Midland States Bancorp (NASDAQ:MSBI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Midland States Bancorp (NASDAQ:MSBI) from a hold rating to a buy rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other equities research analysts have also weighed in on the stock. Piper Sandler lifted their price objective on shares of Midland States Bancorp from $35.00 to $37.00 and gave the company a “neutral” rating in a report on Monday, October 26th. Weiss Ratings downgraded shares of Midland States Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, October 27th. Keefe, Bruyette & Woods raised their target price on shares of Midland States Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Zacks Research downgraded shares of Midland States Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 25th. Finally, Stephens boosted their price target on Midland States Bancorp from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Tuesday, October 27th. Six analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, Midland States Bancorp currently has a consensus rating of “Hold” and a consensus price target of $32.50.

Midland States Bancorp Stock Up 1.8%

NASDAQ:MSBI opened at $32.29 on Friday. The company has a market cap of $671.63 million, a price-to-earnings ratio of 10.82 and a beta of 0.66. Midland States Bancorp has a twelve month low of $15.06 and a twelve month high of $35.10. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.03. The stock has a fifty day simple moving average of $32.93 and a 200-day simple moving average of $28.49.

Midland States Bancorp (NASDAQ:MSBI) last posted its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.06. The firm had revenue of $86.14 million for the quarter, compared to analysts’ expectations of $83.77 million. Midland States Bancorp had a net margin of 12.80% and a return on equity of 17.13%. Analysts anticipate that Midland States Bancorp will post 3.44 EPS for the current year.

Midland States Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.33 per share. The ex-dividend date is Friday, November 13th. This represents a $1.32 annualized dividend and a dividend yield of 4.1%. Midland States Bancorp’s dividend payout ratio (DPR) is currently 58.15%.

Insider Buying and Selling at Midland States Bancorp

In related news, COO Kyle Mooney sold 2,400 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $33.33, for a total value of $79,992.00. Following the completion of the sale, the chief operating officer directly owned 13,610 shares of the company’s stock, valued at $453,621.30. This represents a 14.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MSBI. BlackRock Inc. bought a new stake in shares of Midland States Bancorp in the 2nd quarter valued at about $90,950,000. Patriot Financial Partners GP II L.P. bought a new position in shares of Midland States Bancorp during the first quarter valued at approximately $9,783,000. Bank of New York Mellon Corp purchased a new position in Midland States Bancorp during the second quarter valued at approximately $3,941,000. Bank of America Corp DE purchased a new position in Midland States Bancorp during the second quarter valued at approximately $3,545,000. Finally, Empowered Funds LLC purchased a new position in Midland States Bancorp during the second quarter valued at approximately $2,893,000. Hedge funds and other institutional investors own 60.93% of the company’s stock.

Midland States Bancorp Company Profile

Midland States Bancorp, Inc is a financial holding company headquartered in Effingham, Illinois. Through its principal subsidiary, Midland States Bank, the company provides banking, wealth management and specialty finance services to individuals, families and businesses.

Its banking operations offer deposit accounts, commercial and residential real estate loans, consumer lending, commercial and industrial financing, treasury management and other cash-management services. The company also provides wealth management, trust and investment services, as well as equipment financing and leasing solutions for business customers.

Founded in 1881, Midland States Bank serves communities primarily in Illinois, Wisconsin and Ohio through a network of banking offices and other channels.