Midland States Bancorp (NASDAQ:MSBI) Reaches New 12-Month High – Still a Buy?

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $28.80 and last traded at $28.5630, with a volume of 49666 shares trading hands. The stock had previously closed at $28.52.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Weiss Ratings raised Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. DA Davidson boosted 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. Wall Street Zen downgraded Midland States Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Zacks Research upgraded Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Finally, Piper Sandler boosted their price target on Midland States Bancorp from $25.50 to $28.00 and gave the company a “neutral” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $23.90.

Midland States Bancorp Trading Up 0.4%

The firm has a market capitalization of $593.81 million, a price-to-earnings ratio of 24.28 and a beta of 0.67. 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 business has a fifty day moving average price of $25.43 and a 200 day moving average price of $22.69.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.19. The business had revenue of $81.10 million during the quarter, compared to the consensus estimate of $75.59 million. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%. As a group, equities analysts forecast that Midland States Bancorp, Inc. will post 3.17 earnings per share for the current year.

Midland States Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Friday, May 15th. Midland States Bancorp’s dividend payout ratio is presently 108.47%.

Midland States Bancorp announced that its board has approved a share repurchase program on Wednesday, May 6th that permits the company to buyback $45.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Midland States Bancorp

In other Midland States Bancorp news, Director Travis Franklin purchased 9,400 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average cost of $26.49 per share, with a total value of $249,006.00. Following the transaction, the director 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 legal filing with the SEC, which can be accessed through this link. 8.57% of the stock is currently owned by insiders.

Institutional Trading of Midland States Bancorp

Institutional investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC purchased a new stake in Midland States Bancorp during the 3rd quarter worth $46,000. CANADA LIFE ASSURANCE Co boosted its position in 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 worth $43,000 after purchasing an additional 503 shares during the period. Amundi boosted its position in Midland States Bancorp by 39.4% during the 1st quarter. Amundi now owns 2,194 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 620 shares during the period. Quantinno Capital Management LP boosted its position in Midland States Bancorp by 26.9% during the 1st quarter. Quantinno Capital Management LP now owns 54,635 shares of the financial services provider’s stock worth $1,219,000 after purchasing an additional 11,582 shares during the period. Finally, Sei Investments Co. boosted its position in Midland States Bancorp by 163.0% during the 1st quarter. Sei Investments Co. now owns 38,076 shares of the financial services provider’s stock worth $849,000 after purchasing an additional 23,600 shares during the period. 60.93% of the stock is owned by hedge funds and other institutional investors.

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.