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

Midland States Bancorp, Inc. (NASDAQ:MSBI) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $29.75 and last traded at $29.45, with a volume of 6380 shares changing hands. The stock had previously closed at $28.89.

Wall Street Analyst Weigh In

A number of research firms have commented on MSBI. Zacks Research upgraded shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. DA Davidson raised their price objective on shares of Midland States Bancorp from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Wall Street Zen cut Midland States Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Piper Sandler upped their target price on Midland States Bancorp from $25.50 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Finally, Weiss Ratings raised Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Midland States Bancorp currently has an average rating of “Hold” and a consensus target price of $23.90.

Midland States Bancorp Price Performance

The stock has a 50-day moving average of $26.28 and a two-hundred day moving average of $23.22. The firm has a market cap of $625.22 million, a price-to-earnings ratio of 25.56 and a beta of 0.67. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

Midland States Bancorp (NASDAQ:MSBI) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.19. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%.The firm had revenue of $81.10 million for the quarter, compared to the consensus estimate of $75.59 million. On average, analysts anticipate that Midland States Bancorp, Inc. will post 3.17 EPS for the current year.

Midland States Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 15th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, May 15th. Midland States Bancorp’s dividend payout ratio is 108.47%.

Midland States Bancorp declared that its board has approved a share repurchase program on Wednesday, May 6th that permits the company to repurchase $45.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Midland States Bancorp news, Director Travis Franklin bought 9,400 shares of Midland States Bancorp stock in a transaction dated Tuesday, May 5th. The stock was bought at an average price of $26.49 per share, for a total transaction of $249,006.00. Following the completion of the acquisition, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 8.57% of the company’s stock.

Hedge Funds Weigh In On Midland States Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the business. Rhino Investment Partners Inc grew its position in 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 in the last quarter. Empowered Funds LLC grew its stake in shares of Midland States Bancorp by 43.3% in the 1st quarter. Empowered Funds LLC now owns 96,686 shares of the financial services provider’s stock valued at $2,157,000 after buying an additional 29,214 shares in the last quarter. Quantinno Capital Management LP increased its holdings in Midland States Bancorp by 26.9% in the first quarter. Quantinno Capital Management LP now owns 54,635 shares of the financial services provider’s stock worth $1,219,000 after buying an additional 11,582 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Midland States Bancorp by 9.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 198,525 shares of the financial services provider’s stock valued at $4,429,000 after acquiring an additional 16,637 shares in the last quarter. Finally, Sei Investments Co. raised its position in Midland States Bancorp by 163.0% during the first quarter. Sei Investments Co. now owns 38,076 shares of the financial services provider’s stock valued at $849,000 after acquiring an additional 23,600 shares in the last quarter. 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.