Midland States Bancorp (NASDAQ:MSBI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Midland States Bancorp (NASDAQ:MSBI) from a hold rating to a buy rating in a report released on Saturday morning.

MSBI has been the subject of a number of other reports. 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. Keefe, Bruyette & Woods lifted their target price on shares of Midland States Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Weiss Ratings upgraded Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. DA Davidson boosted their target price on Midland States Bancorp from $30.00 to $33.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Piper Sandler upped their target price on Midland States Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Midland States Bancorp presently has an average rating of “Hold” and an average target price of $29.10.

Midland States Bancorp Trading Up 1.7%

MSBI opened at $34.24 on Friday. Midland States Bancorp has a fifty-two week low of $14.24 and a fifty-two week high of $34.68. The firm has a market capitalization of $710.48 million, a PE ratio of 21.95 and a beta of 0.66. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.78 and a quick ratio of 0.78. The company’s 50-day moving average is $30.31 and its 200 day moving average is $25.98.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. The business had revenue of $83.74 million during the quarter, compared to the consensus estimate of $80.70 million. Midland States Bancorp had a return on equity of 13.32% and a net margin of 9.40%. As a group, research analysts predict that Midland States Bancorp will post 3.4 earnings per share for the current fiscal year.

Midland States Bancorp announced that its Board of Directors has initiated a stock buyback 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 purchase up to 8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Midland States Bancorp

In other news, CEO Jeffrey G. Ludwig sold 8,383 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $34.00, for a total value of $285,022.00. Following the sale, the chief executive officer owned 400,971 shares of the company’s stock, valued at $13,633,014. The trade was a 2.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 8.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Patriot Financial Partners GP II L.P. purchased a new position in shares of Midland States Bancorp in the first quarter worth about $9,783,000. Principal Financial Group Inc. purchased a new stake in Midland States Bancorp during the 1st quarter valued at about $912,000. Rhino Investment Partners Inc boosted its holdings in Midland States Bancorp by 22.5% during the 1st quarter. Rhino Investment Partners Inc now owns 320,288 shares of the financial services provider’s stock valued at $7,146,000 after acquiring an additional 58,754 shares during the period. Empowered Funds LLC grew its position in Midland States Bancorp by 43.3% during the 1st quarter. Empowered Funds LLC now owns 96,686 shares of the financial services provider’s stock worth $2,157,000 after acquiring an additional 29,214 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Midland States Bancorp by 9.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 198,525 shares of the financial services provider’s stock worth $4,429,000 after purchasing an additional 16,637 shares during the period. 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.