Midland States Bancorp, Inc. (NASDAQ:MSBI) Receives Consensus Rating of “Reduce” from Analysts

Midland States Bancorp, Inc. (NASDAQ:MSBI) has been given an average recommendation of “Reduce” by the six brokerages that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $20.00.

MSBI has been the subject of a number of recent research reports. Piper Sandler increased their target price on shares of Midland States Bancorp from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Tuesday, December 2nd. Stephens raised shares of Midland States Bancorp to a “hold” rating in a research note on Thursday, September 11th. Zacks Research downgraded shares of Midland States Bancorp from a “hold” rating to a “strong sell” rating in a report on Thursday, November 6th. Wall Street Zen cut Midland States Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, December 6th. Finally, Keefe, Bruyette & Woods upped their price target on Midland States Bancorp from $17.00 to $19.00 and gave the company a “market perform” rating in a research report on Monday, December 8th.

Midland States Bancorp Stock Performance

NASDAQ MSBI opened at $21.69 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.85 and a quick ratio of 0.84. The stock’s 50 day simple moving average is $16.97 and its 200-day simple moving average is $17.42. The company has a market cap of $467.42 million, a PE ratio of -17.08 and a beta of 0.69. Midland States Bancorp has a 1-year low of $14.24 and a 1-year high of $26.53.

Midland States Bancorp (NASDAQ:MSBI) last issued its quarterly earnings results on Wednesday, March 23rd. The financial services provider reported $0.54 EPS for the quarter. The firm had revenue of $70.61 million during the quarter. Midland States Bancorp had a negative return on equity of 3.63% and a negative net margin of 3.80%. As a group, equities research analysts anticipate that Midland States Bancorp will post 2.53 EPS for the current fiscal year.

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

Midland States Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 14th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 5.9%. The ex-dividend date was Friday, November 14th. Midland States Bancorp’s dividend payout ratio is presently -100.79%.

Insider Activity

In other news, insider Daniel Edward Casey acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was purchased at an average price of $17.89 per share, with a total value of $89,450.00. Following the completion of the acquisition, the insider owned 28,254 shares of the company’s stock, valued at $505,464.06. This trade represents a 21.50% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jeremy Andrew Jameson acquired 5,598 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were purchased at an average price of $17.69 per share, with a total value of $99,028.62. Following the completion of the transaction, the executive vice president owned 63,412 shares of the company’s stock, valued at $1,121,758.28. The trade was a 9.68% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have bought 11,098 shares of company stock worth $197,324. Corporate insiders own 5.27% of the company’s stock.

Institutional Trading of Midland States Bancorp

Several institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of Midland States Bancorp by 100.7% during the 1st quarter. AQR Capital Management LLC now owns 391,822 shares of the financial services provider’s stock worth $6,708,000 after purchasing an additional 196,555 shares during the last quarter. Nuveen LLC purchased a new position in Midland States Bancorp during the first quarter worth about $2,886,000. Algert Global LLC purchased a new position in Midland States Bancorp during the third quarter worth about $1,297,000. Los Angeles Capital Management LLC acquired a new stake in shares of Midland States Bancorp during the second quarter valued at about $1,006,000. Finally, Numerai GP LLC purchased a new stake in shares of Midland States Bancorp in the 3rd quarter valued at approximately $814,000. Hedge funds and other institutional investors own 60.93% 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 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.