Piper Sandler Cuts Midland States Bancorp (NASDAQ:MSBI) Price Target to $18.00

Midland States Bancorp (NASDAQ:MSBI) had its target price decreased by Piper Sandler from $21.00 to $18.00 in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

Several other equities analysts have also issued reports on MSBI. Weiss Ratings reissued a “sell (d)” rating on shares of Midland States Bancorp in a report on Tuesday, October 14th. Stephens raised Midland States Bancorp to a “hold” rating in a research note on Thursday, September 11th. Wall Street Zen upgraded Midland States Bancorp from a “sell” rating to a “hold” rating in a report on Friday, September 5th. Finally, Keefe, Bruyette & Woods cut their price objective on Midland States Bancorp from $20.00 to $17.00 and set a “market perform” rating on the stock in a report on Monday. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $19.25.

Midland States Bancorp Stock Performance

Shares of MSBI stock opened at $15.97 on Tuesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market cap of $344.06 million, a PE ratio of -20.74 and a beta of 0.77. The stock has a 50-day moving average of $17.06 and a 200-day moving average of $17.38. Midland States Bancorp has a one year low of $14.24 and a one year high of $28.08.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings data on Wednesday, March 23rd. The financial services provider reported $0.54 earnings per share for the quarter. Midland States Bancorp had a negative net margin of 1.50% and a negative return on equity of 1.30%. The business had revenue of $70.61 million for the quarter. As a group, sell-side analysts expect that Midland States Bancorp will post 2.53 earnings per share for the current year.

Midland States Bancorp declared that its Board of Directors has authorized a stock repurchase program on Monday, November 3rd that allows the company to buyback $25.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 7.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Midland States Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 21st. Shareholders of record on Friday, November 14th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.28 dividend on an annualized basis and a yield of 8.0%. Midland States Bancorp’s dividend payout ratio is -100.79%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MSBI. Amundi increased its stake in Midland States Bancorp by 39.4% in the 1st quarter. Amundi now owns 2,194 shares of the financial services provider’s stock valued at $38,000 after buying an additional 620 shares during the last quarter. Valeo Financial Advisors LLC grew its holdings in shares of Midland States Bancorp by 5.3% in the 2nd quarter. Valeo Financial Advisors LLC now owns 19,126 shares of the financial services provider’s stock valued at $331,000 after acquiring an additional 955 shares in the last quarter. Federated Hermes Inc. increased its position in shares of Midland States Bancorp by 3.4% in the third quarter. Federated Hermes Inc. now owns 32,790 shares of the financial services provider’s stock valued at $562,000 after acquiring an additional 1,071 shares during the last quarter. First Trust Advisors LP raised its holdings in Midland States Bancorp by 8.1% during the second quarter. First Trust Advisors LP now owns 14,385 shares of the financial services provider’s stock worth $249,000 after acquiring an additional 1,084 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC boosted its position in Midland States Bancorp by 5.9% during the second quarter. Campbell & CO Investment Adviser LLC now owns 27,459 shares of the financial services provider’s stock valued at $476,000 after purchasing an additional 1,531 shares during the last quarter. Institutional investors own 60.93% of the company’s stock.

About Midland States Bancorp

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Wealth Management, and Other segments. The company provides a range of financial products and services to consumers and businesses, including commercial loans to finance agricultural equipment and production; and commercial real estate loans for owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, and assisted living facilities.