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

Midland States Bancorp, Inc. (NASDAQ:MSBI)’s stock price hit a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $31.98 and last traded at $31.4360, with a volume of 27779 shares. 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 analysts’ expectations of $80.70 million. Midland States Bancorp had a return on equity of 13.32% and a net margin of 9.40%.

Midland States Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, May 15th. Midland States Bancorp’s dividend payout ratio is presently 82.05%.

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

Analyst Ratings Changes

MSBI has been the topic of a number of recent research reports. Wall Street Zen cut shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. DA Davidson increased their price target 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. Piper Sandler raised 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 report on Friday, June 26th. Weiss Ratings upgraded shares of Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday, May 4th. Finally, Zacks Research raised shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Midland States Bancorp has a consensus rating of “Hold” and a consensus price target of $24.70.

Insider Activity

In other Midland States Bancorp news, Director Travis Franklin purchased 9,400 shares of Midland States Bancorp stock in a transaction dated 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 of the company’s stock, valued at $249,006. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.57% of the company’s stock.

Institutional Investors Weigh In On Midland States Bancorp

Several institutional investors have recently made changes to their positions in MSBI. Amundi grew its stake in shares of Midland States Bancorp by 39.4% during the 1st 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 lifted its stake in shares of 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 purchasing an additional 503 shares during the period. CIBC Private Wealth Group LLC purchased a new stake in Midland States Bancorp during the third quarter worth about $46,000. Quadrant Capital Group LLC boosted its holdings in Midland States Bancorp by 302.7% during the fourth quarter. Quadrant Capital Group LLC now owns 4,599 shares of the financial services provider’s stock worth $97,000 after buying an additional 3,457 shares in the last quarter. Finally, Daytona Street Capital LLC acquired a new position in Midland States Bancorp during the fourth quarter worth about $107,000. 60.93% of the stock is currently owned by hedge funds and other institutional investors.

Midland States Bancorp Stock Performance

The stock’s fifty day simple moving average is $29.54 and its 200-day simple moving average is $25.45. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $668.54 million, a PE ratio of 20.67 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.