Midland States Bancorp (NASDAQ:MSBI) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of Midland States Bancorp (NASDAQ:MSBI) from a buy rating to a hold rating in a research note issued to investors on Saturday.

A number of other brokerages have also recently weighed in on MSBI. Weiss Ratings reissued a “hold (c)” rating on shares of Midland States Bancorp in a report on Friday, July 31st. Zacks Research raised Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Keefe, Bruyette & Woods increased their price target on shares of Midland States Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. DA Davidson lifted their price target on shares of Midland States Bancorp from $30.00 to $33.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Piper Sandler boosted their price objective on shares of Midland States Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $29.10.

Midland States Bancorp Trading Up 1.0%

NASDAQ MSBI opened at $32.85 on Friday. The stock’s 50-day simple moving average is $31.69 and its two-hundred day simple moving average is $26.98. Midland States Bancorp has a twelve month low of $14.24 and a twelve month high of $35.10. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $681.64 million, a price-to-earnings ratio of 21.06 and a beta of 0.66.

Midland States Bancorp (NASDAQ:MSBI) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.04. Midland States Bancorp had a return on equity of 13.32% and a net margin of 9.40%.The firm had revenue of $83.74 million during the quarter, compared to analyst estimates of $80.70 million. Research analysts forecast that Midland States Bancorp will post 3.4 EPS for the current fiscal year.

Midland States Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were paid a $0.33 dividend. This is a boost from Midland States Bancorp’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.0%. Midland States Bancorp’s dividend payout ratio is presently 84.62%.

Midland States Bancorp announced that its board has authorized 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 buy up to 8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, COO Kyle Owen Mooney sold 1,198 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $33.51, for a total transaction of $40,144.98. Following the transaction, the chief operating officer directly owned 14,099 shares in the company, valued at $472,457.49. This trade represents a 7.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey G. Ludwig sold 8,383 shares of Midland States Bancorp stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $34.00, for a total value of $285,022.00. Following the completion of the transaction, the chief executive officer directly owned 400,971 shares in the company, valued at $13,633,014. This trade represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 10,070 shares of company stock valued at $341,382 over the last 90 days. 8.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MSBI. Patriot Financial Partners GP II L.P. bought a new stake in Midland States Bancorp during the 1st quarter valued at $9,783,000. Principal Financial Group Inc. bought a new stake in Midland States Bancorp in the 1st quarter worth $912,000. Rhino Investment Partners Inc grew its holdings in Midland States Bancorp by 22.5% in the 1st quarter. Rhino Investment Partners Inc now owns 320,288 shares of the financial services provider’s stock worth $7,146,000 after acquiring an additional 58,754 shares during the last quarter. Empowered Funds LLC increased its position in shares of Midland States Bancorp by 43.3% in the first quarter. Empowered Funds LLC now owns 96,686 shares of the financial services provider’s stock valued at $2,157,000 after acquiring an additional 29,214 shares during the period. Finally, Sei Investments Co. increased its position in shares of Midland States Bancorp by 163.0% in the first quarter. Sei Investments Co. now owns 38,076 shares of the financial services provider’s stock valued at $849,000 after acquiring an additional 23,600 shares during the period. 60.93% of the stock is 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.