Midland States Bancorp (NASDAQ:MSBI) Shares Gap Up After Earnings Beat

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $22.97, but opened at $25.00. Midland States Bancorp shares last traded at $23.91, with a volume of 8,347 shares.

The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Midland States Bancorp had a return on equity of 9.24% and a net margin of 12.10%. The business had revenue of $124.17 million for the quarter, compared to analyst estimates of $72.90 million. During the same period in the previous year, the firm earned $0.78 EPS.

Midland States Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 16th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 5.11%. The ex-dividend date was Friday, August 16th. Midland States Bancorp’s payout ratio is presently 54.39%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Piper Sandler upped their price target on shares of Midland States Bancorp from $24.50 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods reduced their price objective on Midland States Bancorp from $26.00 to $24.00 and set a “market perform” rating for the company in a report on Monday, July 29th.

Institutional Investors Weigh In On Midland States Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. American Century Companies Inc. increased its position in Midland States Bancorp by 16.0% during the second quarter. American Century Companies Inc. now owns 402,092 shares of the financial services provider’s stock worth $9,107,000 after acquiring an additional 55,555 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Midland States Bancorp by 6.7% during the second quarter. Bank of New York Mellon Corp now owns 165,615 shares of the financial services provider’s stock worth $3,751,000 after purchasing an additional 10,354 shares during the period. Wellington Management Group LLP raised its position in shares of Midland States Bancorp by 5.7% in the fourth quarter. Wellington Management Group LLP now owns 132,424 shares of the financial services provider’s stock valued at $3,650,000 after buying an additional 7,103 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Midland States Bancorp by 7.4% in the first quarter. Russell Investments Group Ltd. now owns 92,589 shares of the financial services provider’s stock valued at $2,327,000 after buying an additional 6,371 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in shares of Midland States Bancorp by 69.6% in the second quarter. Acadian Asset Management LLC now owns 74,722 shares of the financial services provider’s stock valued at $1,691,000 after buying an additional 30,677 shares during the period. Institutional investors and hedge funds own 60.93% of the company’s stock.

Midland States Bancorp Stock Up 5.7 %

The stock has a 50-day moving average of $22.42 and a 200-day moving average of $22.76. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $519.14 million, a price-to-earnings ratio of 10.83 and a beta of 0.75.

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, Wealth Management, and Other segments. The company provides a range of financial products and services to consumers and businesses, including commercial loans to finance agricultural equipment and production; and commercial real estate loans for owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, and assisted living facilities.