Midland States Bancorp (NASDAQ:MSBI) Releases Earnings Results, Beats Estimates By $0.04 EPS

Midland States Bancorp (NASDAQ:MSBI) issued its quarterly earnings data on Thursday. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.04, FiscalAI reports. The company had revenue of $83.74 million for the quarter, compared to analyst estimates of $80.70 million. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%.

Midland States Bancorp Stock Up 0.4%

NASDAQ:MSBI traded up $0.12 during mid-day trading on Thursday, hitting $30.97. 245,705 shares of the company’s stock traded hands, compared to its average volume of 159,627. The company has a fifty day moving average of $29.35 and a 200 day moving average of $25.33. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. Midland States Bancorp has a twelve month low of $14.24 and a twelve month high of $31.82. The company has a market capitalization of $642.01 million, a P/E ratio of 26.25 and a beta of 0.66.

Midland States Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 15th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 4.1%. The ex-dividend date was Friday, May 15th. Midland States Bancorp’s payout ratio is 108.47%.

Insider Buying and Selling

In related news, Director Travis Franklin bought 9,400 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average price of $26.49 per share, with a total value of $249,006.00. Following the transaction, the director owned 9,400 shares in the company, valued at approximately $249,006. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Midland States Bancorp

Large investors have recently made changes to their positions in the stock. State Street Corp increased its position in shares of Midland States Bancorp by 10.1% in the 4th quarter. State Street Corp now owns 682,862 shares of the financial services provider’s stock valued at $14,456,000 after acquiring an additional 62,874 shares during the period. AQR Capital Management LLC raised its stake in Midland States Bancorp by 38.1% in the 2nd quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider’s stock worth $9,370,000 after acquiring an additional 149,175 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Midland States Bancorp by 97.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 238,364 shares of the financial services provider’s stock valued at $5,046,000 after purchasing an additional 117,422 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Midland States Bancorp by 9.0% in the third quarter. Bank of America Corp DE now owns 211,795 shares of the financial services provider’s stock valued at $3,630,000 after purchasing an additional 17,442 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Midland States Bancorp by 10.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 174,098 shares of the financial services provider’s stock valued at $3,686,000 after purchasing an additional 16,301 shares during the period. 60.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Midland States Bancorp declared that its Board of Directors has initiated a stock buyback plan on Wednesday, May 6th that allows the company to buyback $45.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.