Midland States Bancorp (NASDAQ:MSBI) Reaches New 52-Week High – Should You Buy?

Midland States Bancorp, Inc. (NASDAQ:MSBI) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $31.74 and last traded at $30.78, with a volume of 12033 shares changing hands. The stock had previously closed at $30.76.

Wall Street Analysts Forecast Growth

MSBI has been the subject of several recent research reports. Weiss Ratings upgraded shares of Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday, May 4th. DA Davidson boosted their price target on shares of Midland States Bancorp from $23.00 to $26.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Wall Street Zen cut shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Piper Sandler increased their price objective on shares of Midland States Bancorp from $28.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Finally, Zacks Research upgraded Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $24.70.

Midland States Bancorp Trading Up 0.2%

The stock has a market cap of $639.13 million, a price-to-earnings ratio of 26.08 and a beta of 0.66. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The business’s 50 day simple moving average is $28.86 and its 200 day simple moving average is $24.85.

Midland States Bancorp (NASDAQ:MSBI) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.19. The company had revenue of $81.10 million during the quarter, compared to the consensus estimate of $75.59 million. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%. On average, research analysts expect that Midland States Bancorp, Inc. will post 3.17 EPS for the current fiscal year.

Midland States Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 15th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Friday, May 15th. Midland States Bancorp’s payout ratio is 108.47%.

Midland States Bancorp declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 6th that allows the company to buyback $45.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Midland States Bancorp

In other Midland States Bancorp news, Director Travis Franklin acquired 9,400 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $26.49 per share, with a total value of $249,006.00. Following the completion of the transaction, the director directly owned 9,400 shares in the company, valued at approximately $249,006. This represents a ? increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 8.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MSBI. Amundi lifted its holdings in Midland States Bancorp by 39.4% during the 1st quarter. Amundi now owns 2,194 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 620 shares during the last quarter. Empowered Funds LLC raised its position in shares of Midland States Bancorp by 3.5% in the first quarter. Empowered Funds LLC now owns 58,504 shares of the financial services provider’s stock valued at $1,002,000 after purchasing an additional 2,004 shares during the period. Jane Street Group LLC bought a new position in shares of Midland States Bancorp in the first quarter valued at about $354,000. Rhumbline Advisers lifted its stake in shares of Midland States Bancorp by 5.5% during the 2nd quarter. Rhumbline Advisers now owns 32,343 shares of the financial services provider’s stock worth $560,000 after buying an additional 1,687 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its stake in shares of Midland States Bancorp by 18.1% during the 2nd quarter. Hsbc Holdings PLC now owns 33,166 shares of the financial services provider’s stock worth $577,000 after buying an additional 5,075 shares during the last quarter. 60.93% of the stock is owned by institutional investors and hedge funds.

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.