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

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) have been assigned an average rating of “Hold” from the six analysts that are covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $23.90.

Several analysts have recently weighed in on the stock. 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. Zacks Research raised shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Piper Sandler increased their price target on shares of Midland States Bancorp from $25.50 to $28.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. DA Davidson increased their price target on shares of Midland States Bancorp from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, Wall Street Zen cut shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, May 24th.

Midland States Bancorp Stock Performance

Midland States Bancorp stock opened at $28.89 on Wednesday. The firm has a 50 day simple moving average of $25.84 and a 200-day simple moving average of $22.98. Midland States Bancorp has a 1-year low of $14.24 and a 1-year high of $29.54. 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 stock has a market cap of $598.89 million, a price-to-earnings ratio of 24.48 and a beta of 0.67.

Midland States Bancorp (NASDAQ:MSBI) last posted its quarterly earnings results 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. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%. The business had revenue of $81.10 million during the quarter, compared to analysts’ expectations of $75.59 million. On average, analysts expect that Midland States Bancorp will post 3.17 EPS for the current year.

Midland States Bancorp announced that its board has authorized a stock repurchase plan on Wednesday, May 6th that permits the company to repurchase $45.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Midland States Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.28 annualized dividend and a dividend yield of 4.4%. Midland States Bancorp’s dividend payout ratio is 108.47%.

Insider Buying and Selling at Midland States Bancorp

In other news, Director Travis Franklin purchased 9,400 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was acquired at an average price of $26.49 per share, with a total value of $249,006.00. Following the purchase, the director directly owned 9,400 shares in the company, valued at approximately $249,006. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 8.57% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Midland States Bancorp

A number of hedge funds have recently made changes to their positions in MSBI. Amundi boosted its position in shares of Midland States Bancorp by 39.4% during the 1st quarter. Amundi now owns 2,194 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 620 shares during the period. Empowered Funds LLC boosted its position in shares of Midland States Bancorp by 3.5% during the 1st quarter. Empowered Funds LLC now owns 58,504 shares of the financial services provider’s stock worth $1,002,000 after purchasing an additional 2,004 shares during the period. Jane Street Group LLC purchased a new position in shares of Midland States Bancorp during the 1st quarter worth approximately $354,000. Rhumbline Advisers boosted its position in shares of Midland States Bancorp by 5.5% during the 2nd quarter. Rhumbline Advisers now owns 32,343 shares of the financial services provider’s stock worth $560,000 after purchasing an additional 1,687 shares during the period. Finally, Hsbc Holdings PLC boosted its position in shares of Midland States Bancorp by 18.1% during the 2nd quarter. Hsbc Holdings PLC now owns 33,166 shares of the financial services provider’s stock worth $577,000 after purchasing an additional 5,075 shares during the period. Hedge funds and other institutional investors own 60.93% of the company’s stock.

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.