Midland States Bancorp (NASDAQ:MSBI) Reaches New 12-Month High - Should You Buy?

Key Points

• Midland States Bancorp hit a new 52-week high, trading as high as $30.44 and closing near $30.53, continuing a strong recent run above its 50-day and 200-day moving averages.
• Recent analyst actions were mixed but generally cautious: several firms raised price targets or upgraded ratings, yet the overall consensus remains Hold with a $23.90 average price target.
• The company reported strong quarterly earnings of $0.79 per share versus the $0.60 estimate, while also paying a $0.32 quarterly dividend and authorizing a $45 million share repurchase plan.

Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $30.44 and last traded at $30.5250, with a volume of 15430 shares traded. The stock had previously closed at $30.20.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MSBI. Weiss Ratings upgraded shares of Midland States Bancorp from a "sell (d+)" rating to a "hold (c)" rating in a report on Monday, May 4th. DA Davidson boosted 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 report on Monday, April 27th. Piper Sandler boosted their price objective on shares of Midland States Bancorp from $25.50 to $28.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Zacks Research upgraded Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 28th. Finally, Wall Street Zen cut shares of Midland States Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday, May 24th. One analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $23.90.

Midland States Bancorp Trading Up 0.4%

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 company's 50-day moving average is $27.10 and its 200-day moving average is $23.90. The firm has a market cap of $628.74 million, a price-to-earnings ratio of 25.71 and a beta of 0.67.

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

Midland States Bancorp Announces Dividend

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 4.2%. 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 initiated a share repurchase 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Insider Activity

In related news, Director Travis Franklin purchased 9,400 shares of Midland States Bancorp stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average cost of $26.49 per share, for a total transaction of $249,006.00. Following the transaction, the director directly owned 9,400 shares of the company's stock, valued at approximately $249,006. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 8.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MSBI. CANADA LIFE ASSURANCE Co grew its holdings in shares of Midland States Bancorp by 33.1% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider's stock valued at $43,000 after buying an additional 503 shares during the period. Amundi increased its stake 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. CIBC Private Wealth Group LLC bought a new stake in shares of Midland States Bancorp during the 3rd quarter worth approximately $46,000. Quadrant Capital Group LLC raised its holdings 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 valued at $97,000 after purchasing an additional 3,457 shares during the period. Finally, Daytona Street Capital LLC acquired a new stake in shares of Midland States Bancorp in the fourth quarter valued at approximately $107,000. Institutional investors and hedge funds own 60.93% of the company's stock.

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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