Midland States Bancorp, Inc. (NASDAQ:MSBI) Given Average Recommendation of “Hold” by Brokerages

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) have received a consensus rating of “Hold” from the six ratings firms that are currently covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $24.70.

Several research firms have weighed in on MSBI. Piper Sandler upped their target price on Midland States Bancorp from $28.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, June 26th. 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 downgraded shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Zacks Research upgraded shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Finally, DA Davidson upped their price target on shares of Midland States Bancorp from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Monday, April 27th.

Midland States Bancorp Price Performance

Shares of NASDAQ:MSBI opened at $30.35 on Friday. The firm has a market capitalization of $629.16 million, a price-to-earnings ratio of 25.72 and a beta of 0.66. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The business’s 50 day simple moving average is $28.26 and its 200-day simple moving average is $24.46. Midland States Bancorp has a 12 month low of $14.24 and a 12 month high of $31.67.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.19. The firm had revenue of $81.10 million during the quarter, compared to the consensus estimate of $75.59 million. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%. As a group, equities 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 reacquire up to 8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Midland States Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, May 15th. Midland States Bancorp’s payout ratio is currently 108.47%.

Insider Activity

In related news, Director Travis Franklin acquired 9,400 shares of Midland States Bancorp stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average cost of $26.49 per share, for a total transaction of $249,006.00. Following the completion of the transaction, the director directly owned 9,400 shares of the company’s stock, valued at $249,006. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 8.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MSBI. State Street Corp grew its holdings in shares of Midland States Bancorp by 10.1% during the fourth quarter. State Street Corp now owns 682,862 shares of the financial services provider’s stock worth $14,456,000 after buying an additional 62,874 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of 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 valued at $9,370,000 after buying an additional 149,175 shares during the period. Patriot Financial Partners GP II L.P. acquired a new stake in Midland States Bancorp during the first quarter worth approximately $9,783,000. Rhino Investment Partners Inc boosted its position in Midland States Bancorp by 22.5% during the first quarter. Rhino Investment Partners Inc now owns 320,288 shares of the financial services provider’s stock worth $7,146,000 after acquiring an additional 58,754 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in Midland States Bancorp by 97.1% in the 4th 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 during the period. 60.93% of the stock is currently 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.