8-K: Midland States Bancorp Declares Quarterly Dividends on Common and Preferred Stock

Midland States Bancorp has announced the declaration of quarterly cash dividends for both its common stock and preferred stock.

Summary

• Midland States Bancorp, Inc. has declared a quarterly cash dividend of $0.31 per share for its common stock.
• The common stock dividend is payable on May 24, 2024, to shareholders of record as of May 17, 2024.
• A cash dividend of $0.4844 per depositary share was also declared for the 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A.
• The preferred stock dividend will be paid on July 1, 2024, to stockholders of record as of June 17, 2024.
• As of March 31, 2024, the company had total assets of approximately $7.83 billion.
• The company's Wealth Management Group had assets under administration of approximately $3.89 billion as of March 31, 2024.

Sentiment

Score: 7

Explanation: The announcement of regular dividends is a positive sign for investors, indicating financial stability and a commitment to shareholder returns. The sentiment is positive but not overly enthusiastic as this is a routine announcement.

Positives

• The declaration of both common and preferred stock dividends indicates a positive cash flow and commitment to returning value to shareholders.
• The company's total assets of $7.83 billion and wealth management assets of $3.89 billion suggest a strong financial position.

Industry Context

The announcement of regular dividends is typical for established financial institutions and is a common way to attract and retain investors.

Comparison to Industry Standards

• The dividend yield for both common and preferred stock would need to be compared to peer banks and financial institutions to assess its competitiveness.
• The asset size and wealth management assets under administration are within the range of mid-sized regional banks, but a more detailed comparison would require a peer group analysis.

Stakeholder Impact

• Shareholders will receive cash dividends, which is a positive impact.
• The announcement may positively influence investor confidence.

Key Dates

Keywords

dividends, common stock, preferred stock, cash dividend, financial holding company, Midland States Bancorp, MSBI, MSBIP