Hennessy Advisors Inc. Cuts Stock Position in Midland States Bancorp, Inc. (NASDAQ:MSBI)

Hennessy Advisors Inc. trimmed its holdings in shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) by 13.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,000 shares of the financial services provider’s stock after selling 15,000 shares during the period. Hennessy Advisors Inc. owned about 0.43% of Midland States Bancorp worth $2,387,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Quadrant Capital Group LLC increased its holdings in Midland States Bancorp by 176.2% during the fourth quarter. Quadrant Capital Group LLC now owns 1,425 shares of the financial services provider’s stock worth $39,000 after buying an additional 909 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Midland States Bancorp by 9.0% in the 1st quarter. Los Angeles Capital Management LLC now owns 18,575 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 1,532 shares during the period. Wedge Capital Management L L P NC raised its holdings in shares of Midland States Bancorp by 9.9% in the 4th quarter. Wedge Capital Management L L P NC now owns 19,274 shares of the financial services provider’s stock worth $531,000 after purchasing an additional 1,740 shares during the period. AJOVista LLC bought a new position in Midland States Bancorp during the fourth quarter valued at $67,000. Finally, Russell Investments Group Ltd. increased its position in Midland States Bancorp by 7.1% in the fourth quarter. Russell Investments Group Ltd. now owns 86,218 shares of the financial services provider’s stock worth $2,376,000 after buying an additional 5,724 shares during the last quarter. 60.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Piper Sandler cut their price target on Midland States Bancorp from $26.00 to $24.50 and set a “neutral” rating for the company in a research note on Tuesday, April 30th. Stephens reduced their target price on shares of Midland States Bancorp from $29.00 to $27.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Midland States Bancorp from $28.00 to $26.00 and set a “market perform” rating for the company in a research note on Tuesday, April 30th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $25.63.

Insider Buying and Selling at Midland States Bancorp

In other news, SVP Douglas J. Tucker sold 3,577 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $24.00, for a total value of $85,848.00. Following the completion of the transaction, the senior vice president now owns 32,871 shares in the company, valued at approximately $788,904. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Donald J. Spring sold 1,197 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $22.00, for a total value of $26,334.00. Following the transaction, the chief accounting officer now owns 12,015 shares in the company, valued at approximately $264,330. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Douglas J. Tucker sold 3,577 shares of Midland States Bancorp stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $24.00, for a total value of $85,848.00. Following the completion of the sale, the senior vice president now owns 32,871 shares of the company’s stock, valued at $788,904. The disclosure for this sale can be found here. Insiders own 5.60% of the company’s stock.

Midland States Bancorp Price Performance

Shares of MSBI stock traded up $0.50 during trading on Friday, hitting $22.68. The company had a trading volume of 21,725 shares, compared to its average volume of 59,988. Midland States Bancorp, Inc. has a 52 week low of $19.61 and a 52 week high of $28.47. The stock has a market capitalization of $487.17 million, a price-to-earnings ratio of 7.54 and a beta of 0.78. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.59. The stock’s 50-day moving average is $22.78 and its two-hundred day moving average is $24.45.

Midland States Bancorp (NASDAQ:MSBI) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.18). Midland States Bancorp had a return on equity of 11.50% and a net margin of 15.17%. The business had revenue of $122.86 million during the quarter, compared to analysts’ expectations of $75.05 million. During the same period in the previous year, the business earned $0.88 EPS. As a group, analysts predict that Midland States Bancorp, Inc. will post 2.7 EPS for the current fiscal year.

Midland States Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Friday, May 17th were issued a $0.31 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.24 annualized dividend and a yield of 5.47%. Midland States Bancorp’s dividend payout ratio (DPR) is presently 42.18%.

Midland States Bancorp Company 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.