Midland States Bancorp (NASDAQ:MSBI) Sets New 52-Week High – Still a Buy?

Midland States Bancorp, Inc. (NASDAQ:MSBI) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $31.74 and last traded at $30.78, with a volume of 12033 shares. The stock had previously closed at $30.76.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MSBI shares. Piper Sandler increased their target price on shares of Midland States Bancorp from $28.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Zacks Research upgraded shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Weiss Ratings raised shares of Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. DA Davidson increased their price objective on shares of Midland States Bancorp from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Finally, Wall Street Zen lowered shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, May 24th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $24.70.

Midland States Bancorp Price Performance

The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The stock’s fifty day moving average is $28.99 and its 200-day moving average is $24.98. The stock has a market cap of $636.41 million, a PE ratio of 26.02 and a beta of 0.66.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.19. The firm had revenue of $81.10 million during the quarter, compared to analysts’ expectations of $75.59 million. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%. As a group, equities analysts anticipate that Midland States Bancorp, Inc. will post 3.17 EPS for the current year.

Midland States Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, May 15th. Midland States Bancorp’s payout ratio is presently 108.47%.

Midland States Bancorp announced that its board has approved a stock buyback plan on Wednesday, May 6th that permits the company to buyback $45.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Midland States Bancorp news, Director Travis Franklin acquired 9,400 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average cost of $26.49 per share, for a total transaction of $249,006.00. Following the completion of the transaction, the director owned 9,400 shares of the company’s stock, valued at approximately $249,006. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 8.57% of the company’s stock.

Hedge Funds Weigh In On Midland States Bancorp

Large investors have recently modified their holdings of the business. Patriot Financial Partners GP II L.P. acquired a new stake in shares of Midland States Bancorp during the 1st quarter worth about $9,783,000. AQR Capital Management LLC lifted its position in Midland States Bancorp by 38.1% in the second quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider’s stock valued at $9,370,000 after buying an additional 149,175 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Midland States Bancorp by 97.1% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 238,364 shares of the financial services provider’s stock valued at $5,046,000 after buying an additional 117,422 shares during the last quarter. Algert Global LLC purchased a new position in Midland States Bancorp during the third quarter worth about $1,297,000. Finally, Royal Bank of Canada boosted its stake in Midland States Bancorp by 8,633.1% during the fourth quarter. Royal Bank of Canada now owns 68,555 shares of the financial services provider’s stock worth $1,451,000 after buying an additional 67,770 shares during the period. Institutional investors and hedge funds own 60.93% 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.