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

Key Points

• Midland States Bancorp shares reached a new 52-week high, trading as high as $34.68 and closing near $34.41, up from the previous close of $33.67.
• The company exceeded quarterly expectations, reporting $0.82 in earnings per share versus the $0.78 consensus estimate and revenue of $83.74 million versus $80.70 million expected.
• Analyst sentiment remains cautious overall, with a consensus “Hold” rating and a $29.10 price target, despite some upgrades; the company also offers a 3.8% dividend yield and has authorized a $45 million share-repurchase plan.

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $34.68 and last traded at $34.41, with a volume of 14063 shares changing hands. The stock had previously closed at $33.67.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Midland States Bancorp in a research note on Friday. DA Davidson increased their price objective on Midland States Bancorp from $30.00 to $33.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Zacks Research upgraded shares of Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 28th. Wall Street Zen raised shares of Midland States Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Keefe, Bruyette & Woods upped their price target on shares of Midland States Bancorp from $28.00 to $31.00 and gave the company a "market perform" rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Midland States Bancorp currently has a consensus rating of "Hold" and a consensus target price of $29.10.

Midland States Bancorp Stock Up 0.9%

The company has a market capitalization of $705.25 million, a P/E ratio of 21.74 and a beta of 0.66. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50 day moving average of $30.17 and a 200-day moving average of $25.89.

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 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.04. Midland States Bancorp had a return on equity of 13.32% and a net margin of 9.40%.The business had revenue of $83.74 million during the quarter, compared to analysts' expectations of $80.70 million. As a group, equities analysts anticipate that Midland States Bancorp, Inc. will post 3.4 EPS for the current year.

Midland States Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.28 dividend on an annualized basis and a yield of 3.8%. Midland States Bancorp's dividend payout ratio (DPR) is presently 82.05%.

Midland States Bancorp announced that its board has authorized a stock repurchase plan on Wednesday, May 6th that authorizes the company to repurchase $45.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Midland States Bancorp 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 transaction, the chief executive officer directly owned 400,971 shares of the company's stock, valued at approximately $13,633,014. The trade was a 2.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Travis Franklin acquired 9,400 shares of the firm'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 directly owned 9,400 shares in the company, valued at approximately $249,006. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. 8.57% of the stock is currently owned by insiders.

Institutional Trading of Midland States Bancorp

Several large investors have recently bought and sold shares of MSBI. Patriot Financial Partners GP II L.P. bought a new stake in Midland States Bancorp during the first quarter worth about $9,783,000. AQR Capital Management LLC increased its stake in shares of Midland States Bancorp by 38.1% during the second quarter. AQR Capital Management LLC now owns 540,997 shares of the financial services provider's stock valued at $9,370,000 after purchasing an additional 149,175 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of 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 in the last quarter. Algert Global LLC purchased a new position in shares of Midland States Bancorp during the third quarter valued at approximately $1,297,000. Finally, Royal Bank of Canada lifted its holdings in shares of Midland States Bancorp by 8,633.1% during the fourth quarter. Royal Bank of Canada now owns 68,555 shares of the financial services provider's stock valued at $1,451,000 after purchasing an additional 67,770 shares during the last quarter. 60.93% of the stock is owned by institutional investors.

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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