StockNews.com Upgrades Midland States Bancorp (NASDAQ:MSBI) to “Buy”

StockNews.com upgraded shares of Midland States Bancorp (NASDAQ:MSBI) from a hold rating to a buy rating in a report published on Tuesday.

A number of other research firms have also weighed in on MSBI. Keefe, Bruyette & Woods dropped their price objective on Midland States Bancorp from $26.00 to $24.00 and set a “market perform” rating for the company in a research note on Monday, July 29th. Piper Sandler upped their price objective on Midland States Bancorp from $26.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday.

Midland States Bancorp Stock Performance

NASDAQ:MSBI opened at $24.81 on Tuesday. The stock has a 50-day simple moving average of $22.64 and a two-hundred day simple moving average of $22.76. Midland States Bancorp has a 52-week low of $20.54 and a 52-week high of $28.47. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $530.69 million, a PE ratio of 10.74 and a beta of 0.75.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. The firm had revenue of $124.17 million during the quarter, compared to analyst estimates of $72.90 million. Midland States Bancorp had a return on equity of 9.00% and a net margin of 12.13%. During the same quarter in the prior year, the company posted $0.78 earnings per share. Analysts forecast that Midland States Bancorp will post 2.14 EPS for the current year.

Midland States Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 16th were given a $0.31 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.00%. Midland States Bancorp’s dividend payout ratio is currently 53.68%.

Insider Buying and Selling

In related news, CEO Jeffrey G. Ludwig sold 12,753 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $24.52, for a total value of $312,703.56. Following the sale, the chief executive officer now directly owns 343,935 shares in the company, valued at approximately $8,433,286.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Midland States Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MSBI. BNP Paribas Financial Markets raised its position in Midland States Bancorp by 60.1% during the first quarter. BNP Paribas Financial Markets now owns 20,702 shares of the financial services provider’s stock valued at $520,000 after purchasing an additional 7,770 shares during the period. Janney Montgomery Scott LLC purchased a new stake in Midland States Bancorp during the first quarter valued at approximately $581,000. Empowered Funds LLC raised its position in Midland States Bancorp by 8.2% during the first quarter. Empowered Funds LLC now owns 64,859 shares of the financial services provider’s stock valued at $1,630,000 after purchasing an additional 4,900 shares during the period. Russell Investments Group Ltd. raised its position in Midland States Bancorp by 7.4% during the first quarter. Russell Investments Group Ltd. now owns 92,589 shares of the financial services provider’s stock valued at $2,327,000 after purchasing an additional 6,371 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in Midland States Bancorp during the first quarter valued at approximately $1,106,000. 60.93% of the stock is currently owned by hedge funds and other institutional investors.

About Midland States Bancorp

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Wealth Management, and Other segments. The company provides a range of financial products and services to consumers and businesses, including commercial loans to finance agricultural equipment and production; and commercial real estate loans for owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, and assisted living facilities.