Midland States Bancorp (NASDAQ:MSBI) Stock Rating Lowered by Wall Street Zen

Midland States Bancorp (NASDAQ:MSBI) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Other research analysts also recently issued reports about the stock. Zacks Research downgraded shares of Midland States Bancorp from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Midland States Bancorp in a research note on Monday, November 24th. Piper Sandler lifted their target price on Midland States Bancorp from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Tuesday. Keefe, Bruyette & Woods cut their price target on Midland States Bancorp from $20.00 to $17.00 and set a “market perform” rating for the company in a report on Monday, November 3rd. Finally, Stephens raised Midland States Bancorp to a “hold” rating in a research note on Thursday, September 11th. Four equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $19.50.

Midland States Bancorp Stock Down 1.6%

MSBI stock opened at $19.68 on Friday. The company has a market cap of $424.10 million, a price-to-earnings ratio of -15.50 and a beta of 0.69. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.84 and a current ratio of 0.85. The business’s 50-day moving average is $16.41 and its two-hundred day moving average is $17.23. Midland States Bancorp has a fifty-two week low of $14.24 and a fifty-two week high of $27.21.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings results on Wednesday, March 23rd. The financial services provider reported $0.54 EPS for the quarter. Midland States Bancorp had a negative net margin of 3.80% and a negative return on equity of 3.63%. The firm had revenue of $70.61 million during the quarter. As a group, analysts forecast that Midland States Bancorp will post 2.53 earnings per share for the current year.

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

Insider Buying and Selling

In related news, EVP Jeremy Andrew Jameson acquired 5,598 shares of the business’s stock in a transaction on Wednesday, December 3rd. The stock was acquired at an average cost of $17.69 per share, with a total value of $99,028.62. Following the acquisition, the executive vice president directly owned 63,412 shares in the company, valued at $1,121,758.28. This represents a 9.68% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Daniel Edward Casey bought 5,000 shares of the stock in a transaction dated Wednesday, December 3rd. The stock was bought at an average cost of $17.89 per share, for a total transaction of $89,450.00. Following the acquisition, the insider directly owned 28,254 shares of the company’s stock, valued at approximately $505,464.06. This represents a 21.50% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 11,098 shares of company stock valued at $197,324. Insiders own 5.27% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC increased its holdings in shares of Midland States Bancorp by 100.7% in the first quarter. AQR Capital Management LLC now owns 391,822 shares of the financial services provider’s stock worth $6,708,000 after purchasing an additional 196,555 shares during the last quarter. Nuveen LLC bought a new position in Midland States Bancorp during the first quarter valued at approximately $2,886,000. Algert Global LLC purchased a new position in Midland States Bancorp during the 3rd quarter valued at approximately $1,297,000. Los Angeles Capital Management LLC bought a new stake in Midland States Bancorp in the 2nd quarter worth approximately $1,006,000. Finally, Numerai GP LLC bought a new stake in Midland States Bancorp in the 3rd quarter worth approximately $814,000. Institutional investors own 60.93% of the company’s stock.

About Midland States Bancorp

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Wealth Management, and Other segments. The company provides a range of financial products and services to consumers and businesses, including commercial loans to finance agricultural equipment and production; and commercial real estate loans for owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, and assisted living facilities.