Midland States Bancorp (NASDAQ:MSBI) Releases Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Midland States Bancorp beat quarterly estimates, reporting earnings per share of $0.95 versus the $0.89 consensus and revenue of $86.14 million versus $83.77 million expected.
• The company increased its quarterly dividend to $0.33 per share, implying an annualized payout of $1.32 and a 4.0% yield; its payout ratio is 84.62%.
• Shares rose 1.1% to $32.96 after the results, while analysts maintained an overall “Hold” consensus with an average price target of $31.12. Recent insider activity was net selling, including share sales by the CEO and COO.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) announced its quarterly earnings data on Thursday. The financial services provider reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.06, FiscalAI reports. The business had revenue of $86.14 million for the quarter, compared to analyst estimates of $83.77 million. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%.

Midland States Bancorp Stock Up 1.1%

NASDAQ:MSBI traded up $0.37 during mid-day trading on Thursday, hitting $32.96. The company had a trading volume of 131,349 shares, compared to its average volume of 161,871. The business has a fifty day simple moving average of $32.90 and a 200-day simple moving average of $30.21. The firm has a market capitalization of $683.92 million, a price-to-earnings ratio of 21.13 and a beta of 0.66. Midland States Bancorp has a 1 year low of $14.24 and a 1 year high of $35.10. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.73.

Midland States Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 14th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 4.0%. This is a boost from Midland States Bancorp's previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, August 14th. Midland States Bancorp's dividend payout ratio is 84.62%.

Insider Activity

In other news, COO Kyle Mooney sold 2,400 shares of the stock in a transaction dated 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 in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey Ludwig sold 8,383 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $34.00, for a total value of $285,022.00. Following the transaction, the chief executive officer directly owned 400,971 shares in the company, valued at $13,633,014. This trade represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 12,470 shares of company stock valued at $421,374 in the last ninety days. Company insiders own 8.57% of the company's stock.

Wall Street Analysts Forecast Growth

MSBI has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of Midland States Bancorp from $28.00 to $31.00 and gave the company a "market perform" rating in a 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 upgraded shares of Midland States Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, October 12th. Piper Sandler lifted their price target on shares of Midland States Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, July 28th. Finally, DA Davidson boosted their price objective on shares of Midland States Bancorp from $30.00 to $33.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Midland States Bancorp has an average rating of "Hold" and an average target price of $31.12.

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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