Midland States Bancorp (NASDAQ:MSBI) Hits New 12-Month High – Here’s Why

Midland States Bancorp, Inc. (NASDAQ:MSBI)’s share price reached a new 52-week high on Thursday . The stock traded as high as $29.75 and last traded at $29.45, with a volume of 6380 shares. The stock had previously closed at $28.89.

Analyst Ratings Changes

Several research analysts recently weighed in on MSBI shares. 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. Zacks Research raised shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Piper Sandler raised their target price on shares of Midland States Bancorp from $25.50 to $28.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Wall Street Zen downgraded shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Finally, DA Davidson raised their target price on shares of Midland States Bancorp from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.90.

Midland States Bancorp Stock Down 0.7%

The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $606.70 million, a price-to-earnings ratio of 24.83 and a beta of 0.67. The firm’s fifty day simple moving average is $25.99 and its 200 day simple moving average is $23.08.

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

Midland States Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Friday, May 15th. Midland States Bancorp’s payout ratio is currently 108.47%.

Midland States Bancorp announced that its Board of Directors has approved a share buyback program on Wednesday, May 6th that allows the company to repurchase $45.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Midland States Bancorp

In other Midland States Bancorp news, Director Travis Franklin acquired 9,400 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average price of $26.49 per share, with a total value of $249,006.00. Following the completion of the transaction, the director directly owned 9,400 shares in the company, valued at $249,006. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Midland States Bancorp

A number of institutional investors have recently made changes to their positions in the business. CANADA LIFE ASSURANCE Co lifted its position in shares of 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 purchasing an additional 503 shares in the last quarter. Amundi increased its holdings in Midland States Bancorp by 39.4% during the first quarter. Amundi now owns 2,194 shares of the financial services provider’s stock worth $38,000 after buying an additional 620 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in Midland States Bancorp by 2.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 41,792 shares of the financial services provider’s stock worth $885,000 after buying an additional 992 shares during the last quarter. First Trust Advisors LP increased its holdings in Midland States Bancorp by 8.1% during the second quarter. First Trust Advisors LP now owns 14,385 shares of the financial services provider’s stock worth $249,000 after buying an additional 1,084 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Midland States Bancorp by 12.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,334 shares of the financial services provider’s stock worth $262,000 after buying an additional 1,403 shares during the last quarter. Institutional investors 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.