Midland States Bancorp (NASDAQ:MSBI) Shares Cross Below Fifty Day Moving Average – Here’s Why

Midland States Bancorp, Inc. (NASDAQ:MSBI)’s stock price passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $22.53 and traded as low as $21.96. Midland States Bancorp shares last traded at $22.13, with a volume of 134,903 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MSBI. 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 price objective on Midland States Bancorp from $23.00 to $25.50 and gave the stock a “neutral” rating in a research report on Monday, January 26th. Zacks Research downgraded 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 Midland States Bancorp in a research report on Monday, January 26th. Finally, DA Davidson lifted their target price on Midland States Bancorp from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Monday, January 26th. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Midland States Bancorp presently has an average rating of “Reduce” and a consensus target price of $23.00.

Midland States Bancorp Price Performance

The business has a 50-day moving average of $22.53 and a 200 day moving average of $19.24. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $476.90 million, a P/E ratio of 21.91 and a beta of 0.66.

Midland States Bancorp (NASDAQ:MSBI) last announced its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.17). The firm had revenue of $85.79 million during the quarter, compared to the consensus estimate of $74.49 million. Midland States Bancorp had a return on equity of 10.41% and a net margin of 6.62%. On average, sell-side analysts predict that Midland States Bancorp, Inc. will post 2.53 earnings per share for the current fiscal year.

Midland States Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Friday, February 13th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date was Friday, February 13th. Midland States Bancorp’s payout ratio is 126.73%.

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

Insider Activity

In other news, COO Kyle Owen Mooney sold 2,808 shares of Midland States Bancorp stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $22.67, for a total transaction of $63,657.36. Following the completion of the transaction, the chief operating officer directly owned 14,207 shares in the company, valued at $322,072.69. This trade represents a 16.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jeremy Andrew Jameson bought 5,598 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The stock was acquired at an average price of $17.69 per share, for a total transaction of $99,028.62. Following the acquisition, the executive vice president directly owned 63,412 shares in the company, valued at $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. Insiders acquired 11,098 shares of company stock worth $197,324 over the last three months. 5.27% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. CANADA LIFE ASSURANCE Co grew its holdings in Midland States Bancorp by 33.1% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider’s stock worth $43,000 after buying an additional 503 shares in the last quarter. Amundi grew its stake in shares of Midland States Bancorp by 39.4% in the 1st quarter. Amundi now owns 2,194 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 620 shares in the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of Midland States Bancorp by 5.3% in the second quarter. Valeo Financial Advisors LLC now owns 19,126 shares of the financial services provider’s stock valued at $331,000 after purchasing an additional 955 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Midland States Bancorp by 2.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 41,792 shares of the financial services provider’s stock valued at $885,000 after purchasing an additional 992 shares in the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Midland States Bancorp by 3.4% during the third quarter. Federated Hermes Inc. now owns 32,790 shares of the financial services provider’s stock worth $562,000 after purchasing an additional 1,071 shares during the last quarter. 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 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.