Analysts Set Midland States Bancorp, Inc. (NASDAQ:MSBI) Price Target at $24.70

Midland States Bancorp, Inc. (NASDAQ:MSBI) has been assigned an average recommendation of “Hold” from the six research firms that are presently covering the stock, Marketbeat.com reports. Five analysts have rated the stock with a hold rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $24.70.

A number of equities research analysts have issued reports on MSBI shares. Weiss Ratings raised shares of 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 objective on Midland States Bancorp from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Zacks Research raised Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Piper Sandler lifted their price objective on Midland States Bancorp from $28.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Finally, Wall Street Zen downgraded Midland States Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, May 24th.

Insider Buying and Selling

In other news, Director Travis Franklin acquired 9,400 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average price 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 of the company’s stock, valued at approximately $249,006. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.57% of the company’s stock.

Institutional Trading of Midland States Bancorp

Large investors have recently added to or reduced their stakes in the business. CANADA LIFE ASSURANCE Co raised its holdings 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 valued at $43,000 after purchasing an additional 503 shares in the last quarter. Amundi boosted its holdings in 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 acquired a new position in Midland States Bancorp during the third quarter worth $46,000. Quadrant Capital Group LLC increased its position 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 buying an additional 3,457 shares during the last quarter. Finally, Daytona Street Capital LLC bought a new position in Midland States Bancorp during the fourth quarter valued at about $107,000. 60.93% of the stock is owned by institutional investors.

Midland States Bancorp Stock Up 1.3%

Midland States Bancorp stock traded up $0.39 during mid-day trading on Friday, hitting $30.53. The company’s stock had a trading volume of 103,510 shares, compared to its average volume of 186,407. Midland States Bancorp has a 52-week low of $14.24 and a 52-week high of $31.67. The company has a market cap of $632.89 million, a PE ratio of 25.87 and a beta of 0.66. 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 firm’s 50 day moving average is $28.77 and its 200 day moving average is $24.76.

Midland States Bancorp (NASDAQ:MSBI) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.19. The company had revenue of $81.10 million for the quarter, compared to the consensus estimate of $75.59 million. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%. On average, analysts anticipate that Midland States Bancorp will post 3.17 earnings per share for the current year.

Midland States Bancorp Dividend Announcement

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 dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, May 15th. Midland States Bancorp’s payout ratio is currently 108.47%.

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

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.