Wall Street Zen Upgrades Midland States Bancorp (NASDAQ:MSBI) to “Buy”

Midland States Bancorp (NASDAQ:MSBI) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

A number of other brokerages have also commented on MSBI. Weiss Ratings raised Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday, May 4th. DA Davidson raised their price target on Midland States Bancorp from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Piper Sandler lifted their target price on Midland States Bancorp from $25.50 to $28.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Zacks Research raised Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Finally, UBS Group set a $25.50 target price on Midland States Bancorp in a report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $23.90.

Midland States Bancorp Price Performance

Shares of MSBI opened at $26.55 on Friday. The firm has a market capitalization of $550.38 million, a price-to-earnings ratio of 22.50 and a beta of 0.66. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. Midland States Bancorp has a one year low of $14.24 and a one year high of $28.53. The stock’s fifty day moving average is $23.60 and its 200-day moving average is $21.55.

Midland States Bancorp (NASDAQ:MSBI) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.19. The company had revenue of $81.10 million for the quarter, compared to analyst estimates of $75.59 million. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%. Equities analysts anticipate that Midland States Bancorp will post 3.17 EPS for the current year.

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

Insiders Place Their Bets

In related news, Director Travis Franklin purchased 9,400 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased 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 position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Midland States Bancorp

A number of institutional investors have recently bought and sold shares of the business. State Street Corp boosted its position in Midland States Bancorp by 10.1% during the 4th quarter. State Street Corp now owns 682,862 shares of the financial services provider’s stock worth $14,456,000 after acquiring an additional 62,874 shares during the period. AQR Capital Management LLC boosted its position 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 period. Patriot Financial Partners GP II L.P. acquired a new stake in Midland States Bancorp during the 1st quarter worth about $9,783,000. Jacobs Levy Equity Management Inc. boosted its position 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 period. Finally, Bank of America Corp DE boosted its position in Midland States Bancorp by 9.0% during the 3rd quarter. Bank of America Corp DE now owns 211,795 shares of the financial services provider’s stock worth $3,630,000 after acquiring an additional 17,442 shares during the period. 60.93% of the stock is currently owned by institutional investors and hedge funds.

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.