Midland States Bancorp (NASDAQ:MSBI) Price Target Raised to $31.00 at Keefe, Bruyette & Woods

Midland States Bancorp (NASDAQ:MSBI) had its price target lifted by Keefe, Bruyette & Woods from $28.00 to $31.00 in a report released on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Other research analysts have also issued research reports about the stock. 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. Zacks Research raised shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Piper Sandler increased their price objective on Midland States Bancorp from $28.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, June 26th. DA Davidson increased their price objective on Midland States Bancorp from $30.00 to $33.00 and gave the company a “neutral” rating in a report on Monday. Finally, Wall Street Zen cut Midland States Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $28.50.

Midland States Bancorp Stock Performance

Shares of Midland States Bancorp stock opened at $32.83 on Monday. The company has a market capitalization of $680.57 million, a PE ratio of 21.05 and a beta of 0.66. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The company has a 50-day simple moving average of $29.67 and a two-hundred day simple moving average of $25.56. Midland States Bancorp has a one year low of $14.24 and a one year high of $33.11.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.78 by $0.04. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. The business had revenue of $83.74 million during the quarter, compared to analyst estimates of $80.70 million. Research analysts expect that Midland States Bancorp will post 3.17 EPS for the current fiscal year.

Midland States Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Friday, May 15th. Midland States Bancorp’s payout ratio is presently 82.05%.

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

Insider Activity

In other news, Director Travis Franklin bought 9,400 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average cost of $26.49 per share, with a total value of $249,006.00. Following the transaction, the director directly owned 9,400 shares in the company, valued at approximately $249,006. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 8.57% of the stock is currently owned by insiders.

Institutional Trading of Midland States Bancorp

Several large investors have recently added to or reduced their stakes in MSBI. Patriot Financial Partners GP II L.P. acquired a new stake in shares of Midland States Bancorp during the first quarter worth about $9,783,000. Amundi boosted 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 valued at $38,000 after buying an additional 620 shares during the last quarter. Quantinno Capital Management LP increased its holdings in Midland States Bancorp by 26.9% in the 1st quarter. Quantinno Capital Management LP now owns 54,635 shares of the financial services provider’s stock worth $1,219,000 after buying an additional 11,582 shares during the period. Sei Investments Co. increased its holdings in Midland States Bancorp by 163.0% in the 1st quarter. Sei Investments Co. now owns 38,076 shares of the financial services provider’s stock worth $849,000 after buying an additional 23,600 shares during the period. Finally, Empowered Funds LLC raised its position in Midland States Bancorp by 43.3% during the 1st quarter. Empowered Funds LLC now owns 96,686 shares of the financial services provider’s stock worth $2,157,000 after buying an additional 29,214 shares during the last quarter. Hedge funds and other 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.