Midland States Bancorp, Inc. (NASDAQ:MSBI) Declares Quarterly Dividend of $0.31

Midland States Bancorp, Inc. (NASDAQ:MSBI) declared a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders of record on Friday, May 17th will be given a dividend of 0.31 per share by the financial services provider on Friday, May 24th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.21%. The ex-dividend date of this dividend is Thursday, May 16th.

Midland States Bancorp has increased its dividend by an average of 3.9% annually over the last three years and has increased its dividend every year for the last 8 years. Midland States Bancorp has a payout ratio of 40.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Midland States Bancorp to earn $3.03 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 40.9%.

Midland States Bancorp Trading Up 1.0 %

NASDAQ MSBI traded up $0.23 during trading hours on Thursday, reaching $23.82. The company had a trading volume of 10,636 shares, compared to its average volume of 60,253. Midland States Bancorp has a 1-year low of $18.54 and a 1-year high of $28.47. The stock has a market capitalization of $520.47 million, a P/E ratio of 8.07 and a beta of 0.79. The stock has a 50-day moving average of $23.91 and a 200 day moving average of $24.52. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.91.

Midland States Bancorp (NASDAQ:MSBI) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.18). Midland States Bancorp had a return on equity of 11.56% and a net margin of 15.17%. The company had revenue of $122.86 million for the quarter, compared to analysts’ expectations of $75.05 million. During the same period in the previous year, the business posted $0.88 EPS. As a group, research analysts anticipate that Midland States Bancorp will post 2.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MSBI. Piper Sandler lowered their target price on Midland States Bancorp from $26.00 to $24.50 and set a “neutral” rating for the company in a report on Tuesday, April 30th. Stephens cut their target price on shares of Midland States Bancorp from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 30th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Midland States Bancorp from $28.00 to $26.00 and set a “market perform” rating for the company in a research report on Tuesday, April 30th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $25.63.

Insider Buying and Selling at Midland States Bancorp

In related news, SVP Douglas J. Tucker sold 3,577 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $24.00, for a total transaction of $85,848.00. Following the completion of the transaction, the senior vice president now owns 32,871 shares in the company, valued at $788,904. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.60% of the company’s stock.

About Midland States Bancorp

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Wealth Management, and Other segments. The company provides a range of financial products and services to consumers and businesses, including commercial loans to finance agricultural equipment and production; and commercial real estate loans for owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, and assisted living facilities.