Wall Street Zen Upgrades Midland States Bancorp (NASDAQ:MSBI) to “Buy”

Midland States Bancorp (NASDAQ:MSBI) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other equities analysts have also commented on MSBI. Keefe, Bruyette & Woods boosted their price objective on shares of Midland States Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Piper Sandler raised their target price on Midland States Bancorp from $35.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, October 26th. Stephens raised their target price on Midland States Bancorp from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 27th. Weiss Ratings lowered Midland States Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 27th. Finally, DA Davidson boosted their price target on Midland States Bancorp from $30.00 to $33.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Six equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, Midland States Bancorp has a consensus rating of “Hold” and an average price target of $32.50.

Midland States Bancorp Stock Performance

NASDAQ MSBI opened at $31.72 on Friday. The company’s fifty day simple moving average is $32.94 and its 200-day simple moving average is $28.45. Midland States Bancorp has a 52 week low of $15.06 and a 52 week high of $35.10. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.03. The stock has a market cap of $659.78 million, a P/E ratio of 13.97 and a beta of 0.66.

Midland States Bancorp (NASDAQ:MSBI) last announced its earnings results on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.06. The business had revenue of $86.14 million during the quarter, compared to the consensus estimate of $83.77 million. Midland States Bancorp had a net margin of 12.80% and a return on equity of 17.13%. Equities research analysts predict that Midland States Bancorp will post 3.44 EPS for the current fiscal year.

Insider Buying and Selling

In other Midland States Bancorp news, COO Kyle Mooney sold 2,400 shares of the stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $33.33, for a total transaction of $79,992.00. Following the transaction, the chief operating officer directly owned 13,610 shares in the company, valued at $453,621.30. This represents a 14.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 4,087 shares of company stock worth $136,352. Corporate insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Midland States Bancorp

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in shares of Midland States Bancorp in the 2nd quarter worth approximately $3,941,000. Patriot Financial Partners GP II L.P. bought a new stake in shares of Midland States Bancorp in the 1st quarter valued at approximately $9,783,000. Bank of America Corp DE acquired a new stake in shares of Midland States Bancorp during the 2nd quarter valued at approximately $3,545,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Midland States Bancorp during the 2nd quarter valued at approximately $2,158,000. Finally, Hsbc Holdings PLC bought a new position in Midland States Bancorp during the second quarter worth $1,820,000. Institutional investors and hedge funds own 60.93% of the company’s stock.

Midland States Bancorp Company Profile

Midland States Bancorp, Inc is a financial holding company headquartered in Effingham, Illinois. Through its principal subsidiary, Midland States Bank, the company provides banking, wealth management and specialty finance services to individuals, families and businesses.

Its banking operations offer deposit accounts, commercial and residential real estate loans, consumer lending, commercial and industrial financing, treasury management and other cash-management services. The company also provides wealth management, trust and investment services, as well as equipment financing and leasing solutions for business customers.

Founded in 1881, Midland States Bank serves communities primarily in Illinois, Wisconsin and Ohio through a network of banking offices and other channels.