Midland States Bancorp (NASDAQ:MSBI) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Midland States Bancorp (NASDAQ:MSBI) from a buy rating to a hold rating in a research report released on Saturday morning.

A number of other equities analysts have also issued reports on MSBI. Zacks Research raised Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Piper Sandler increased their price target 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. DA Davidson increased their price target on Midland States Bancorp from $30.00 to $33.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods raised their price target on Midland States Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Midland States Bancorp in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $29.10.

Midland States Bancorp Trading Down 0.2%

Midland States Bancorp stock opened at $32.79 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.73. The firm has a 50-day moving average price of $31.75 and a two-hundred day moving average price of $27.07. The firm has a market capitalization of $680.39 million, a price-to-earnings ratio of 21.02 and a beta of 0.66. Midland States Bancorp has a 52-week low of $14.24 and a 52-week high of $35.10.

Midland States Bancorp (NASDAQ:MSBI) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $80.70 million. Sell-side analysts expect that Midland States Bancorp will post 3.4 earnings per share for the current year.

Midland States Bancorp announced that its Board of Directors has authorized a share buyback plan on Wednesday, May 6th that allows the company to repurchase $45.00 million in shares. This repurchase authorization allows 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 management believes its shares are undervalued.

Midland States Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Friday, August 14th. This is a positive change from Midland States Bancorp’s previous quarterly dividend of $0.32. Midland States Bancorp’s dividend payout ratio is currently 84.62%.

Insider Activity

In other news, CEO Jeffrey G. Ludwig sold 8,383 shares of Midland States Bancorp stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $34.00, for a total value of $285,022.00. Following the transaction, the chief executive officer owned 400,971 shares of the company’s stock, valued at $13,633,014. The trade was a 2.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Kyle Owen Mooney sold 1,198 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $33.51, for a total transaction of $40,144.98. Following the completion of the sale, the chief operating officer owned 14,099 shares in the company, valued at $472,457.49. The trade was a 7.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 10,070 shares of company stock valued at $341,382. Insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Midland States Bancorp

Several hedge funds have recently modified their holdings of MSBI. California State Teachers Retirement System boosted its holdings in shares of Midland States Bancorp by 650.6% in the second quarter. California State Teachers Retirement System now owns 8,377 shares of the financial services provider’s stock worth $269,000 after buying an additional 7,261 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Midland States Bancorp by 18.8% during the 2nd quarter. Hsbc Holdings PLC now owns 58,716 shares of the financial services provider’s stock valued at $1,820,000 after acquiring an additional 9,277 shares in the last quarter. Empowered Funds LLC acquired a new position in Midland States Bancorp in the 2nd quarter worth about $2,893,000. Jefferies Financial Group Inc. acquired a new position in Midland States Bancorp in the second quarter worth approximately $710,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Midland States Bancorp during the 2nd quarter worth $655,000. 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.