Midland States Bancorp, Inc. (NASDAQ:MSBI) Receives $23.90 Average PT from Brokerages

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) have earned a consensus recommendation of “Hold” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $23.90.

Several research firms have commented on MSBI. Piper Sandler boosted their price objective on Midland States Bancorp from $25.50 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. DA Davidson boosted their price objective on Midland States Bancorp from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Weiss Ratings upgraded Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Wall Street Zen lowered Midland States Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, May 24th. Finally, Zacks Research upgraded Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th.

Midland States Bancorp Price Performance

Shares of Midland States Bancorp stock opened at $30.16 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. Midland States Bancorp has a twelve month low of $14.24 and a twelve month high of $30.29. The business has a 50-day moving average price of $26.28 and a 200 day moving average price of $23.22. The firm has a market cap of $625.22 million, a PE ratio of 25.56 and a beta of 0.67.

Midland States Bancorp (NASDAQ:MSBI) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.19. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%.The firm had revenue of $81.10 million during the quarter, compared to analyst estimates of $75.59 million. Sell-side analysts predict that Midland States Bancorp will post 3.17 earnings per share for the current fiscal year.

Midland States Bancorp Announces Dividend

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

Midland States Bancorp announced that its board has initiated a share repurchase 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 purchase up to 8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Travis Franklin purchased 9,400 shares of the company’s stock in a transaction dated 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 transaction, the director directly owned 9,400 shares of the company’s stock, valued at approximately $249,006. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 8.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Midland States Bancorp

A number of large investors have recently made changes to their positions in MSBI. Amundi grew its position in shares of Midland States Bancorp by 39.4% in the first quarter. Amundi now owns 2,194 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 620 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in Midland States Bancorp by 33.1% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 503 shares during the period. CIBC Private Wealth Group LLC purchased a new position in Midland States Bancorp in the third quarter worth approximately $46,000. Quadrant Capital Group LLC grew its position in Midland States Bancorp by 302.7% in the fourth quarter. Quadrant Capital Group LLC now owns 4,599 shares of the financial services provider’s stock worth $97,000 after acquiring an additional 3,457 shares during the period. Finally, Daytona Street Capital LLC purchased a new position in Midland States Bancorp in the fourth quarter worth approximately $107,000. 60.93% of the stock is currently owned by hedge funds and other institutional investors.

Midland States Bancorp Company Profile

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.