Midland States Bancorp (NASDAQ:MSBI) Hits New 52-Week High - Here's What Happened

Key Points

• Midland States Bancorp (NASDAQ: MSBI) hit a new 52-week high, trading as high as $28.80 during the session before easing slightly by the close.
• Recent analyst activity was mixed, but several firms raised price targets; the stock now carries a consensus Hold rating with an average price target of $23.90.
• The company reported better-than-expected first-quarter earnings of $0.79 per share versus $0.60 expected, and it also announced a quarterly dividend plus a $45 million share buyback authorization.

Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $28.80 and last traded at $27.9530, with a volume of 4693 shares traded. The stock had previously closed at $28.14.

Analysts Set New Price Targets

MSBI has been the subject of a number of recent analyst reports. Piper Sandler raised their price target on Midland States Bancorp from $25.50 to $28.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Wall Street Zen lowered Midland States Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday. DA Davidson increased their target price on Midland States Bancorp from $23.00 to $26.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Zacks Research raised Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 28th. Finally, 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. One equities research 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.com, the stock has a consensus rating of "Hold" and an average price target of $23.90.

Midland States Bancorp Stock Performance

The stock has a market capitalization of $582.82 million, a price-to-earnings ratio of 23.73 and a beta of 0.66. 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 stock has a 50-day moving average of $24.50 and a 200 day moving average of $22.11.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last released its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.19. The company had revenue of $81.10 million for the quarter, compared to the consensus estimate of $75.59 million. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%. On average, analysts expect that Midland States Bancorp, Inc. will post 3.17 EPS for the current year.

Midland States Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 4.6%. The ex-dividend date was Friday, May 15th. Midland States Bancorp's dividend payout ratio is currently 108.47%.

Midland States Bancorp declared that its Board of Directors has authorized a stock buyback plan 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 purchase up to 8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Midland States Bancorp

In other Midland States Bancorp news, Director Travis Franklin bought 9,400 shares of the stock in a transaction on Tuesday, May 5th. The stock was purchased at an average price of $26.49 per share, with a total value of $249,006.00. Following the acquisition, the director owned 9,400 shares of the company's stock, valued at approximately $249,006. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 8.57% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MSBI. State Street Corp increased its holdings in Midland States Bancorp by 10.1% in the fourth quarter. State Street Corp now owns 682,862 shares of the financial services provider's stock valued at $14,456,000 after purchasing an additional 62,874 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Midland States Bancorp by 38.1% in the 2nd quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider's stock valued at $9,370,000 after acquiring an additional 149,175 shares during the last quarter. Patriot Financial Partners GP II L.P. acquired a new stake in shares of Midland States Bancorp in the 1st quarter valued at approximately $9,783,000. Rhino Investment Partners Inc boosted its stake in Midland States Bancorp by 22.5% during the 1st quarter. Rhino Investment Partners Inc now owns 320,288 shares of the financial services provider's stock worth $7,146,000 after acquiring an additional 58,754 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Midland States Bancorp by 97.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 238,364 shares of the financial services provider's stock valued at $5,046,000 after purchasing an additional 117,422 shares during the period. 60.93% of the stock is currently owned by institutional investors.

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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