Midland States Bancorp (NASDAQ:MSBI) Issues Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Midland States Bancorp beat expectations in its latest quarter, reporting EPS of $0.82 versus the $0.78 consensus and revenue of $83.74 million, above the $80.70 million estimate.
• The stock rose after the earnings release, trading near its 52-week high at $30.97, while the company highlighted a strong dividend of $0.32 per share, or $1.28 annually for a 4.1% yield.
• The board authorized a $45 million share repurchase plan, and analysts currently have a consensus Hold rating on MSBI with a $24.70 price target.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) issued its earnings results on Thursday. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.04, FiscalAI reports. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%. The company had revenue of $83.74 million for the quarter, compared to analysts' expectations of $80.70 million.

Midland States Bancorp Price Performance

NASDAQ:MSBI traded up $0.12 during trading hours on Thursday, reaching $30.97. The stock had a trading volume of 245,705 shares, compared to its average volume of 159,627. The company has a 50 day moving average price of $29.35 and a two-hundred day moving average price of $25.33. Midland States Bancorp has a 52 week low of $14.24 and a 52 week high of $31.82. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $642.01 million, a PE ratio of 26.25 and a beta of 0.66.

Midland States Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 15th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 4.1%. The ex-dividend date was Friday, May 15th. Midland States Bancorp's dividend payout ratio (DPR) is currently 108.47%.

Insider Activity

In other Midland States Bancorp news, Director Travis Franklin purchased 9,400 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $249,006. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 8.57% of the company's stock.

Institutional Trading of Midland States Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of MSBI. State Street Corp raised its position in Midland States Bancorp by 10.1% in the 4th quarter. State Street Corp now owns 682,862 shares of the financial services provider's stock worth $14,456,000 after purchasing an additional 62,874 shares during the period. AQR Capital Management LLC grew 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 buying an additional 149,175 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Midland States Bancorp by 97.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 238,364 shares of the financial services provider's stock worth $5,046,000 after acquiring an additional 117,422 shares during the last quarter. Bank of America Corp DE boosted its holdings in Midland States Bancorp by 9.0% during the 3rd quarter. Bank of America Corp DE now owns 211,795 shares of the financial services provider's stock valued at $3,630,000 after acquiring an additional 17,442 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in Midland States Bancorp by 10.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 174,098 shares of the financial services provider's stock valued at $3,686,000 after acquiring an additional 16,301 shares during the last quarter. Hedge funds and other institutional investors own 60.93% of the company's stock.

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

Analysts Set New Price Targets

MSBI has been the subject of a number of research reports. Piper Sandler upped their price objective on Midland States Bancorp from $28.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. DA Davidson increased their price target on shares of Midland States Bancorp from $23.00 to $26.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. Wall Street Zen lowered shares of Midland States Bancorp from a "buy" rating to a "hold" rating in a research report on Sunday, May 24th. 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. Finally, Zacks Research raised shares of Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 28th. One 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.com, Midland States Bancorp presently has a consensus rating of "Hold" and a consensus target price of $24.70.

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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