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

Midland States Bancorp, Inc. (NASDAQ:MSBI) has received an average recommendation of “Reduce” from the six research firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $19.25.

A number of analysts have issued reports on the stock. Wall Street Zen upgraded shares of Midland States Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. Stephens raised shares of Midland States Bancorp to a “hold” rating in a research report on Thursday, September 11th. Keefe, Bruyette & Woods decreased their price target on Midland States Bancorp from $20.00 to $17.00 and set a “market perform” rating for the company in a research note on Monday, November 3rd. Zacks Research downgraded Midland States Bancorp from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 6th. Finally, Piper Sandler reduced their target price on Midland States Bancorp from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, November 4th.

Midland States Bancorp Trading Up 4.2%

Shares of NASDAQ:MSBI opened at $15.83 on Friday. The firm has a fifty day moving average of $16.52 and a two-hundred day moving average of $17.29. The firm has a market capitalization of $341.17 million, a P/E ratio of -20.56 and a beta of 0.77. Midland States Bancorp has a 12-month low of $14.24 and a 12-month high of $28.08. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.02.

Midland States Bancorp (NASDAQ:MSBI) last announced its quarterly earnings data on Wednesday, March 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter. Midland States Bancorp had a negative return on equity of 1.30% and a negative net margin of 1.50%.The business had revenue of $70.61 million during the quarter. On average, equities analysts expect that Midland States Bancorp will post 2.53 EPS for the current fiscal year.

Midland States Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Friday, November 14th were paid a $0.32 dividend. The ex-dividend date was Friday, November 14th. This represents a $1.28 dividend on an annualized basis and a yield of 8.1%. Midland States Bancorp’s dividend payout ratio (DPR) is presently -100.79%.

Midland States Bancorp declared that its board has authorized a share buyback program on Monday, November 3rd that permits the company to buyback $25.00 million in shares. This buyback authorization permits the financial services provider to buy up to 7.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Midland States Bancorp

Several large investors have recently made changes to their positions in MSBI. LPL Financial LLC lifted its stake in shares of Midland States Bancorp by 60.4% in the first quarter. LPL Financial LLC now owns 117,505 shares of the financial services provider’s stock valued at $2,012,000 after buying an additional 44,230 shares during the period. Vanguard Group Inc. raised its holdings in Midland States Bancorp by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 1,209,953 shares of the financial services provider’s stock valued at $20,714,000 after acquiring an additional 29,439 shares in the last quarter. Voya Investment Management LLC bought a new stake in shares of Midland States Bancorp in the 1st quarter worth approximately $344,000. Y Intercept Hong Kong Ltd grew its holdings in shares of Midland States Bancorp by 163.0% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 38,346 shares of the financial services provider’s stock worth $656,000 after purchasing an additional 23,768 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Midland States Bancorp by 19.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 107,179 shares of the financial services provider’s stock worth $1,835,000 after purchasing an additional 17,147 shares in the last quarter. Institutional investors and hedge funds own 60.93% 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.