Midland States Bancorp (NASDAQ:MSBI) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of Midland States Bancorp (NASDAQ:MSBI) from a hold rating to a buy rating in a research note released on Saturday morning.

A number of other brokerages have also recently weighed in on MSBI. DA Davidson increased their price target on Midland States Bancorp from $30.00 to $33.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods boosted their price objective on Midland States Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Weiss Ratings upgraded Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Zacks Research raised Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Finally, Piper Sandler raised their target price on Midland States Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Midland States Bancorp presently has a consensus rating of “Hold” and a consensus target price of $29.10.

Midland States Bancorp Price Performance

Shares of NASDAQ:MSBI opened at $33.67 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. Midland States Bancorp has a fifty-two week low of $14.24 and a fifty-two week high of $34.35. The firm has a 50-day simple moving average of $30.17 and a 200 day simple moving average of $25.86. The company has a market cap of $697.98 million, a PE ratio of 21.58 and a beta of 0.66.

Midland States Bancorp (NASDAQ:MSBI) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.04. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. The firm had revenue of $83.74 million for the quarter, compared to analysts’ expectations of $80.70 million. On average, sell-side analysts anticipate that Midland States Bancorp will post 3.4 EPS for the current year.

Midland States Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Friday, May 15th. Midland States Bancorp’s payout ratio is 82.05%.

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

Insider Activity at Midland States Bancorp

In other Midland States Bancorp news, Director Travis Franklin bought 9,400 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average cost of $26.49 per share, for a total transaction of $249,006.00. Following the transaction, the director directly 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeffrey G. Ludwig sold 8,383 shares of Midland States Bancorp stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $34.00, for a total value of $285,022.00. Following the sale, the chief executive officer directly owned 400,971 shares in the company, valued at $13,633,014. The trade was a 2.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 8.57% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Amundi raised its stake in shares of Midland States Bancorp by 39.4% during the first quarter. Amundi now owns 2,194 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 620 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in Midland States Bancorp by 33.1% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider’s stock valued at $43,000 after buying an additional 503 shares in the last quarter. CIBC Private Wealth Group LLC acquired a new position in Midland States Bancorp during the 3rd quarter valued at about $46,000. Quadrant Capital Group LLC increased its stake in Midland States Bancorp by 302.7% during 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 bought a new stake in shares of Midland States Bancorp during the 4th quarter worth about $107,000. Institutional investors own 60.93% of the company’s stock.

About Midland States Bancorp

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.