Midland States Bancorp (NASDAQ:MSBI) Reaches New 1-Year High – Still a Buy?

Midland States Bancorp, Inc. (NASDAQ:MSBI)’s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $28.80 and last traded at $28.5630, with a volume of 49666 shares changing hands. The stock had previously closed at $28.52.

Analysts Set New Price Targets

A number of brokerages recently commented on MSBI. DA Davidson lifted their price objective on Midland States Bancorp from $23.00 to $26.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Wall Street Zen lowered Midland States Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Piper Sandler lifted their price objective on Midland States Bancorp from $25.50 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Weiss Ratings upgraded Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a research report on Monday, May 4th. Finally, Zacks Research upgraded Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $23.90.

Midland States Bancorp Stock Up 0.0%

The business has a fifty day moving average of $25.56 and a 200 day moving average of $22.73. The firm has a market cap of $591.43 million, a P/E ratio of 24.18 and a beta of 0.67. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.71.

Midland States Bancorp (NASDAQ:MSBI) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.19. The company had revenue of $81.10 million during the quarter, compared to analyst estimates of $75.59 million. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%. On average, equities research analysts predict that Midland States Bancorp, Inc. will post 3.17 EPS for the current year.

Midland States Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.5%. Midland States Bancorp’s dividend payout ratio is 108.47%.

Midland States Bancorp announced that its Board of Directors has approved 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 purchase up to 8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Midland States Bancorp

In related news, Director Travis Franklin purchased 9,400 shares of the stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $26.49 per share, with a total value of $249,006.00. Following the purchase, the director directly owned 9,400 shares in the company, valued at $249,006. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 8.57% of the stock is currently owned by company insiders.

Institutional Trading of Midland States Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC increased its stake in shares of Midland States Bancorp by 34.9% in the 4th quarter. Hsbc Holdings PLC now owns 47,004 shares of the financial services provider’s stock valued at $990,000 after acquiring an additional 12,172 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in Midland States Bancorp by 9.1% during the 4th quarter. Los Angeles Capital Management LLC now owns 86,502 shares of the financial services provider’s stock worth $1,831,000 after purchasing an additional 7,216 shares in the last quarter. Midland Wealth Advisors LLC increased its stake in Midland States Bancorp by 49.9% during the 4th quarter. Midland Wealth Advisors LLC now owns 21,384 shares of the financial services provider’s stock worth $453,000 after purchasing an additional 7,114 shares in the last quarter. SG Americas Securities LLC increased its stake in Midland States Bancorp by 45.9% during the 4th quarter. SG Americas Securities LLC now owns 12,539 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 3,944 shares in the last quarter. Finally, Smith Moore & CO. bought a new stake in Midland States Bancorp during the 4th quarter worth approximately $210,000. 60.93% of the stock is owned by institutional investors.

Midland States Bancorp Company Profile

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.