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

Midland States Bancorp, Inc. (NASDAQ:MSBI) hit a new 52-week high on Tuesday . The company traded as high as $31.74 and last traded at $30.78, with a volume of 12033 shares. The stock had previously closed at $30.76.

Analyst Ratings Changes

Several research analysts have weighed in on MSBI shares. Zacks Research upgraded Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. Wall Street Zen cut shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Weiss Ratings upgraded 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 raised their price target on shares of Midland States Bancorp from $23.00 to $26.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Finally, Piper Sandler boosted their price objective on shares of Midland States Bancorp from $28.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, June 26th. 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 data from MarketBeat.com, Midland States Bancorp currently has a consensus rating of “Hold” and an average price target of $24.70.

Midland States Bancorp Stock Performance

The firm has a market cap of $639.13 million, a price-to-earnings ratio of 26.08 and a beta of 0.66. The stock has a 50 day moving average of $28.86 and a 200 day moving average of $24.85. 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 quarterly earnings data 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. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%. The firm had revenue of $81.10 million for the quarter, compared to the consensus estimate of $75.59 million. As a group, analysts anticipate that Midland States Bancorp, Inc. will post 3.17 EPS 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 dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, May 15th. Midland States Bancorp’s dividend payout ratio is 108.47%.

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

Insider Buying and Selling

In other Midland States Bancorp news, Director Travis Franklin bought 9,400 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was purchased at an average cost of $26.49 per share, for a total transaction of $249,006.00. Following the completion of the purchase, the director directly owned 9,400 shares of the company’s stock, valued at approximately $249,006. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 8.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Midland States Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Amundi raised its holdings in shares of Midland States Bancorp by 39.4% during the 1st quarter. Amundi now owns 2,194 shares of the financial services provider’s stock worth $38,000 after buying an additional 620 shares in the last quarter. Empowered Funds LLC boosted its stake in Midland States Bancorp by 3.5% in the first quarter. Empowered Funds LLC now owns 58,504 shares of the financial services provider’s stock valued at $1,002,000 after buying an additional 2,004 shares in the last quarter. Jane Street Group LLC bought a new position in Midland States Bancorp in the first quarter valued at about $354,000. Rhumbline Advisers grew its position in Midland States Bancorp by 5.5% in the second quarter. Rhumbline Advisers now owns 32,343 shares of the financial services provider’s stock valued at $560,000 after acquiring an additional 1,687 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in Midland States Bancorp by 18.1% during the second quarter. Hsbc Holdings PLC now owns 33,166 shares of the financial services provider’s stock worth $577,000 after acquiring an additional 5,075 shares in the last quarter. Institutional investors 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.