Midland States Bancorp (NASDAQ:MSBI) Hits New 12-Month High – Here’s Why

Midland States Bancorp, Inc. (NASDAQ:MSBI)’s share price 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 traded. The stock had previously closed at $28.89.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. 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 report on Monday, April 27th. Wall Street Zen cut shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Piper Sandler raised their price objective on shares of Midland States Bancorp from $25.50 to $28.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Finally, Weiss Ratings upgraded shares of Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $23.90.

Midland States Bancorp Stock Down 0.7%

The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $606.70 million, a price-to-earnings ratio of 24.83 and a beta of 0.67. The firm’s 50-day simple moving average is $25.99 and its two-hundred day simple moving average is $23.08.

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 for the quarter, beating the consensus estimate of $0.60 by $0.19. The firm had revenue of $81.10 million during the quarter, compared to analysts’ expectations of $75.59 million. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%. On average, sell-side analysts expect that Midland States Bancorp, Inc. will post 3.17 EPS for the current fiscal year.

Midland States Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Friday, May 15th. Midland States Bancorp’s dividend payout ratio (DPR) is 108.47%.

Midland States Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 6th that allows the company to repurchase $45.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

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 shares were bought at an average price of $26.49 per share, with a total value of $249,006.00. Following the purchase, the director owned 9,400 shares of the company’s stock, valued at $249,006. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 8.57% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. State Street Corp boosted its stake in shares of Midland States Bancorp by 10.1% in the 4th quarter. State Street Corp now owns 682,862 shares of the financial services provider’s stock valued at $14,456,000 after purchasing an additional 62,874 shares during the last quarter. AQR Capital Management LLC boosted its stake in Midland States Bancorp by 38.1% during the 2nd quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider’s stock worth $9,370,000 after acquiring an additional 149,175 shares during the last quarter. Patriot Financial Partners GP II L.P. bought a new position in Midland States Bancorp during the 1st quarter worth approximately $9,783,000. Rhino Investment Partners Inc boosted its stake in Midland States Bancorp by 22.5% during the 1st quarter. Rhino Investment Partners Inc now owns 320,288 shares of the financial services provider’s stock worth $7,146,000 after acquiring an additional 58,754 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in Midland States Bancorp by 97.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 238,364 shares of the financial services provider’s stock worth $5,046,000 after acquiring an additional 117,422 shares during the last quarter. 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.