Brokerages Set Midland States Bancorp, Inc. (NASDAQ:MSBI) Target Price at $29.10

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) have been given a consensus recommendation of “Hold” by the six ratings firms that are covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $29.10.

Several research analysts have commented on the stock. Piper Sandler raised their target price on shares of Midland States Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Wall Street Zen lowered shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Keefe, Bruyette & Woods upped 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 report on Monday, July 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Midland States Bancorp in a research note on Friday, July 31st. Finally, DA Davidson lifted their price objective on shares of Midland States Bancorp from $30.00 to $33.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th.

Midland States Bancorp Stock Performance

Shares of NASDAQ MSBI opened at $33.00 on Monday. The stock’s fifty day simple moving average is $32.03 and its 200 day simple moving average is $27.33. The stock has a market capitalization of $684.75 million, a price-to-earnings ratio of 21.15 and a beta of 0.66. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.73. Midland States Bancorp has a 52-week low of $14.24 and a 52-week high of $35.10.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. The business had revenue of $83.74 million during the quarter, compared to analyst estimates of $80.70 million. Midland States Bancorp had a return on equity of 13.32% and a net margin of 9.40%. As a group, sell-side analysts forecast that Midland States Bancorp will post 3.4 earnings per share for the current fiscal year.

Midland States Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 14th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 4.0%. This is a boost from Midland States Bancorp’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, August 14th. Midland States Bancorp’s payout ratio is 84.62%.

Midland States Bancorp announced that its Board of Directors has approved a stock buyback program on Wednesday, May 6th that allows the company to repurchase $45.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Jeffrey G. Ludwig sold 8,383 shares of the company’s stock in a transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Kyle Owen Mooney sold 1,198 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $33.51, for a total value of $40,144.98. Following the completion of the sale, the chief operating officer directly owned 14,099 shares of the company’s stock, valued at approximately $472,457.49. This represents a 7.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 10,070 shares of company stock worth $341,382 in the last quarter. 8.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Midland States Bancorp

Institutional investors have recently made changes to their positions in the stock. 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 period. Empowered Funds LLC boosted its stake in shares of Midland States Bancorp by 3.5% during the 1st quarter. Empowered Funds LLC now owns 58,504 shares of the financial services provider’s stock valued at $1,002,000 after buying an additional 2,004 shares during the period. Jane Street Group LLC purchased a new position in shares of Midland States Bancorp during the 1st quarter valued at $354,000. Rhumbline Advisers grew its holdings in shares of Midland States Bancorp by 5.5% during the 2nd quarter. Rhumbline Advisers now owns 32,343 shares of the financial services provider’s stock valued at $560,000 after acquiring an additional 1,687 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in shares of Midland States Bancorp by 18.1% in the second quarter. Hsbc Holdings PLC now owns 33,166 shares of the financial services provider’s stock worth $577,000 after acquiring an additional 5,075 shares during the last quarter. 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.