Midland States Bancorp (NASDAQ:MSBI) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Midland States Bancorp from “hold” to “buy.” Other analyst opinions remain mixed, and MarketBeat reports an average “hold” rating with a $32.50 price target.
• The company reported quarterly EPS of $0.95, beating the $0.89 consensus, while revenue of $86.14 million also exceeded estimates of $83.77 million.
• MSBI opened at $31.72, with a 52-week range of $15.06 to $35.10; its market capitalization was approximately $659.8 million.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other equities analysts have also weighed in on the company. Keefe, Bruyette & Woods lifted their price target on Midland States Bancorp from $28.00 to $31.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. DA Davidson boosted their price objective on shares of Midland States Bancorp from $30.00 to $33.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Zacks Research downgraded shares of Midland States Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 25th. Weiss Ratings downgraded Midland States Bancorp from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, October 27th. Finally, Stephens boosted their target price on shares of Midland States Bancorp from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 27th. Six investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $32.50.

Midland States Bancorp Price Performance

MSBI opened at $31.72 on Friday. The company has a market capitalization of $659.78 million, a price-to-earnings ratio of 10.79 and a beta of 0.66. Midland States Bancorp has a 1 year low of $15.06 and a 1 year high of $35.10. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.74 and a quick ratio of 0.74. The firm's fifty day moving average price is $32.94 and its two-hundred day moving average price is $28.45.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.06. The company had revenue of $86.14 million for the quarter, compared to the consensus estimate of $83.77 million. Midland States Bancorp had a return on equity of 17.13% and a net margin of 12.80%. As a group, analysts anticipate that Midland States Bancorp will post 3.44 earnings per share for the current fiscal year.

Insider Transactions at Midland States Bancorp

In related news, COO Kyle Mooney sold 2,400 shares of the stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $33.33, for a total value of $79,992.00. Following the completion of the sale, the chief operating officer owned 13,610 shares of the company's stock, valued at approximately $453,621.30. This trade represents a 14.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 4,087 shares of company stock worth $136,352 in the last quarter. Corporate insiders own 8.57% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new position in shares of Midland States Bancorp during the 2nd quarter valued at $3,941,000. Patriot Financial Partners GP II L.P. bought a new stake in shares of Midland States Bancorp during the first quarter worth approximately $9,783,000. Bank of America Corp DE bought a new stake in Midland States Bancorp during the 2nd quarter worth approximately $3,545,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Midland States Bancorp during the 2nd quarter worth approximately $2,158,000. Finally, Hsbc Holdings PLC bought a new position in Midland States Bancorp in the 2nd quarter valued at about $1,820,000. 60.93% of the stock is currently owned by institutional investors and hedge funds.

About Midland States Bancorp

Midland States Bancorp, Inc is a financial holding company headquartered in Effingham, Illinois. Through its principal subsidiary, Midland States Bank, the company provides banking, wealth management and specialty finance services to individuals, families and businesses.

Its banking operations offer deposit accounts, commercial and residential real estate loans, consumer lending, commercial and industrial financing, treasury management and other cash-management services. The company also provides wealth management, trust and investment services, as well as equipment financing and leasing solutions for business customers.

Founded in 1881, Midland States Bank serves communities primarily in Illinois, Wisconsin and Ohio through a network of banking offices and other channels.

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