Midland States Bancorp (NASDAQ:MSBI) Sets New 1-Year High – What’s Next?

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $31.54 and last traded at $31.2940, with a volume of 12483 shares changing hands. The stock had previously closed at $31.14.

Analyst Ratings Changes

Several research firms have commented on MSBI. Zacks Research raised shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Wall Street Zen cut Midland States Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. DA Davidson upped their price target on Midland States Bancorp from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Piper Sandler upped their target price on Midland States Bancorp from $28.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Finally, Weiss Ratings upgraded Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $24.70.

Midland States Bancorp Stock Up 1.6%

The firm has a 50-day moving average price of $27.82 and a two-hundred day moving average price of $24.28. The company has a market capitalization of $655.59 million, a P/E ratio of 26.79 and a beta of 0.67. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

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

Midland States Bancorp Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Friday, May 15th. This represents a $1.28 annualized dividend and a dividend yield of 4.0%. Midland States Bancorp’s payout ratio is presently 108.47%.

Midland States Bancorp declared that its board has initiated a stock repurchase program on Wednesday, May 6th that authorizes the company to buyback $45.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity at Midland States Bancorp

In related news, Director Travis Franklin acquired 9,400 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was acquired at an average price of $26.49 per share, with a total value of $249,006.00. Following the completion of the transaction, the director owned 9,400 shares of the company’s stock, valued at approximately $249,006. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 8.57% of the company’s stock.

Hedge Funds Weigh In On Midland States Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp raised its holdings in Midland States Bancorp by 10.1% in the 4th quarter. State Street Corp now owns 682,862 shares of the financial services provider’s stock valued at $14,456,000 after acquiring an additional 62,874 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Midland States Bancorp by 38.1% during the 2nd quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider’s stock worth $9,370,000 after purchasing an additional 149,175 shares in the last quarter. Patriot Financial Partners GP II L.P. acquired a new stake in shares of Midland States Bancorp during the 1st quarter worth approximately $9,783,000. Rhino Investment Partners Inc increased its position in shares of Midland States Bancorp by 22.5% during the first quarter. Rhino Investment Partners Inc now owns 320,288 shares of the financial services provider’s stock valued at $7,146,000 after purchasing an additional 58,754 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position 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 purchasing an additional 117,422 shares during the period. 60.93% of the stock is currently owned by institutional investors.

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.