Midland States Bancorp, Inc. (NASDAQ:MSBI) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Analyst consensus is “Hold”: Five of six brokerages rate Midland States Bancorp shares Hold, while one recommends Strong Buy. The average 12-month price target is $29.10.
• Quarterly results exceeded expectations: The company reported earnings of $0.82 per share versus the $0.78 consensus estimate and revenue of $83.74 million, ahead of the $80.70 million forecast.
• Shareholder returns remain a focus: Midland States approved a $45 million stock-repurchase plan covering up to 8% of shares and pays a quarterly dividend of $0.32, equivalent to a 3.8% annualized yield.

Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report) has earned a consensus recommendation of "Hold" from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $29.10.

A number of brokerages have issued reports on MSBI. Wall Street Zen cut shares of Midland States Bancorp from a "buy" rating to a "hold" rating in a report on Sunday, May 24th. 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 report on Monday. Weiss Ratings upgraded Midland States Bancorp from a "sell (d+)" rating to a "hold (c)" rating in a research note on Monday, May 4th. DA Davidson increased their price objective on Midland States Bancorp from $30.00 to $33.00 and gave the stock a "neutral" rating in a report on Monday. Finally, Piper Sandler lifted their target price on Midland States Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday.

Insiders Place Their Bets

In other news, CEO Jeffrey G. Ludwig sold 8,383 shares of the business's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $34.00, for a total transaction of $285,022.00. Following the completion of the transaction, the chief executive officer directly owned 400,971 shares in the company, valued at $13,633,014. The trade was a 2.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Travis Franklin purchased 9,400 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average cost of $26.49 per share, for a total transaction of $249,006.00. Following the acquisition, the director owned 9,400 shares of the company's stock, valued at approximately $249,006. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 8.57% of the stock is owned by insiders.

Institutional Trading of Midland States Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. Patriot Financial Partners GP II L.P. bought a new position in shares of Midland States Bancorp in the first quarter worth approximately $9,783,000. Rhino Investment Partners Inc lifted its position in Midland States Bancorp by 22.5% during the first quarter. Rhino Investment Partners Inc now owns 320,288 shares of the financial services provider's stock valued at $7,146,000 after purchasing an additional 58,754 shares during the last quarter. Hsbc Holdings PLC grew its stake in Midland States Bancorp by 5.2% in the 1st quarter. Hsbc Holdings PLC now owns 49,439 shares of the financial services provider's stock worth $1,103,000 after buying an additional 2,435 shares in the last quarter. Quantinno Capital Management LP grew its stake 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 worth $1,219,000 after buying an additional 11,582 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in shares of 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 buying an additional 23,600 shares during the last quarter. Hedge funds and other institutional investors own 60.93% of the company's stock.

Midland States Bancorp Trading Down 1.4%

Shares of MSBI opened at $33.62 on Thursday. Midland States Bancorp has a fifty-two week low of $14.24 and a fifty-two week high of $34.35. The business has a 50-day moving average of $29.94 and a 200 day moving average of $25.73. The firm has a market cap of $696.94 million, a P/E ratio of 21.55 and a beta of 0.66. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.04. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. The firm had revenue of $83.74 million during the quarter, compared to analyst estimates of $80.70 million. As a group, research analysts forecast that Midland States Bancorp will post 3.4 EPS for the current year.

Midland States Bancorp declared that its Board of Directors has approved a stock buyback plan on Wednesday, May 6th that permits the company to repurchase $45.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Midland States Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 15th were paid a $0.32 dividend. The ex-dividend date was Friday, May 15th. This represents a $1.28 annualized dividend and a yield of 3.8%. Midland States Bancorp's dividend payout ratio is currently 82.05%.

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.

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