Midland States Bancorp, Inc. (NASDAQ:MSBI) Given Average Recommendation of “Hold” by Brokerages

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) have earned a consensus rating of “Hold” from the six brokerages that are presently covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $29.10.

A number of analysts have recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of Midland States Bancorp in a report on Friday, July 31st. DA Davidson raised their target price on shares of Midland States Bancorp from $30.00 to $33.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Zacks Research raised shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Keefe, Bruyette & Woods increased their price target on shares of Midland States Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Finally, Wall Street Zen raised shares of Midland States Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st.

Midland States Bancorp Stock Performance

Shares of Midland States Bancorp stock opened at $34.24 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $710.48 million, a P/E ratio of 21.95 and a beta of 0.66. The firm has a 50 day simple moving average of $30.56 and a 200 day simple moving average of $26.15. Midland States Bancorp has a fifty-two week low of $14.24 and a fifty-two week high of $35.10.

Midland States Bancorp (NASDAQ:MSBI) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.04. The firm had revenue of $83.74 million for the quarter, compared to the consensus estimate of $80.70 million. Midland States Bancorp had a return on equity of 13.32% and a net margin of 9.40%. Sell-side analysts predict that Midland States Bancorp will post 3.4 earnings per share for the current fiscal year.

Midland States Bancorp announced that its board has initiated a stock repurchase plan on Wednesday, May 6th that allows the company to repurchase $45.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Midland States Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 14th will be paid a $0.33 dividend. This is a positive change from Midland States Bancorp’s previous quarterly dividend of $0.32. This represents a $1.32 annualized dividend and a yield of 3.9%. The ex-dividend date is Friday, August 14th. Midland States Bancorp’s dividend payout ratio is currently 82.05%.

Insider Activity at Midland States Bancorp

In related news, CEO Jeffrey G. Ludwig sold 8,383 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $34.00, for a total transaction of $285,022.00. Following the transaction, the chief executive officer directly owned 400,971 shares of the company’s stock, valued at approximately $13,633,014. The trade was a 2.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.57% of the company’s stock.

Hedge Funds Weigh In On Midland States Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Amundi lifted its stake in shares of Midland States Bancorp by 39.4% during the 1st quarter. Amundi now owns 2,194 shares of the financial services provider’s stock worth $38,000 after buying an additional 620 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings 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 acquiring an additional 503 shares during the period. CIBC Private Wealth Group LLC bought a new position in Midland States Bancorp in the 3rd quarter valued at about $46,000. Quadrant Capital Group LLC lifted its position in Midland States Bancorp by 302.7% during the fourth quarter. Quadrant Capital Group LLC now owns 4,599 shares of the financial services provider’s stock worth $97,000 after acquiring an additional 3,457 shares during the last quarter. Finally, Daytona Street Capital LLC bought a new stake in shares of Midland States Bancorp during the fourth quarter worth approximately $107,000. 60.93% of the stock is currently owned by institutional investors and hedge funds.

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.