Midland States Bancorp (NASDAQ:MSBI) Sets New 1-Year High – What’s Next?

Midland States Bancorp, Inc. (NASDAQ:MSBI)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $31.54 and last traded at $31.2940, with a volume of 12483 shares changing hands. The stock had previously closed at $31.14.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MSBI. Piper Sandler raised their target price on Midland States Bancorp from $28.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Wall Street Zen downgraded Midland States Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. DA Davidson raised their price objective on Midland States Bancorp from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Zacks Research upgraded Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings upgraded Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Midland States Bancorp currently has a consensus rating of “Hold” and an average price target of $24.70.

Midland States Bancorp Price Performance

The company’s 50-day moving average price is $28.12 and its two-hundred day moving average price is $24.42. The company has a market cap of $629.16 million, a P/E ratio of 25.72 and a beta of 0.66. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

Midland States Bancorp (NASDAQ:MSBI) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.19. The business had revenue of $81.10 million for the quarter, compared to analyst estimates of $75.59 million. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%. As a group, sell-side analysts expect that Midland States Bancorp, Inc. will post 3.17 earnings per share for the current year.

Midland States Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders 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 4.2%. Midland States Bancorp’s dividend payout ratio is presently 108.47%.

Midland States Bancorp declared that its board has approved a share repurchase program on Wednesday, May 6th that permits the company to buyback $45.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Midland States Bancorp

In other news, Director Travis Franklin bought 9,400 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was bought at an average price of $26.49 per share, for a total transaction of $249,006.00. Following the transaction, the director owned 9,400 shares in the company, valued at $249,006. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 8.57% of the company’s stock.

Hedge Funds Weigh In On Midland States Bancorp

Large investors have recently added to or reduced their stakes in the company. Amundi boosted its holdings in Midland States Bancorp by 39.4% in the first 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. CANADA LIFE ASSURANCE Co raised its holdings in shares of Midland States Bancorp by 33.1% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 503 shares during the period. CIBC Private Wealth Group LLC bought a new position in shares of Midland States Bancorp in the 3rd quarter worth about $46,000. Quadrant Capital Group LLC boosted its holdings in shares of Midland States Bancorp by 302.7% in the 4th quarter. Quadrant Capital Group LLC now owns 4,599 shares of the financial services provider’s stock valued at $97,000 after buying an additional 3,457 shares during the period. Finally, Daytona Street Capital LLC acquired a new position in shares of Midland States Bancorp in the 4th quarter valued at about $107,000. 60.93% of the stock is currently owned by 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.