Midland States Bancorp (NASDAQ:MSBI) Reaches New 12-Month High – Here’s Why

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $28.80 and last traded at $27.9530, with a volume of 4693 shares changing hands. The stock had previously closed at $28.14.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wall Street Zen cut Midland States Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Zacks Research upgraded Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Piper Sandler upped their target price on Midland States Bancorp from $25.50 to $28.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Weiss Ratings upgraded Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday, May 4th. Finally, DA Davidson upped their target price on Midland States Bancorp from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.90.

Midland States Bancorp Trading Down 0.2%

The company’s 50 day moving average price is $24.77 and its 200 day moving average price is $22.28. 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 firm has a market cap of $575.26 million, a PE ratio of 23.52 and a beta of 0.66.

Midland States Bancorp (NASDAQ:MSBI) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.19. The business had revenue of $81.10 million during the quarter, compared to analysts’ expectations 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, analysts forecast that Midland States Bancorp, Inc. will post 3.17 EPS for the current fiscal year.

Midland States Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 15th were paid a dividend of $0.32 per share. The ex-dividend date was Friday, May 15th. This represents a $1.28 annualized dividend and a yield of 4.6%. Midland States Bancorp’s payout ratio is presently 108.47%.

Midland States Bancorp announced that its board has authorized a stock repurchase program on Wednesday, May 6th that allows the company to buyback $45.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Midland States Bancorp news, Director Travis Franklin bought 9,400 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average price of $26.49 per share, for a total transaction of $249,006.00. Following the completion of the purchase, the director directly owned 9,400 shares in the company, valued at $249,006. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Midland States Bancorp

Several hedge funds have recently made changes to their positions in MSBI. Patriot Financial Partners GP II L.P. acquired a new position in shares of Midland States Bancorp in the first quarter valued at approximately $9,783,000. AQR Capital Management LLC increased its holdings in shares of Midland States Bancorp by 38.1% in 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 purchasing an additional 149,175 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in shares of 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 valued at $5,046,000 after purchasing an additional 117,422 shares during the period. Algert Global LLC acquired a new position in shares of Midland States Bancorp in the third quarter valued at approximately $1,297,000. Finally, Royal Bank of Canada increased its holdings in shares of Midland States Bancorp by 8,633.1% in the fourth quarter. Royal Bank of Canada now owns 68,555 shares of the financial services provider’s stock valued at $1,451,000 after purchasing an additional 67,770 shares during the period. Institutional investors and hedge funds 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.