Midland States Bancorp (NASDAQ:MSBI) CEO Sells 8,383 Shares

Key Points

• CEO Jeffrey Ludwig sold 8,383 shares of Midland States Bancorp at an average price of $34, generating $285,022; he retained 400,971 shares afterward.
• MSBI shares traded at $33.62, near their 52-week high of $34.35, after the company reported quarterly EPS of $0.82 and revenue of $83.74 million—both above analyst estimates.
• The company authorized a $45 million share buyback covering up to 8% of shares and pays a $0.32 quarterly dividend, while analysts maintain a consensus “Hold” rating with a $29.10 average price target.

Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report) CEO Jeffrey Ludwig sold 8,383 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $34.00, for a total transaction of $285,022.00. Following the transaction, the chief executive officer owned 400,971 shares of the company's stock, valued at $13,633,014. This represents a 2.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Midland States Bancorp Stock Performance

Shares of MSBI traded down $0.48 during trading hours on Wednesday, hitting $33.62. The company's stock had a trading volume of 254,571 shares, compared to its average volume of 163,213. The business has a 50 day simple moving average of $29.82 and a two-hundred day simple moving average of $25.64. Midland States Bancorp, Inc. has a 52-week low of $14.24 and a 52-week high of $34.35. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $696.94 million, a price-to-earnings ratio of 21.55 and a beta of 0.66.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.04. The company had revenue of $83.74 million for the quarter, compared to analysts' expectations of $80.70 million. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. On average, equities analysts expect that Midland States Bancorp, Inc. will post 3.2 earnings per share for the current fiscal year.

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

Midland States Bancorp Announces Dividend

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

Hedge Funds Weigh In On Midland States Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amundi raised its holdings in shares of Midland States Bancorp by 39.4% in the 1st quarter. Amundi now owns 2,194 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 620 shares in the last quarter. Empowered Funds LLC increased its position in shares of Midland States Bancorp by 3.5% in the first quarter. Empowered Funds LLC now owns 58,504 shares of the financial services provider's stock worth $1,002,000 after purchasing an additional 2,004 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Midland States Bancorp in the first quarter worth approximately $354,000. Rhumbline Advisers raised its stake in Midland States Bancorp by 5.5% in the second quarter. Rhumbline Advisers now owns 32,343 shares of the financial services provider's stock valued at $560,000 after purchasing an additional 1,687 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in Midland States Bancorp by 18.1% in the second quarter. Hsbc Holdings PLC now owns 33,166 shares of the financial services provider's stock valued at $577,000 after purchasing an additional 5,075 shares in the last quarter. 60.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MSBI. Keefe, Bruyette & Woods boosted their price objective on Midland States Bancorp from $28.00 to $31.00 and gave the company a "market perform" rating in a research note on Monday. Piper Sandler raised their target price on Midland States Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a research note on Tuesday. Weiss Ratings raised Midland States Bancorp from a "sell (d+)" rating to a "hold (c)" rating in a report on Monday, May 4th. Zacks Research upgraded Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 28th. Finally, DA Davidson increased their price target on shares of Midland States Bancorp from $30.00 to $33.00 and gave the stock a "neutral" rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $29.10.

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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