Midland States Bancorp (NASDAQ:MSBI) Announces Earnings Results, Beats Expectations By $0.06 EPS

Midland States Bancorp (NASDAQ:MSBI) released its earnings results on Thursday. The financial services provider reported $0.95 EPS for the quarter, topping the consensus estimate of $0.89 by $0.06, FiscalAI reports. The firm had revenue of $86.14 million during the quarter, compared to analysts’ expectations of $83.77 million. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%.

Midland States Bancorp Stock Performance

Midland States Bancorp stock traded up $0.09 during mid-day trading on Friday, reaching $33.05. The company’s stock had a trading volume of 11,583 shares, compared to its average volume of 161,093. Midland States Bancorp has a twelve month low of $14.24 and a twelve month high of $35.10. The business has a 50 day moving average price of $32.88 and a 200-day moving average price of $30.28. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.73. The firm has a market cap of $685.73 million, a price-to-earnings ratio of 21.20 and a beta of 0.66.

Midland States Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were issued a $0.33 dividend. This is a boost from Midland States Bancorp’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Friday, August 14th. Midland States Bancorp’s dividend payout ratio is presently 84.62%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MSBI shares. DA Davidson increased their price target 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. Wall Street Zen downgraded Midland States Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Weiss Ratings raised Midland States Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, October 12th. 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 research note on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods increased their target price on 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. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $31.12.

Insider Buying and Selling

In related news, CEO Jeffrey G. Ludwig sold 8,383 shares of the stock in a transaction dated 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. This trade represents a 2.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Kyle Mooney sold 2,400 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $33.33, for a total value of $79,992.00. Following the transaction, the chief operating officer owned 13,610 shares of the company’s stock, valued at approximately $453,621.30. This represents a 14.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 12,470 shares of company stock valued at $421,374. 8.57% of the stock is currently owned by insiders.

Midland States Bancorp Company Profile

Midland States Bancorp, Inc is a financial holding company headquartered in Effingham, Illinois. Through its principal subsidiary, Midland States Bank, the company provides banking, wealth management and specialty finance services to individuals, families and businesses.

Its banking operations offer deposit accounts, commercial and residential real estate loans, consumer lending, commercial and industrial financing, treasury management and other cash-management services. The company also provides wealth management, trust and investment services, as well as equipment financing and leasing solutions for business customers.

Founded in 1881, Midland States Bank serves communities primarily in Illinois, Wisconsin and Ohio through a network of banking offices and other channels.