Midland States Bancorp (NASDAQ:MSBI) Hits New 1-Year High – Still a Buy?

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) reached a new 52-week high on Monday . The company traded as high as $34.68 and last traded at $34.41, with a volume of 14063 shares trading hands. The stock had previously closed at $33.67.

Wall Street Analyst Weigh In

Several equities research analysts have commented on MSBI shares. Zacks Research raised Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Weiss Ratings restated a “hold (c)” rating on shares of Midland States Bancorp in a report on Friday. Wall Street Zen raised Midland States Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday. DA Davidson upped their price target on shares of 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, Keefe, Bruyette & Woods increased their price objective on shares of Midland States Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Midland States Bancorp currently has an average rating of “Hold” and an average price target of $29.10.

Midland States Bancorp Stock Up 0.9%

The company has a 50 day moving average price of $30.17 and a two-hundred day moving average price of $25.89. 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 stock has a market cap of $705.25 million, a PE ratio of 21.74 and a beta of 0.66.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.78 by $0.04. Midland States Bancorp had a return on equity of 13.32% and a net margin of 9.40%.The company had revenue of $83.74 million during the quarter, compared to the consensus estimate of $80.70 million. Analysts expect that Midland States Bancorp, Inc. will post 3.4 EPS for the current year.

Midland States Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were paid a $0.32 dividend. The ex-dividend date was Friday, May 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.8%. Midland States Bancorp’s payout ratio is currently 82.05%.

Midland States Bancorp declared that its board has authorized a stock repurchase plan on Wednesday, May 6th that authorizes the company to buyback $45.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Travis Franklin acquired 9,400 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $26.49 per share, for a total transaction of $249,006.00. Following the completion of the transaction, the director directly owned 9,400 shares in the company, valued at approximately $249,006. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeffrey G. Ludwig sold 8,383 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $34.00, for a total transaction of $285,022.00. Following the completion of the sale, the chief executive officer owned 400,971 shares in the company, valued at $13,633,014. This represents a 2.05% decrease in their position. The SEC filing for this sale provides additional information. 8.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Midland States Bancorp

A number of hedge funds have recently modified their holdings of the business. CANADA LIFE ASSURANCE Co grew its stake in shares of Midland States Bancorp by 33.1% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 503 shares during the period. Amundi boosted its stake in Midland States Bancorp by 39.4% during the first quarter. Amundi now owns 2,194 shares of the financial services provider’s stock worth $38,000 after buying an additional 620 shares during the period. Commonwealth Equity Services LLC lifted its stake in Midland States Bancorp by 2.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 41,792 shares of the financial services provider’s stock worth $885,000 after purchasing an additional 992 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Midland States Bancorp by 8.1% during the second quarter. First Trust Advisors LP now owns 14,385 shares of the financial services provider’s stock worth $249,000 after purchasing an additional 1,084 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Midland States Bancorp by 12.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,334 shares of the financial services provider’s stock valued at $262,000 after purchasing an additional 1,403 shares during the period. 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.