Midland States Bancorp (NASDAQ:MSBI) Cut to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Midland States Bancorp to “Hold” from “Buy,” while the broader analyst consensus remains “Hold” with an average price target of $29.10.
• MSBI shares opened at $32.85, near their 52-week high of $35.10. The company exceeded quarterly expectations, reporting $0.82 in EPS versus $0.78 expected and revenue of $83.74 million versus $80.70 million forecast.
• The board authorized a $45 million share buyback, allowing repurchases of up to 8% of outstanding shares; meanwhile, company insiders sold about $341,000 of stock over the past 90 days.

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

A number of other research analysts also recently weighed in on MSBI. Zacks Research raised Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 28th. Weiss Ratings reissued a "hold (c)" rating on shares of Midland States Bancorp in a research note on Friday, July 31st. Piper Sandler raised their price objective on Midland States Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, July 28th. 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 report on Monday, July 27th. 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 report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $29.10.

Midland States Bancorp Trading Up 1.0%

MSBI opened at $32.85 on Friday. 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. The company has a market cap of $681.64 million, a P/E ratio of 21.06 and a beta of 0.66. The company has a fifty day moving average price of $31.69 and a two-hundred day moving average price of $26.98.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.04. The firm had revenue of $83.74 million for the quarter, compared to analyst estimates of $80.70 million. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. Analysts predict that Midland States Bancorp will post 3.4 EPS for the current fiscal year.

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

Insider Activity

In related news, CEO Jeffrey G. Ludwig sold 8,383 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $34.00, for a total value of $285,022.00. Following the transaction, the chief executive officer owned 400,971 shares of the company's stock, valued at approximately $13,633,014. This trade represents a 2.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Kyle Owen Mooney sold 1,198 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $33.51, for a total value of $40,144.98. Following the sale, the chief operating officer directly owned 14,099 shares of the company's stock, valued at $472,457.49. This represents a 7.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 10,070 shares of company stock worth $341,382. 8.57% of the stock is owned by insiders.

Institutional Investors Weigh In On Midland States Bancorp

Several institutional investors have recently bought and sold shares of MSBI. Amundi raised its position in 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 buying an additional 620 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Midland States Bancorp by 33.1% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider's stock worth $43,000 after acquiring an additional 503 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new position in Midland States Bancorp during the 3rd quarter worth $46,000. Legal & General Group Plc bought a new stake in shares of Midland States Bancorp in the 2nd quarter worth $58,000. Finally, Quadrant Capital Group LLC grew its stake in shares of Midland States Bancorp by 302.7% in the 4th quarter. Quadrant Capital Group LLC now owns 4,599 shares of the financial services provider's stock worth $97,000 after acquiring an additional 3,457 shares in the last quarter. 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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