Midland States Bancorp, Inc. Announces Quarterly Dividend of $0.31 (NASDAQ:MSBI)

Midland States Bancorp, Inc. (NASDAQ:MSBI) declared a quarterly dividend on Tuesday, May 7th, Zacks reports. Shareholders of record on Friday, May 17th will be paid a dividend of 0.31 per share by the financial services provider on Friday, May 24th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.21%. The ex-dividend date is Thursday, May 16th.

Midland States Bancorp has raised its dividend payment by an average of 3.9% annually over the last three years and has raised its dividend annually for the last 8 consecutive years. Midland States Bancorp has a payout ratio of 40.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Midland States Bancorp to earn $3.03 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 40.9%.

Midland States Bancorp Price Performance

Shares of NASDAQ MSBI traded up $0.23 during midday trading on Thursday, reaching $23.82. The company’s stock had a trading volume of 10,636 shares, compared to its average volume of 60,253. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $520.47 million, a P/E ratio of 8.07 and a beta of 0.79. The business’s 50 day moving average price is $23.91 and its two-hundred day moving average price is $24.52. Midland States Bancorp has a fifty-two week low of $18.54 and a fifty-two week high of $28.47.

Midland States Bancorp (NASDAQ:MSBI) last announced its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.18). Midland States Bancorp had a net margin of 15.17% and a return on equity of 11.56%. The company had revenue of $122.86 million during the quarter, compared to analyst estimates of $75.05 million. During the same period in the prior year, the firm earned $0.88 earnings per share. On average, analysts forecast that Midland States Bancorp will post 2.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Midland States Bancorp from $28.00 to $26.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 30th. Stephens cut their target price on shares of Midland States Bancorp from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 30th. Finally, Piper Sandler dropped their price target on shares of Midland States Bancorp from $26.00 to $24.50 and set a “neutral” rating for the company in a research note on Tuesday, April 30th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $25.63.

Insider Transactions at Midland States Bancorp

In other news, SVP Douglas J. Tucker sold 3,577 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $24.00, for a total transaction of $85,848.00. Following the transaction, the senior vice president now owns 32,871 shares of the company’s stock, valued at approximately $788,904. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.60% of the company’s stock.

Midland States Bancorp Company Profile

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Wealth Management, and Other segments. The company provides a range of financial products and services to consumers and businesses, including commercial loans to finance agricultural equipment and production; and commercial real estate loans for owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, and assisted living facilities.