12 Best Dividend Stocks Under $30

8. Midland States Bancorp, Inc. (NASDAQ:MSBI)

Share Price as of the Close of January 30: $19.81

Midland States Bancorp, Inc. (NASDAQ:MSBI) ranks eighth on our list of the best dividend stocks under $30. The Illinois-based bank holding company offers a wide range of related products and services to its consumers. In the third quarter of 2024, the company performed well, achieving higher profitability while advancing its balance sheet management strategies. This progress led to further improvements across all capital ratios, an increase in tangible book value per share, and enhanced liquidity, accompanied by a reduction in the loan-to-deposit ratio.

Midland States Bancorp, Inc. (NASDAQ:MSBI)’s revenue for the quarter came in at $74.3 million, which fell by 3.25% from the same period last year but beat analysts’ estimates by $1.22 million. The company ended the quarter with over $75.5 million available in cash and cash equivalents. The company is experiencing positive outcomes from its recent investments, including expanded business development efforts in the St. Louis market, where loan balances grew at an annualized rate of 12% in the third quarter. In addition, Wealth Management revenues have increased, supported by growth in assets under administration, partly attributed to the addition of new wealth advisors in recent quarters.

Midland States Bancorp, Inc. (NASDAQ:MSBI) is a strong dividend payer, having raised its payouts for 24 consecutive years. The company currently pays a quarterly dividend of $0.31 per share and has a dividend yield of 6.37%, as of January 30.

The number of hedge funds tracked by Insider Monkey owning stakes in Midland States Bancorp, Inc. (NASDAQ:MSBI) grew to 11 in Q3 2024, from 7 in the previous quarter. These stakes have a total value of over $14.3 million.