Midland States Bancorp (NASDAQ:MSBI) Issues Earnings Results

Midland States Bancorp (NASDAQ:MSBI) announced its earnings results on Thursday. The financial services provider reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.06, FiscalAI reports. The company had revenue of $86.14 million during the quarter, compared to the consensus estimate of $83.77 million. Midland States Bancorp had a return on equity of 13.32% and a net margin of 9.40%.

Midland States Bancorp Stock Performance

MSBI traded up $0.37 during trading hours on Thursday, hitting $32.96. 131,349 shares of the stock were exchanged, compared to its average volume of 161,871. The stock has a market cap of $683.92 million, a price-to-earnings ratio of 21.13 and a beta of 0.66. The stock has a 50-day simple moving average of $32.90 and a 200-day simple moving average of $30.21. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.78 and a quick ratio of 0.78. Midland States Bancorp has a 12 month low of $14.24 and a 12 month high of $35.10.

Midland States Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 14th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.32 annualized dividend and a dividend yield of 4.0%. This is an increase from Midland States Bancorp’s previous quarterly dividend of $0.32. Midland States Bancorp’s dividend payout ratio is currently 84.62%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MSBI. Piper Sandler lifted their target price on Midland States Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. DA Davidson increased their price target on Midland States Bancorp from $30.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Weiss Ratings upgraded Midland States Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, October 12th. Keefe, Bruyette & Woods raised their price objective on Midland States Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Finally, Zacks Research downgraded Midland States Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, September 25th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Midland States Bancorp has a consensus rating of “Hold” and an average target price of $31.12.

Insider Buying and Selling at Midland States Bancorp

In other Midland States Bancorp news, COO Kyle Mooney sold 2,400 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $33.33, for a total value of $79,992.00. Following the transaction, the chief operating officer owned 13,610 shares of the company’s stock, valued at $453,621.30. This trade represents a 14.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeffrey G. Ludwig sold 8,383 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $34.00, for a total value of $285,022.00. Following the transaction, the chief executive officer directly owned 400,971 shares of the company’s stock, valued at $13,633,014. This trade represents a 2.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 12,470 shares of company stock valued at $421,374. 8.57% of the stock is owned by insiders.

About Midland States Bancorp

Midland States Bancorp, Inc is a financial holding company headquartered in Effingham, Illinois. Through its principal subsidiary, Midland States Bank, the company provides banking, wealth management and specialty finance services to individuals, families and businesses.

Its banking operations offer deposit accounts, commercial and residential real estate loans, consumer lending, commercial and industrial financing, treasury management and other cash-management services. The company also provides wealth management, trust and investment services, as well as equipment financing and leasing solutions for business customers.

Founded in 1881, Midland States Bank serves communities primarily in Illinois, Wisconsin and Ohio through a network of banking offices and other channels.