Midland States Bancorp (NASDAQ:MSBI) Price Target Raised to $24.00

Midland States Bancorp (NASDAQ:MSBI) had its price objective upped by DA Davidson from $23.00 to $24.00 in a research note released on Monday morning, Marketbeat.com reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

A number of other analysts also recently issued reports on the company. UBS Group set a $25.50 price objective on Midland States Bancorp in a research report on Monday. Zacks Research upgraded shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods boosted their price target on shares of Midland States Bancorp from $17.00 to $19.00 and gave the company a “market perform” rating in a research note on Monday, December 8th. Wall Street Zen raised shares of Midland States Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 23rd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Midland States Bancorp in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $23.00.

Midland States Bancorp Stock Down 0.7%

MSBI stock opened at $22.86 on Monday. Midland States Bancorp has a one year low of $14.24 and a one year high of $24.57. The firm has a market cap of $492.63 million, a PE ratio of 22.63 and a beta of 0.66. The firm’s 50 day moving average price is $20.63 and its 200-day moving average price is $18.42. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.84 and a current ratio of 0.85.

Midland States Bancorp (NASDAQ:MSBI) last posted its earnings results on Thursday, January 22nd. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.17). Midland States Bancorp had a return on equity of 10.41% and a net margin of 6.62%.The business had revenue of $85.79 million for the quarter, compared to analyst estimates of $74.49 million. On average, equities research analysts anticipate that Midland States Bancorp will post 2.53 EPS for the current year.

Midland States Bancorp declared that its board has approved a stock buyback program on Monday, November 3rd that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 7.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Midland States Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 14th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend was Friday, November 14th. Midland States Bancorp’s dividend payout ratio (DPR) is currently 126.73%.

Insider Activity

In related news, insider Daniel Edward Casey bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was purchased at an average cost of $17.89 per share, for a total transaction of $89,450.00. Following the completion of the acquisition, the insider owned 28,254 shares in the company, valued at approximately $505,464.06. This trade represents a 21.50% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Kyle Owen Mooney sold 2,808 shares of the company’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $22.67, for a total value of $63,657.36. Following the sale, the chief operating officer owned 14,207 shares in the company, valued at approximately $322,072.69. This trade represents a 16.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have purchased 11,098 shares of company stock worth $197,324. Corporate insiders own 5.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in Midland States Bancorp by 5.2% during the 2nd quarter. Geode Capital Management LLC now owns 605,625 shares of the financial services provider’s stock worth $10,491,000 after acquiring an additional 29,829 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Midland States Bancorp by 6.0% during the second quarter. American Century Companies Inc. now owns 543,869 shares of the financial services provider’s stock worth $9,420,000 after purchasing an additional 30,733 shares in the last quarter. AQR Capital Management LLC increased its holdings in Midland States Bancorp by 38.1% in the second quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider’s stock valued at $9,370,000 after buying an additional 149,175 shares during the last quarter. Prudential Financial Inc. increased its holdings in Midland States Bancorp by 10.4% in the second quarter. Prudential Financial Inc. now owns 230,720 shares of the financial services provider’s stock valued at $3,996,000 after buying an additional 21,711 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in Midland States Bancorp by 9.0% in the third quarter. Bank of America Corp DE now owns 211,795 shares of the financial services provider’s stock valued at $3,630,000 after buying an additional 17,442 shares in the last quarter. Hedge funds and other institutional investors own 60.93% of the company’s stock.

About Midland States Bancorp

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.