Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Midland States Bancorp (NASDAQ:MSBI) Stock

Key Points

• Keefe, Bruyette & Woods raised Midland States Bancorp’s price target from $28 to $31 while maintaining a “market perform” rating, implying about 5.4% downside from the stock’s $32.77 trading price.
• Analyst sentiment remains mixed but generally cautious: the stock has an average “Hold” rating and a consensus price target of $28.50, despite one “Strong Buy” recommendation and several recent target increases.
• Midland States Bancorp exceeded quarterly expectations, reporting $0.82 in earnings per share versus a $0.78 estimate and $83.74 million in revenue. The company also authorized a $45 million share buyback, covering up to 8% of outstanding shares.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) had its target price increased by equities research analysts at Keefe, Bruyette & Woods from $28.00 to $31.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective would suggest a potential downside of 5.39% from the company's current price.

A number of other research analysts also recently issued reports on the stock. Weiss Ratings upgraded shares of Midland States Bancorp from a "sell (d+)" rating to a "hold (c)" rating in a research report on Monday, May 4th. Piper Sandler increased their price target on Midland States Bancorp from $28.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Zacks Research raised Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 28th. Wall Street Zen cut Midland States Bancorp from a "buy" rating to a "hold" rating in a report on Sunday, May 24th. Finally, DA Davidson upped their target price on Midland States Bancorp from $30.00 to $33.00 and gave the stock a "neutral" rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Midland States Bancorp currently has an average rating of "Hold" and an average target price of $28.50.

Midland States Bancorp Stock Performance

MSBI traded up $0.52 during trading on Monday, reaching $32.77. 104,107 shares of the company's stock were exchanged, compared to its average volume of 159,954. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. Midland States Bancorp has a 1 year low of $14.24 and a 1 year high of $33.11. The company's fifty day simple moving average is $29.54 and its 200-day simple moving average is $25.48. The stock has a market capitalization of $679.22 million, a P/E ratio of 21.02 and a beta of 0.66.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.78 by $0.04. The business had revenue of $83.74 million for the quarter, compared to the consensus estimate of $80.70 million. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. As a group, research analysts predict that Midland States Bancorp will post 3.17 earnings per share for the current fiscal year.

Midland States Bancorp announced that its Board of Directors has initiated a share buyback program on Wednesday, May 6th that permits the company to buyback $45.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Travis Franklin acquired 9,400 shares of the business's stock in a transaction on Tuesday, May 5th. The stock was bought at an average price of $26.49 per share, with a total value of $249,006.00. Following the completion of the acquisition, the director owned 9,400 shares of the company's stock, valued at approximately $249,006. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 8.57% of the company's stock.

Hedge Funds Weigh In On Midland States Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. Amundi boosted its position in Midland States Bancorp by 39.4% during the first quarter. Amundi now owns 2,194 shares of the financial services provider's stock worth $38,000 after purchasing an additional 620 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Midland States Bancorp by 33.1% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider's stock valued at $43,000 after buying an additional 503 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of Midland States Bancorp in the third quarter valued at approximately $46,000. Quadrant Capital Group LLC raised its stake in shares of Midland States Bancorp by 302.7% during the 4th quarter. Quadrant Capital Group LLC now owns 4,599 shares of the financial services provider's stock worth $97,000 after buying an additional 3,457 shares during the period. Finally, Daytona Street Capital LLC acquired a new position in shares of Midland States Bancorp during the 4th quarter worth approximately $107,000. Hedge funds and other institutional investors own 60.93% of the company's stock.

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.

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