Midland States Bancorp (NASDAQ:MSBI) Sets New 52-Week High – Here’s Why

Midland States Bancorp, Inc. (NASDAQ:MSBI) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $34.68 and last traded at $34.41, with a volume of 14063 shares traded. The stock had previously closed at $33.67.

Analysts Set New Price Targets

MSBI has been the subject of several recent research reports. Zacks Research raised Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. DA Davidson raised their price target on Midland States Bancorp from $30.00 to $33.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Wall Street Zen upgraded Midland States Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday. Piper Sandler upped their price objective on Midland States Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Midland States Bancorp in a research report on Friday. One 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 company currently has a consensus rating of “Hold” and a consensus target price of $29.10.

Midland States Bancorp Stock Up 0.8%

The stock has a market cap of $716.50 million, a P/E ratio of 22.13 and a beta of 0.66. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.73. The stock’s 50-day moving average is $30.43 and its 200-day moving average is $26.06.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.04. The company had revenue of $83.74 million for the quarter, compared to the consensus estimate of $80.70 million. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. As a group, research analysts anticipate that Midland States Bancorp, Inc. will post 3.4 earnings per share for the current fiscal year.

Midland States Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 14th will be paid a dividend of $0.33 per share. This is a boost from Midland States Bancorp’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Friday, August 14th. Midland States Bancorp’s dividend payout ratio (DPR) is 82.05%.

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

Insiders Place Their Bets

In other Midland States Bancorp news, CEO Jeffrey G. Ludwig sold 8,383 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $34.00, for a total value of $285,022.00. Following the completion of the sale, the chief executive officer directly owned 400,971 shares in the company, valued at $13,633,014. This represents a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.57% of the stock is owned by company insiders.

Institutional Trading of Midland States Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Patriot Financial Partners GP II L.P. acquired a new stake in shares of Midland States Bancorp in the first quarter valued at $9,783,000. AQR Capital Management LLC grew its holdings in Midland States Bancorp by 38.1% during the second 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 period. Jacobs Levy Equity Management Inc. raised its position in Midland States Bancorp by 97.1% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 238,364 shares of the financial services provider’s stock worth $5,046,000 after acquiring an additional 117,422 shares in the last quarter. Algert Global LLC bought a new stake in Midland States Bancorp in the third quarter worth about $1,297,000. Finally, Royal Bank of Canada lifted its holdings in Midland States Bancorp by 8,633.1% in the 4th quarter. Royal Bank of Canada now owns 68,555 shares of the financial services provider’s stock valued at $1,451,000 after acquiring an additional 67,770 shares during the last quarter. 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.