Midland States Bancorp, Inc. (NASDAQ:MSBI) Receives $23.00 Consensus Price Target from Brokerages

Midland States Bancorp, Inc. (NASDAQ:MSBI) has been given a consensus rating of “Hold” by the six research firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $23.00.

A number of brokerages have commented on MSBI. Weiss Ratings reiterated a “sell (d+)” rating on shares of Midland States Bancorp in a research report on Monday, December 29th. Wall Street Zen raised Midland States Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 23rd. Piper Sandler lifted their target price on shares of Midland States Bancorp from $23.00 to $25.50 and gave the stock a “neutral” rating in a report on Monday, January 26th. Zacks Research upgraded Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 22nd. Finally, DA Davidson lifted their target price on Midland States Bancorp from $23.00 to $24.00 and gave the company a “neutral” rating in a research report on Monday, January 26th.

Insider Buying and Selling

In other Midland States Bancorp news, insider Daniel Edward Casey bought 5,000 shares of Midland States Bancorp stock in a transaction dated Wednesday, December 3rd. The stock was purchased at an average price of $17.89 per share, for a total transaction of $89,450.00. Following the completion of the purchase, the insider directly owned 28,254 shares of the company’s stock, valued at approximately $505,464.06. This trade represents a 21.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jeremy Andrew Jameson purchased 5,598 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The stock was bought at an average cost of $17.69 per share, for a total transaction of $99,028.62. Following the acquisition, the executive vice president directly owned 63,412 shares in the company, valued at approximately $1,121,758.28. The trade was a 9.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 11,098 shares of company stock valued at $197,324. 5.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Midland States Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Amundi lifted its position in Midland States Bancorp by 39.4% during the first quarter. Amundi now owns 2,194 shares of the financial services provider’s stock valued at $38,000 after buying an additional 620 shares during the period. CIBC Private Wealth Group LLC purchased a new position in Midland States Bancorp during the 3rd quarter valued at about $46,000. Daytona Street Capital LLC purchased a new position in Midland States Bancorp during the 4th quarter valued at about $107,000. Quantbot Technologies LP boosted its stake in Midland States Bancorp by 32.0% during the second quarter. Quantbot Technologies LP now owns 7,372 shares of the financial services provider’s stock worth $128,000 after acquiring an additional 1,787 shares in the last quarter. Finally, AlphaQuest LLC grew its holdings in Midland States Bancorp by 23,655.3% in 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. 60.93% of the stock is owned by hedge funds and other institutional investors.

Midland States Bancorp Stock Performance

MSBI opened at $23.64 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.95. The stock’s 50 day simple moving average is $21.83 and its 200-day simple moving average is $18.70. The stock has a market cap of $509.44 million, a PE ratio of 23.41 and a beta of 0.66. Midland States Bancorp has a 1 year low of $14.24 and a 1 year high of $24.57.

Midland States Bancorp (NASDAQ:MSBI) last posted its earnings results on Thursday, January 22nd. The financial services provider reported $0.53 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.17). The company had revenue of $85.79 million for the quarter, compared to the consensus estimate of $74.49 million. Midland States Bancorp had a return on equity of 10.41% and a net margin of 6.62%. Sell-side analysts forecast that Midland States Bancorp will post 2.53 EPS for the current year.

Midland States Bancorp announced that its board has initiated a stock buyback program on Monday, November 3rd that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 7.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Midland States Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, February 13th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Friday, February 13th. Midland States Bancorp’s dividend payout ratio is currently 126.73%.

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.