Midland States Bancorp (NASDAQ:MSBI) Reaches New 12-Month High on Better-Than-Expected Earnings

Midland States Bancorp, Inc. (NASDAQ:MSBI)’s share price hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $31.98 and last traded at $31.4360, with a volume of 27779 shares traded. The stock had previously closed at $30.97.

The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. The business had revenue of $83.74 million during the quarter, compared to analyst estimates 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 business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 4.0%. The ex-dividend date was Friday, May 15th. Midland States Bancorp’s dividend payout ratio (DPR) is currently 82.05%.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MSBI. Zacks Research raised shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. 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. Wall Street Zen downgraded shares of Midland States Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Piper Sandler raised their price target on shares of Midland States Bancorp from $28.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Finally, DA Davidson lifted their price objective on shares of Midland States Bancorp from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $24.70.

Insider Activity at Midland States Bancorp

In other news, Director Travis Franklin bought 9,400 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average price of $26.49 per share, for a total transaction of $249,006.00. Following the completion of the transaction, the director directly owned 9,400 shares in the company, valued at $249,006. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 8.57% of the stock is owned by insiders.

Institutional Investors Weigh In On Midland States Bancorp

A number of hedge funds have recently modified their holdings of MSBI. Rhino Investment Partners Inc lifted its stake in shares of Midland States Bancorp by 22.5% in the first quarter. Rhino Investment Partners Inc now owns 320,288 shares of the financial services provider’s stock worth $7,146,000 after buying an additional 58,754 shares in the last quarter. Empowered Funds LLC grew its stake 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 valued at $2,157,000 after acquiring an additional 29,214 shares in the last quarter. Quantinno Capital Management LP raised 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 valued at $1,219,000 after acquiring an additional 11,582 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Midland States Bancorp by 9.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 198,525 shares of the financial services provider’s stock valued at $4,429,000 after acquiring an additional 16,637 shares during the last quarter. Finally, Sei Investments Co. lifted its stake 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 purchasing an additional 23,600 shares in the last quarter. 60.93% of the stock is currently owned by institutional investors and hedge funds.

Midland States Bancorp Price Performance

The firm has a market capitalization of $668.54 million, a PE ratio of 20.67 and a beta of 0.66. The stock’s 50 day simple moving average is $29.54 and its two-hundred day simple moving average is $25.45. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

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.