Midland States Bancorp (NASDAQ:MSBI) Upgraded by Zacks Research to Hold Rating

Midland States Bancorp (NASDAQ:MSBI) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research firms have also issued reports on MSBI. Keefe, Bruyette & Woods upped their target price on Midland States Bancorp from $17.00 to $19.00 and gave the company a “market perform” rating in a research note on Monday, December 8th. Wall Street Zen downgraded Midland States Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Stephens upgraded Midland States Bancorp to a “hold” rating in a research report on Thursday, September 11th. Weiss Ratings reissued a “sell (d+)” rating on shares of Midland States Bancorp in a research note on Monday. Finally, Piper Sandler raised their price target on shares of Midland States Bancorp from $18.00 to $19.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 2nd. Five analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $20.00.

Midland States Bancorp Stock Performance

NASDAQ:MSBI opened at $21.48 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $462.89 million, a P/E ratio of -16.91 and a beta of 0.69. The firm has a 50-day moving average price of $17.50 and a two-hundred day moving average price of $17.60. Midland States Bancorp has a twelve month low of $14.24 and a twelve month high of $25.76.

Midland States Bancorp (NASDAQ:MSBI) last announced its quarterly earnings results on Wednesday, March 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter. The company had revenue of $70.61 million for the quarter. Midland States Bancorp had a negative net margin of 3.80% and a negative return on equity of 3.63%. As a group, research analysts expect that Midland States Bancorp will post 2.53 earnings per share for the current fiscal year.

Midland States Bancorp declared that its Board of Directors has authorized a stock buyback program on Monday, November 3rd that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Daniel Edward Casey bought 5,000 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The stock was purchased at an average cost of $17.89 per share, for a total transaction of $89,450.00. Following the completion of the acquisition, the insider owned 28,254 shares in the company, valued at $505,464.06. This trade represents a 21.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeremy Andrew Jameson purchased 5,598 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were bought at an average cost of $17.69 per share, with a total value of $99,028.62. Following the transaction, the executive vice president directly owned 63,412 shares of the company’s stock, valued at $1,121,758.28. The trade was a 9.68% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders purchased 11,098 shares of company stock valued at $197,324. 5.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its stake in Midland States Bancorp by 100.7% during the first quarter. AQR Capital Management LLC now owns 391,822 shares of the financial services provider’s stock worth $6,708,000 after acquiring an additional 196,555 shares during the last quarter. Nuveen LLC acquired a new position in shares of Midland States Bancorp in the 1st quarter valued at about $2,886,000. Algert Global LLC purchased a new stake in shares of Midland States Bancorp during the 3rd quarter worth about $1,297,000. Los Angeles Capital Management LLC acquired a new stake in Midland States Bancorp during the 2nd quarter worth approximately $1,006,000. Finally, Numerai GP LLC purchased a new position in Midland States Bancorp in the third quarter valued at approximately $814,000. 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.