Midland States Bancorp (NASDAQ:MSBI) Shares Gap Up After Strong Earnings

Midland States Bancorp, Inc. (NASDAQ:MSBI)’s stock price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $23.39, but opened at $25.00. Midland States Bancorp shares last traded at $24.5170, with a volume of 34,190 shares trading hands.

The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.19. The firm had revenue of $81.10 million during the quarter, compared to the consensus estimate of $75.59 million. Midland States Bancorp had a net margin of 6.62% and a return on equity of 10.47%.

Midland States Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 13th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.28 annualized dividend and a dividend yield of 5.3%. Midland States Bancorp’s dividend payout ratio (DPR) is presently 126.73%.

Analyst Ratings Changes

MSBI has been the subject of several analyst reports. Wall Street Zen raised shares of Midland States Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 23rd. Piper Sandler lifted their target price on shares of Midland States Bancorp from $23.00 to $25.50 and gave the stock a “neutral” rating in a research note on Monday, January 26th. Zacks Research downgraded shares of Midland States Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. UBS Group set a $25.50 target price on shares of Midland States Bancorp in a research note on Monday, January 26th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Midland States Bancorp in a research note on Friday, March 27th. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Midland States Bancorp has an average rating of “Reduce” and a consensus price target of $23.00.

Insider Buying and Selling

In other Midland States Bancorp news, COO Kyle Owen Mooney sold 2,808 shares of the firm’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $22.67, for a total value of $63,657.36. Following the completion of the sale, the chief operating officer directly owned 14,207 shares in the company, valued at approximately $322,072.69. This trade represents a 16.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Midland States Bancorp

Large investors have recently bought and sold shares of the stock. AQR Capital Management LLC grew its holdings in shares of Midland States Bancorp by 38.1% during the second quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider’s stock valued at $9,370,000 after buying an additional 149,175 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Midland States Bancorp by 97.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 238,364 shares of the financial services provider’s stock valued at $5,046,000 after buying an additional 117,422 shares during the last quarter. Algert Global LLC acquired a new position in shares of Midland States Bancorp during the third quarter valued at about $1,297,000. Royal Bank of Canada grew its holdings in shares of Midland States Bancorp by 8,633.1% during the fourth quarter. Royal Bank of Canada now owns 68,555 shares of the financial services provider’s stock valued at $1,451,000 after buying an additional 67,770 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Midland States Bancorp by 10.1% during the fourth quarter. State Street Corp now owns 682,862 shares of the financial services provider’s stock valued at $14,456,000 after buying an additional 62,874 shares during the last quarter. 60.93% of the stock is currently owned by institutional investors and hedge funds.

Midland States Bancorp Price Performance

The stock has a market capitalization of $522.79 million, a price-to-earnings ratio of 24.28 and a beta of 0.57. The business’s fifty day moving average price is $22.51 and its 200-day moving average price is $20.47. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80.

Midland States Bancorp Company Profile

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.