Midland States Bancorp (NASDAQ:MSBI) Hits New 1-Year High – Should You Buy?

Midland States Bancorp, Inc. (NASDAQ:MSBI) shares reached a new 52-week high on Wednesday . The stock traded as high as $28.80 and last traded at $27.9530, with a volume of 4693 shares traded. The stock had previously closed at $28.14.

Analyst Ratings Changes

MSBI has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday. Piper Sandler lifted their target price on Midland States Bancorp from $25.50 to $28.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Weiss Ratings raised Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. DA Davidson increased their price target on Midland States Bancorp from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Finally, Zacks Research raised Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $23.90.

Midland States Bancorp Price Performance

The company’s 50-day moving average price is $24.50 and its 200-day moving average price is $22.11. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $582.82 million, a P/E ratio of 23.73 and a beta of 0.66.

Midland States Bancorp (NASDAQ:MSBI) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, beating the consensus estimate of $0.60 by $0.19. The business had revenue of $81.10 million for the quarter, compared to analysts’ expectations of $75.59 million. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%. As a group, sell-side analysts predict that Midland States Bancorp, Inc. will post 3.17 earnings per share for the current fiscal year.

Midland States Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Friday, May 15th. Midland States Bancorp’s payout ratio is 108.47%.

Midland States Bancorp announced that its Board of Directors has approved a share repurchase plan on Wednesday, May 6th that permits the company to repurchase $45.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Midland States Bancorp

In other news, Director Travis Franklin acquired 9,400 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average cost of $26.49 per share, for a total transaction of $249,006.00. Following the completion of the acquisition, the director owned 9,400 shares in the company, valued at $249,006. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 8.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Midland States Bancorp

A number of large investors have recently bought and sold shares of MSBI. CANADA LIFE ASSURANCE Co grew its stake in shares of Midland States Bancorp by 33.1% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 503 shares in the last quarter. Amundi lifted its position in shares of Midland States Bancorp by 39.4% in the first quarter. Amundi now owns 2,194 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 620 shares in the last quarter. CIBC Private Wealth Group LLC bought a new stake in shares of Midland States Bancorp in the third quarter worth $46,000. Quadrant Capital Group LLC boosted its holdings 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 purchasing an additional 3,457 shares during the last quarter. Finally, Daytona Street Capital LLC acquired a new position in Midland States Bancorp during the fourth quarter worth $107,000. Institutional investors and hedge funds own 60.93% of the company’s stock.

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.