Zacks Research Upgrades Midland States Bancorp (NASDAQ:MSBI) to Hold

Midland States Bancorp (NASDAQ:MSBI) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities analysts have also commented on the company. Piper Sandler boosted their price target on Midland States Bancorp from $18.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 2nd. Stephens raised shares of Midland States Bancorp to a “hold” rating in a research report on Thursday, September 11th. Weiss Ratings restated a “sell (d+)” rating on shares of Midland States Bancorp in a research note on Monday. Wall Street Zen downgraded shares of Midland States Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, December 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Midland States Bancorp from $17.00 to $19.00 and gave the stock a “market perform” rating in a report on Monday, December 8th. Five equities 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, the company presently has a consensus rating of “Reduce” and a consensus price target of $20.00.

Midland States Bancorp Stock Up 0.4%

Shares of NASDAQ MSBI opened at $21.48 on Monday. The stock has a fifty day moving average price of $17.50 and a 200 day moving average price of $17.60. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.95. Midland States Bancorp has a 12-month low of $14.24 and a 12-month high of $25.76. The company has a market cap of $462.89 million, a P/E ratio of -16.91 and a beta of 0.69.

Midland States Bancorp (NASDAQ:MSBI) last issued its quarterly earnings data on Wednesday, March 23rd. The financial services provider reported $0.54 EPS for the quarter. Midland States Bancorp had a negative return on equity of 3.63% and a negative net margin of 3.80%.The company had revenue of $70.61 million for the quarter. Research analysts anticipate that Midland States Bancorp will post 2.53 EPS for the current fiscal year.

Midland States Bancorp declared that its board has approved a share buyback plan on Monday, November 3rd that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, insider Daniel Edward Casey bought 5,000 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The shares were acquired at an average price of $17.89 per share, for a total transaction of $89,450.00. Following the purchase, the insider owned 28,254 shares in the company, valued at $505,464.06. This trade represents a 21.50% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jeremy Andrew Jameson purchased 5,598 shares of Midland States Bancorp stock in a transaction dated Wednesday, December 3rd. The shares were bought at an average cost of $17.69 per share, for a total transaction of $99,028.62. Following the transaction, the executive vice president directly owned 63,412 shares of the company’s stock, valued at approximately $1,121,758.28. The trade was a 9.68% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 11,098 shares of company stock valued at $197,324 in the last three months. Insiders own 5.27% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Amundi raised its position 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 valued at $38,000 after acquiring an additional 620 shares in the last quarter. CIBC Private Wealth Group LLC bought a new stake in Midland States Bancorp during the third quarter valued at $46,000. Quantbot Technologies LP raised its holdings in shares of Midland States Bancorp by 162.5% during the first quarter. Quantbot Technologies LP now owns 5,585 shares of the financial services provider’s stock worth $96,000 after purchasing an additional 3,457 shares during the period. AlphaQuest LLC raised its holdings in shares of Midland States Bancorp by 23,655.3% during the second quarter. AlphaQuest LLC now owns 9,027 shares of the financial services provider’s stock worth $156,000 after purchasing an additional 8,989 shares during the period. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of Midland States Bancorp in the 3rd quarter worth about $184,000. Institutional investors and hedge funds 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.