Midland States Bancorp (NASDAQ:MSBI) Price Target Raised to $19.00

Midland States Bancorp (NASDAQ:MSBI) had its price objective lifted by Keefe, Bruyette & Woods from $17.00 to $19.00 in a research note released on Monday,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

A number of other analysts have also recently issued reports on MSBI. Stephens raised Midland States Bancorp to a “hold” rating in a research report on Thursday, September 11th. Zacks Research cut shares of Midland States Bancorp from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Midland States Bancorp in a research report on Monday, November 24th. Piper Sandler increased their price target on Midland States Bancorp from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, December 2nd. Finally, Wall Street Zen downgraded shares of Midland States Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, December 6th. Four research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Midland States Bancorp has an average rating of “Reduce” and a consensus target price of $20.00.

Midland States Bancorp Stock Performance

Shares of MSBI stock opened at $20.79 on Monday. The stock has a 50-day moving average of $16.61 and a 200-day moving average of $17.30. The stock has a market cap of $448.02 million, a PE ratio of -16.37 and a beta of 0.69. Midland States Bancorp has a one year low of $14.24 and a one year high of $27.19. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.85 and a quick ratio of 0.84.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings data on Wednesday, March 23rd. The financial services provider reported $0.54 earnings per share for the quarter. Midland States Bancorp had a negative return on equity of 3.63% and a negative net margin of 3.80%.The business had revenue of $70.61 million for the quarter. As a group, sell-side analysts expect that Midland States Bancorp will post 2.53 earnings per share for the current year.

Midland States Bancorp declared that its board has approved a stock buyback program on Monday, November 3rd that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Midland States Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Friday, November 14th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date of this dividend was Friday, November 14th. Midland States Bancorp’s dividend payout ratio (DPR) is presently -100.79%.

Insider Buying and Selling at Midland States Bancorp

In other Midland States Bancorp news, insider Daniel Edward Casey acquired 5,000 shares of Midland States Bancorp stock in a transaction on Wednesday, December 3rd. The stock was purchased at an average price of $17.89 per share, for a total transaction of $89,450.00. Following the purchase, the insider directly owned 28,254 shares of the company’s stock, valued at $505,464.06. This trade represents a 21.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jeremy Andrew Jameson bought 5,598 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The shares were acquired at an average cost 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 in the company, valued at approximately $1,121,758.28. The trade was a 9.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders acquired 11,098 shares of company stock worth $197,324. Insiders own 5.27% of the company’s stock.

Institutional Investors Weigh In On Midland States Bancorp

A number of hedge funds have recently modified their holdings of MSBI. CIBC Private Wealth Group LLC purchased a new position in Midland States Bancorp in the third quarter valued at approximately $46,000. Jacobs Levy Equity Management Inc. raised its stake in shares of Midland States Bancorp by 6.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 120,942 shares of the financial services provider’s stock valued at $2,073,000 after buying an additional 7,591 shares during the period. Qube Research & Technologies Ltd lifted its position in shares of Midland States Bancorp by 48.4% during the 3rd quarter. Qube Research & Technologies Ltd now owns 59,373 shares of the financial services provider’s stock valued at $1,018,000 after buying an additional 19,354 shares during the last quarter. Numerai GP LLC bought a new position in shares of Midland States Bancorp during the 3rd quarter worth $814,000. Finally, Mariner LLC increased its holdings in Midland States Bancorp by 31.5% in the 3rd quarter. Mariner LLC now owns 28,118 shares of the financial services provider’s stock worth $482,000 after acquiring an additional 6,735 shares during the last quarter. 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.