Rhino Investment Partners Inc Buys 58,754 Shares of Midland States Bancorp, Inc. $MSBI

Rhino Investment Partners Inc raised its stake in Midland States Bancorp, Inc. (NASDAQ:MSBI) by 22.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 320,288 shares of the financial services provider’s stock after purchasing an additional 58,754 shares during the period. Midland States Bancorp accounts for approximately 2.0% of Rhino Investment Partners Inc’s investment portfolio, making the stock its 20th biggest position. Rhino Investment Partners Inc’s holdings in Midland States Bancorp were worth $7,146,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. CANADA LIFE ASSURANCE Co lifted its stake in shares of Midland States Bancorp by 33.1% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider’s stock worth $43,000 after buying an additional 503 shares during the last quarter. Amundi grew its stake in Midland States Bancorp by 39.4% in the 1st quarter. Amundi now owns 2,194 shares of the financial services provider’s stock valued at $38,000 after buying an additional 620 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Midland States Bancorp by 2.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 41,792 shares of the financial services provider’s stock valued at $885,000 after buying an additional 992 shares during the last quarter. First Trust Advisors LP raised its holdings in Midland States Bancorp by 8.1% in the 2nd quarter. First Trust Advisors LP now owns 14,385 shares of the financial services provider’s stock valued at $249,000 after acquiring an additional 1,084 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in Midland States Bancorp by 12.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,334 shares of the financial services provider’s stock valued at $262,000 after acquiring an additional 1,403 shares during the period. 60.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MSBI shares. Wall Street Zen downgraded shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Keefe, Bruyette & Woods increased their target price on Midland States Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a research note on Monday. Piper Sandler increased their target price on Midland States Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Tuesday. DA Davidson lifted their price target on Midland States Bancorp from $30.00 to $33.00 and gave the stock a “neutral” rating in a report on Monday. Finally, Zacks Research upgraded Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Midland States Bancorp currently has a consensus rating of “Hold” and an average price target of $29.10.

Midland States Bancorp Trading Up 3.9%

MSBI stock opened at $34.10 on Wednesday. Midland States Bancorp, Inc. has a 52 week low of $14.24 and a 52 week high of $34.36. The company has a market capitalization of $706.89 million, a PE ratio of 21.86 and a beta of 0.66. The company’s 50-day simple moving average is $29.82 and its 200 day simple moving average is $25.64. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

Midland States Bancorp (NASDAQ:MSBI) last issued 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 business 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%. As a group, sell-side analysts anticipate that Midland States Bancorp, Inc. will post 3.2 earnings per share for the current year.

Midland States Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.28 annualized dividend and a dividend yield of 3.8%. Midland States Bancorp’s dividend payout ratio (DPR) is currently 82.05%.

Midland States Bancorp declared that its Board of Directors has authorized a stock buyback plan 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 plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Midland States Bancorp

In related news, Director Travis Franklin purchased 9,400 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average cost of $26.49 per share, for a total transaction of $249,006.00. Following the completion of the purchase, the director owned 9,400 shares in the company, valued at approximately $249,006. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.57% of the company’s stock.

About Midland States Bancorp

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.