Midland States Bancorp (NASDAQ:MSBI) Lowered to "Hold" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Midland States Bancorp from buy to hold, leaving the stock with a consensus Hold rating and a consensus target price of $23.90.
• The company reported better-than-expected Q1 earnings, with EPS of $0.79 versus estimates of $0.60 and revenue of $81.1 million versus expectations of $75.59 million.
• Midland States Bancorp announced a $45 million share repurchase plan authorized to buy back up to 8% of its shares, and a director recently bought 9,400 shares at $26.49 each.

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

A number of other research firms have also recently issued reports on MSBI. UBS Group set a $25.50 target price on shares of Midland States Bancorp in a research note on Monday, January 26th. Weiss Ratings upgraded shares of Midland States Bancorp from a "sell (d+)" rating to a "hold (c)" rating in a research note on Monday, May 4th. Zacks Research upgraded shares of Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 28th. DA Davidson raised their target price on shares of Midland States Bancorp from $23.00 to $26.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. Finally, Piper Sandler raised their target price on shares of Midland States Bancorp from $25.50 to $28.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Midland States Bancorp presently has a consensus rating of "Hold" and a consensus target price of $23.90.

Midland States Bancorp Stock Up 0.2%

Shares of NASDAQ MSBI opened at $27.63 on Friday. The firm has a market capitalization of $572.77 million, a PE ratio of 23.42 and a beta of 0.66. Midland States Bancorp has a 1 year low of $14.24 and a 1 year high of $28.53. The firm's 50-day moving average is $24.21 and its 200-day moving average is $21.90. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71.

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

Midland States Bancorp announced that its Board of Directors has initiated a share buyback plan on Wednesday, May 6th that allows the company to repurchase $45.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Insider Activity

In other Midland States Bancorp news, Director Travis Franklin bought 9,400 shares of Midland States Bancorp stock in a transaction dated 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 transaction, the director owned 9,400 shares in the company, valued at $249,006. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 8.57% of the company's stock.

Institutional Investors Weigh In On Midland States Bancorp

A number of institutional investors have recently modified their holdings of the business. State Street Corp boosted its position in shares of 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 acquiring an additional 62,874 shares during the period. AQR Capital Management LLC boosted its position in shares of Midland States Bancorp by 38.1% in 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 acquiring an additional 149,175 shares during the period. Patriot Financial Partners GP II L.P. bought a new stake in shares of Midland States Bancorp in the first quarter valued at about $9,783,000. Rhino Investment Partners Inc boosted its position in shares of Midland States Bancorp by 22.5% in the first quarter. Rhino Investment Partners Inc now owns 320,288 shares of the financial services provider's stock valued at $7,146,000 after acquiring an additional 58,754 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Midland States Bancorp by 97.1% in 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 acquiring an additional 117,422 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.