Midland States Bancorp (NASDAQ:MSBI) Price Target Raised to $31.00 at Keefe, Bruyette & Woods

Midland States Bancorp (NASDAQ:MSBI) had its price target increased by analysts at Keefe, Bruyette & Woods from $28.00 to $31.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential downside of 5.39% from the company’s previous close.

A number of other brokerages have also issued reports on MSBI. Zacks Research raised Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. 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. Wall Street Zen cut shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. DA Davidson raised 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. Finally, Piper Sandler upped their price objective on shares of Midland States Bancorp from $28.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $28.50.

Midland States Bancorp Price Performance

Shares of MSBI stock traded up $0.52 on Monday, reaching $32.77. 104,107 shares of the company were exchanged, compared to its average volume of 159,954. Midland States Bancorp has a 1 year low of $14.24 and a 1 year high of $33.11. 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 business has a 50-day moving average price of $29.54 and a 200 day moving average price of $25.48. The company has a market cap of $679.22 million, a price-to-earnings ratio of 21.02 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 for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. The firm had revenue of $83.74 million for the quarter, compared to analyst estimates of $80.70 million. Equities research analysts forecast that Midland States Bancorp will post 3.17 earnings per share for the current fiscal year.

Midland States Bancorp announced that its board has initiated a share repurchase plan on Wednesday, May 6th that authorizes the company to repurchase $45.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Midland States Bancorp

In other news, Director Travis Franklin bought 9,400 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average price of $26.49 per share, with a total value of $249,006.00. Following the purchase, the director owned 9,400 shares in the company, valued at approximately $249,006. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 8.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Midland States Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MSBI. Rhino Investment Partners Inc boosted its stake in shares of 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 valued at $7,146,000 after buying an additional 58,754 shares during the period. Empowered Funds LLC raised its holdings in Midland States Bancorp by 43.3% during the first quarter. Empowered Funds LLC now owns 96,686 shares of the financial services provider’s stock worth $2,157,000 after purchasing an additional 29,214 shares in the last quarter. Quantinno Capital Management LP raised its holdings in Midland States Bancorp by 26.9% during the first quarter. Quantinno Capital Management LP now owns 54,635 shares of the financial services provider’s stock worth $1,219,000 after purchasing an additional 11,582 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Midland States Bancorp by 9.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 198,525 shares of the financial services provider’s stock worth $4,429,000 after buying an additional 16,637 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Midland States Bancorp by 163.0% during the 1st quarter. Sei Investments Co. now owns 38,076 shares of the financial services provider’s stock worth $849,000 after buying an additional 23,600 shares during the last quarter. Hedge funds and other institutional investors own 60.93% of the company’s stock.

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.