9%

Shares of NASDAQ:MSBI opened at $33.22 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.73. The stock has a fifty day simple moving average of $32.20 and a two-hundred day simple moving average of $27.53. Midland States Bancorp, Inc. has a 12-month low of $14.24 and a 12-month high of $35.10. The stock has a market capitalization of $689.32 million, a price-to-earnings ratio of 21.30 and a beta of 0.65.

Midland States Bancorp (NASDAQ:MSBI) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. The firm had revenue of $83.74 million for the quarter, compared to analysts’ expectations of $80.70 million. On average, research analysts anticipate that Midland States Bancorp, Inc. will post 3.4 earnings per share for the current fiscal year.

Midland States Bancorp declared that its board has authorized a stock buyback program on Wednesday, May 6th that allows the company to repurchase $45.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Midland States Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 14th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 4.0%. This is a boost from Midland States Bancorp’s previous quarterly dividend of $0.32. The ex-dividend date was Friday, August 14th. Midland States Bancorp’s dividend payout ratio (DPR) is currently 84.62%.

Insiders Place Their Bets

In other news, COO Kyle Owen Mooney sold 1,198 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $33.51, for a total value of $40,144.98. Following the transaction, the chief operating officer owned 14,099 shares in the company, valued at $472,457.49. This represents a 7.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeffrey G. Ludwig sold 8,383 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $34.00, for a total transaction of $285,022.00. Following the completion of the transaction, the chief executive officer owned 400,971 shares in the company, valued at $13,633,014. This trade represents a 2.05% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 10,070 shares of company stock valued at $341,382. 8.57% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MSBI shares. Wall Street Zen cut Midland States Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. DA Davidson lifted their price target on shares of Midland States Bancorp from $30.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Piper Sandler boosted their price objective on shares of Midland States Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price objective on shares of Midland States Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Midland States Bancorp in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $29.10.

Midland States Bancorp Company 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.