Midland States Bancorp (NASDAQ:MSBI) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Midland States Bancorp (NASDAQ:MSBI) from a hold rating to a buy rating in a report released on Thursday morning.

A number of other research analysts have also recently issued reports on MSBI. Piper Sandler lifted their price objective on shares of Midland States Bancorp from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods decreased their price target on Midland States Bancorp from $26.00 to $24.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th.

Midland States Bancorp Stock Performance

MSBI opened at $26.71 on Thursday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.91 and a current ratio of 0.91. Midland States Bancorp has a 52-week low of $20.54 and a 52-week high of $28.47. The firm has a market cap of $571.62 million, a P/E ratio of 11.56 and a beta of 0.74. The business’s fifty day moving average is $23.53 and its 200-day moving average is $23.02.

Midland States Bancorp (NASDAQ:MSBI) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Midland States Bancorp had a net margin of 12.13% and a return on equity of 8.90%. The firm had revenue of $124.17 million for the quarter, compared to the consensus estimate of $72.90 million. During the same period in the prior year, the company posted $0.78 earnings per share. Sell-side analysts expect that Midland States Bancorp will post 2.16 EPS for the current fiscal year.

Midland States Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Monday, November 18th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 4.64%. The ex-dividend date of this dividend is Monday, November 18th. Midland States Bancorp’s payout ratio is 53.68%.

Insider Buying and Selling at Midland States Bancorp

In other news, CEO Jeffrey G. Ludwig sold 12,753 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $24.52, for a total value of $312,703.56. Following the completion of the transaction, the chief executive officer now directly owns 343,935 shares in the company, valued at approximately $8,433,286.20. This represents a 3.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Midland States Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new stake in shares of Midland States Bancorp during the first quarter valued at about $1,106,000. Janney Montgomery Scott LLC bought a new position in Midland States Bancorp in the 1st quarter valued at approximately $581,000. American Century Companies Inc. boosted its position in Midland States Bancorp by 16.0% during the 2nd quarter. American Century Companies Inc. now owns 402,092 shares of the financial services provider’s stock worth $9,107,000 after buying an additional 55,555 shares during the period. BNP Paribas Financial Markets grew its holdings in Midland States Bancorp by 60.1% during the 1st quarter. BNP Paribas Financial Markets now owns 20,702 shares of the financial services provider’s stock worth $520,000 after acquiring an additional 7,770 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in Midland States Bancorp in the 2nd quarter valued at approximately $1,350,000. Institutional investors own 60.93% of the company’s stock.

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.