Zacks Investment Research Upgrades Midland States Bancorp (NASDAQ:MSBI) to Hold

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Zacks Investment Research upgraded shares of Midland States Bancorp (NASDAQ:MSBI) from a sell rating to a hold rating in a research report released on Friday morning, Zacks.com reports.

According to Zacks, “Midland States Bancorp, Inc. is a financial and bank holding company. It provides commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning services. The company also offers commercial equipment leasing services which provided through Heartland Business Credit and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiaries. Midland States Bancorp, Inc. is headquartered in Effingham, Illinois. “

Several other research analysts have also recently commented on the stock. ValuEngine upgraded shares of Midland States Bancorp from a strong sell rating to a sell rating in a report on Thursday, April 18th. TheStreet upgraded shares of Midland States Bancorp from a c+ rating to a b rating in a report on Friday, May 24th. Finally, BidaskClub upgraded shares of Midland States Bancorp from a sell rating to a hold rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $27.00.

NASDAQ:MSBI opened at $25.64 on Friday. Midland States Bancorp has a twelve month low of $19.56 and a twelve month high of $35.28. The firm’s 50-day simple moving average is $26.17. The company has a market cap of $634.18 million, a price-to-earnings ratio of 10.21, a price-to-earnings-growth ratio of 1.46 and a beta of 1.35. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.04 and a current ratio of 1.05.

Midland States Bancorp (NASDAQ:MSBI) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.66 EPS for the quarter, topping the consensus estimate of $0.64 by $0.02. Midland States Bancorp had a net margin of 17.52% and a return on equity of 10.14%. The company had revenue of $65.66 million during the quarter, compared to analysts’ expectations of $64.90 million. As a group, equities analysts forecast that Midland States Bancorp will post 2.55 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, August 16th will be issued a $0.243 dividend. This represents a $0.97 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend is Thursday, August 15th. Midland States Bancorp’s payout ratio is 47.55%.

In other Midland States Bancorp news, Director Leon J. Holschbach sold 9,500 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $25.20, for a total value of $239,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jeffrey A. Brunoehler sold 22,178 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $27.00, for a total transaction of $598,806.00. Following the completion of the transaction, the senior vice president now owns 57,861 shares of the company’s stock, valued at $1,562,247. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,178 shares of company stock valued at $1,436,636. Corporate insiders own 12.70% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC purchased a new stake in shares of Midland States Bancorp in the second quarter worth approximately $54,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Midland States Bancorp by 23.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,050 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 392 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Midland States Bancorp by 687.3% in the second quarter. Bank of Montreal Can now owns 2,102 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 1,835 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Midland States Bancorp by 73,150.0% in the first quarter. BNP Paribas Arbitrage SA now owns 4,395 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 4,389 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its position in shares of Midland States Bancorp by 356.6% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 7,086 shares of the financial services provider’s stock worth $158,000 after purchasing an additional 5,534 shares in the last quarter. 48.19% of the stock is owned by institutional investors and hedge funds.

About Midland States Bancorp

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Commercial FHA Origination and Servicing, Wealth Management, and Other segments.

Further Reading: Buyback

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