Zacks Investment Research upgraded shares of Midland States Bancorp (NASDAQ:MSBI) from a hold rating to a buy rating in a report published on Wednesday. The brokerage currently has $30.00 price target on the financial services provider’s stock.
According to Zacks, “Midland States Bancorp, Inc. is a financial and bank holding company. It provides commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning services. The company also offers commercial equipment leasing services which provided through Heartland Business Credit and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiaries. Midland States Bancorp, Inc. is headquartered in Effingham, Illinois. “
MSBI has been the subject of a number of other research reports. ValuEngine cut Midland States Bancorp from a hold rating to a sell rating in a report on Friday, October 12th. BidaskClub cut Midland States Bancorp from a hold rating to a sell rating in a report on Wednesday, September 26th.
NASDAQ MSBI traded down $0.18 during trading hours on Wednesday, reaching $26.57. The company’s stock had a trading volume of 36,649 shares, compared to its average volume of 57,729. The stock has a market capitalization of $633.31 million, a price-to-earnings ratio of 13.35, a PEG ratio of 1.56 and a beta of 1.36. Midland States Bancorp has a 1-year low of $23.27 and a 1-year high of $36.06. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.39.
Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings results on Friday, October 26th. The financial services provider reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. The company had revenue of $63.35 million during the quarter, compared to analysts’ expectations of $66.90 million. Midland States Bancorp had a return on equity of 9.23% and a net margin of 9.27%. Equities analysts predict that Midland States Bancorp will post 2.45 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 26th. Investors of record on Monday, November 19th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, November 16th. This represents a $0.88 dividend on an annualized basis and a yield of 3.31%. Midland States Bancorp’s payout ratio is 44.22%.
In other Midland States Bancorp news, SVP Jeffrey A. Brunoehler sold 2,822 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $32.03, for a total transaction of $90,388.66. Following the completion of the sale, the senior vice president now directly owns 31,584 shares in the company, valued at approximately $1,011,635.52. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John M. Schultz sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $29.09, for a total value of $58,180.00. The disclosure for this sale can be found here. Insiders sold a total of 25,160 shares of company stock valued at $837,794 in the last ninety days. 14.90% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of MSBI. Zebra Capital Management LLC purchased a new stake in Midland States Bancorp during the 2nd quarter worth approximately $235,000. Metropolitan Life Insurance Co. NY increased its stake in Midland States Bancorp by 32.1% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 7,086 shares of the financial services provider’s stock worth $243,000 after buying an additional 1,723 shares in the last quarter. Assetmark Inc. increased its stake in Midland States Bancorp by 63.7% during the 2nd quarter. Assetmark Inc. now owns 7,133 shares of the financial services provider’s stock worth $244,000 after buying an additional 2,775 shares in the last quarter. Associated Banc Corp purchased a new stake in Midland States Bancorp during the 3rd quarter worth approximately $331,000. Finally, MetLife Investment Advisors LLC increased its stake in Midland States Bancorp by 33.4% during the 2nd quarter. MetLife Investment Advisors LLC now owns 10,034 shares of the financial services provider’s stock worth $344,000 after buying an additional 2,513 shares in the last quarter. Institutional investors own 45.42% of the company’s stock.
Midland States Bancorp Company Profile
Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides banking and financial products and services to individuals, businesses, municipalities, and other entities. The company's deposit products include checking, savings, money market, and sweep accounts, as well as certificates of deposits, noninterest-bearing and interest-bearing demand deposits, and time deposits.
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