Midland States Bancorp (NASDAQ:MSBI) Given New $24.00 Price Target at DA Davidson

Midland States Bancorp (NASDAQ:MSBI) had its target price lifted by DA Davidson from $23.00 to $24.00 in a research note released on Monday morning, MarketBeat reports. They currently have a neutral rating on the financial services provider’s stock.

Several other brokerages have also recently weighed in on MSBI. Zacks Research raised Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 22nd. Wall Street Zen upgraded shares of Midland States Bancorp from a “sell” rating to a “hold” rating in a research note on Friday. Weiss Ratings reissued a “sell (d+)” rating on shares of Midland States Bancorp in a report on Monday, December 29th. Piper Sandler lifted their price objective on shares of Midland States Bancorp from $23.00 to $25.50 and gave the company a “neutral” rating in a research note on Monday. Finally, UBS Group set a $25.50 price target on shares of Midland States Bancorp in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Midland States Bancorp has an average rating of “Hold” and an average price target of $23.00.

Midland States Bancorp Stock Up 0.2%

MSBI opened at $23.05 on Monday. The firm has a 50 day moving average price of $20.33 and a 200-day moving average price of $18.36. The stock has a market capitalization of $496.73 million, a price-to-earnings ratio of 22.82 and a beta of 0.66. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.95. Midland States Bancorp has a twelve month low of $14.24 and a twelve month high of $24.57.

Midland States Bancorp (NASDAQ:MSBI) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.17). Midland States Bancorp had a return on equity of 10.41% and a net margin of 6.62%.The business had revenue of $85.79 million during the quarter, compared to the consensus estimate of $74.49 million. Equities research analysts forecast that Midland States Bancorp will post 2.53 earnings per share for the current year.

Midland States Bancorp announced that its Board of Directors has authorized a stock buyback program on Monday, November 3rd that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Midland States Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Friday, November 14th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend was Friday, November 14th. Midland States Bancorp’s payout ratio is presently 126.73%.

Insider Activity at Midland States Bancorp

In other news, insider Daniel Edward Casey acquired 5,000 shares of the company’s stock in a transaction on Wednesday, December 3rd. The shares were bought at an average cost of $17.89 per share, with a total value of $89,450.00. Following the transaction, the insider owned 28,254 shares in the company, valued at approximately $505,464.06. This trade represents a 21.50% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeremy Andrew Jameson purchased 5,598 shares of the business’s stock in a transaction on Wednesday, December 3rd. The stock was acquired at an average price of $17.69 per share, for a total transaction of $99,028.62. Following the completion of the purchase, the executive vice president owned 63,412 shares of the company’s stock, valued at $1,121,758.28. This represents a 9.68% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 11,098 shares of company stock worth $197,324. 5.27% of the stock is owned by corporate insiders.

Institutional Trading of Midland States Bancorp

A number of large investors have recently made changes to their positions in the company. Amundi lifted its stake in Midland States Bancorp by 39.4% in the first quarter. Amundi now owns 2,194 shares of the financial services provider’s stock valued at $38,000 after buying an additional 620 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in shares of Midland States Bancorp in the 3rd quarter valued at $46,000. Daytona Street Capital LLC acquired a new position in shares of Midland States Bancorp in the 4th quarter valued at $107,000. Quantbot Technologies LP raised its position in Midland States Bancorp by 32.0% in the 2nd quarter. Quantbot Technologies LP now owns 7,372 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 1,787 shares during the last quarter. Finally, AlphaQuest LLC boosted its stake in Midland States Bancorp by 23,655.3% during the 2nd quarter. AlphaQuest LLC now owns 9,027 shares of the financial services provider’s stock worth $156,000 after purchasing an additional 8,989 shares during the period. 60.93% of the stock is owned by institutional investors and hedge funds.

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.