Midland States Bancorp (NASDAQ:MSBI) Hits New 1-Year High on Better-Than-Expected Earnings

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) hit a new 52-week high on Friday following a stronger than expected earnings report. The stock traded as high as $31.98 and last traded at $31.4360, with a volume of 27779 shares changing hands. The stock had previously closed at $30.97.

The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. The firm had revenue of $83.74 million during the quarter, compared to the consensus estimate of $80.70 million. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%.

Midland States Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 15th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, May 15th. Midland States Bancorp’s payout ratio is currently 108.47%.

Midland States Bancorp announced that its board has initiated a stock buyback plan on Wednesday, May 6th that authorizes the company to buyback $45.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, Director Travis Franklin acquired 9,400 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was acquired at an average cost of $26.49 per share, with a total value of $249,006.00. Following the acquisition, the director directly owned 9,400 shares in the company, valued at $249,006. This represents a ? increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 8.57% of the stock is owned by insiders.

Hedge Funds Weigh In On Midland States Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of MSBI. CANADA LIFE ASSURANCE Co raised its holdings in shares of Midland States Bancorp by 33.1% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 503 shares in the last quarter. Amundi increased its holdings in shares of Midland States Bancorp by 39.4% in the 1st quarter. Amundi now owns 2,194 shares of the financial services provider’s stock worth $38,000 after buying an additional 620 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of Midland States Bancorp during the 3rd quarter valued at about $46,000. Quadrant Capital Group LLC lifted its holdings in shares of Midland States Bancorp by 302.7% in the 4th quarter. Quadrant Capital Group LLC now owns 4,599 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 3,457 shares during the last quarter. Finally, Daytona Street Capital LLC bought a new position in shares of Midland States Bancorp in the 4th quarter valued at about $107,000. Institutional investors own 60.93% of the company’s stock.

Midland States Bancorp Trading Up 1.9%

The company has a 50-day moving average of $29.43 and a 200 day moving average of $25.40. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $654.11 million, a PE ratio of 26.76 and a beta of 0.66.

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.