DA Davidson Issues Positive Forecast for Midland States Bancorp (NASDAQ:MSBI) Stock Price

Midland States Bancorp (NASDAQ:MSBI) had its price objective raised by equities research analysts at DA Davidson from $23.00 to $24.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price objective suggests a potential upside of 3.81% from the stock’s current price.

A number of other equities research analysts have also weighed in on the company. Weiss Ratings restated a “sell (d+)” rating on shares of Midland States Bancorp in a research note on Monday, December 29th. UBS Group set a $25.50 price target on Midland States Bancorp in a research report on Monday. Piper Sandler restated a “neutral” rating on shares of Midland States Bancorp in a research note on Monday. Zacks Research upgraded shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday. Finally, Wall Street Zen raised Midland States Bancorp from a “sell” rating to a “hold” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $21.70.

Midland States Bancorp Price Performance

Shares of MSBI traded up $0.12 on Monday, reaching $23.12. The stock had a trading volume of 32,950 shares, compared to its average volume of 181,656. Midland States Bancorp has a twelve month low of $14.24 and a twelve month high of $24.57. The firm has a market capitalization of $498.24 million, a PE ratio of 22.78 and a beta of 0.66. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.95. The firm has a 50-day moving average of $20.17 and a 200 day moving average of $18.33.

Midland States Bancorp (NASDAQ:MSBI) last announced its earnings results on Thursday, January 22nd. The financial services provider reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.17). Midland States Bancorp had a net margin of 6.62% and a return on equity of 10.41%. The firm had revenue of $85.79 million during the quarter, compared to analyst estimates of $74.49 million. Sell-side analysts expect that Midland States Bancorp will post 2.53 EPS for the current year.

Midland States Bancorp declared that its board has initiated a share repurchase plan on Monday, November 3rd that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Midland States Bancorp

In related news, EVP Jeremy Andrew Jameson acquired 5,598 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was acquired at an average cost of $17.69 per share, with a total value of $99,028.62. Following the completion of the purchase, the executive vice president directly owned 63,412 shares in the company, valued at approximately $1,121,758.28. This trade represents a 9.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel Edward Casey bought 5,000 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were acquired at an average cost of $17.89 per share, with a total value of $89,450.00. Following the completion of the purchase, the insider owned 28,254 shares in the company, valued at $505,464.06. This represents a 21.50% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have acquired 11,098 shares of company stock worth $197,324. Company insiders own 5.27% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MSBI. Voya Investment Management LLC purchased a new stake in shares of Midland States Bancorp in the 1st quarter valued at about $344,000. Los Angeles Capital Management LLC purchased a new stake in shares of Midland States Bancorp in the second quarter worth $1,006,000. Creative Planning increased its holdings in shares of Midland States Bancorp by 155.7% in the 2nd quarter. Creative Planning now owns 53,091 shares of the financial services provider’s stock worth $920,000 after purchasing an additional 32,329 shares in the last quarter. AlphaQuest LLC boosted its stake in shares of Midland States Bancorp by 23,655.3% in the 2nd quarter. AlphaQuest LLC now owns 9,027 shares of the financial services provider’s stock worth $156,000 after buying an additional 8,989 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Midland States Bancorp by 88.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 61,860 shares of the financial services provider’s stock worth $1,071,000 after buying an additional 29,018 shares in the last quarter. Institutional investors own 60.93% of the company’s stock.

About Midland States Bancorp

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.