Midland States Bancorp (NASDAQ:MSBI) Raised to “Buy” at Wall Street Zen

Midland States Bancorp (NASDAQ:MSBI) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other equities research analysts have also commented on MSBI. Keefe, Bruyette & Woods increased their price target on Midland States Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. DA Davidson lifted their price objective on Midland States Bancorp from $30.00 to $33.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Piper Sandler boosted their price objective on Midland States Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 28th. Zacks Research upgraded Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Finally, Weiss Ratings upgraded Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $29.10.

Midland States Bancorp Price Performance

Shares of Midland States Bancorp stock opened at $33.67 on Friday. The stock has a market capitalization of $698.65 million, a price-to-earnings ratio of 21.58 and a beta of 0.66. The firm’s 50-day moving average price is $30.17 and its two-hundred day moving average price is $25.89. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.73. Midland States Bancorp has a 1-year low of $14.24 and a 1-year high of $34.35.

Midland States Bancorp (NASDAQ:MSBI) last posted its earnings results on Thursday, July 23rd. 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 company had revenue of $83.74 million during the quarter, compared to analysts’ expectations of $80.70 million. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. On average, equities analysts predict that Midland States Bancorp will post 3.4 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Midland States Bancorp

In other news, Director Travis Franklin acquired 9,400 shares of Midland States Bancorp stock in a transaction on Tuesday, May 5th. The shares were purchased at an average price of $26.49 per share, with a total value of $249,006.00. Following the acquisition, the director owned 9,400 shares in the company, valued at $249,006. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeffrey G. Ludwig sold 8,383 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer owned 400,971 shares in the company, valued at $13,633,014. The trade was a 2.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 8.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Midland States Bancorp

Hedge funds have recently added to or reduced their stakes in the company. Amundi increased its position in Midland States Bancorp by 39.4% in the first quarter. Amundi now owns 2,194 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 620 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in Midland States Bancorp by 33.1% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 503 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in Midland States Bancorp during the 3rd quarter worth $46,000. Quadrant Capital Group LLC raised its position in shares of Midland States Bancorp by 302.7% during 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 stake in shares of Midland States Bancorp during the 4th quarter valued at $107,000. 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.