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

Key Points

• Midland States Bancorp shares hit a new 52-week high, trading as high as $28.80, reflecting strong recent momentum in the stock.
• Recent analyst moves were mixed but generally cautious: the consensus rating is Hold, with a consensus price target of $23.90 even after some upgrades and higher targets from firms like Piper Sandler and DA Davidson.
• The company posted solid quarterly results, beating earnings and revenue estimates, and it also announced a $45 million share buyback plus a quarterly dividend yielding about 4.5%.

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $28.80 and last traded at $28.5630, with a volume of 49666 shares changing hands. The stock had previously closed at $28.52.

Analyst Ratings Changes

Several brokerages recently issued reports on MSBI. Piper Sandler boosted their price target on Midland States Bancorp from $25.50 to $28.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. DA Davidson boosted their price target on Midland States Bancorp from $23.00 to $26.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. Zacks Research upgraded Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 28th. Weiss Ratings upgraded Midland States Bancorp from a "sell (d+)" rating to a "hold (c)" rating in a research report on Monday, May 4th. Finally, Wall Street Zen lowered Midland States Bancorp from a "buy" rating to a "hold" rating in a report on Sunday, May 24th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $23.90.

Midland States Bancorp Price Performance

The stock has a fifty day simple moving average of $25.43 and a two-hundred day simple moving average of $22.69. The company has a market cap of $593.81 million, a PE ratio of 24.28 and a beta of 0.67. 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 announced its quarterly earnings data 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. The company had revenue of $81.10 million for the quarter, compared to analyst estimates of $75.59 million. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%. On average, equities analysts predict that Midland States Bancorp, Inc. will post 3.17 EPS for the current fiscal year.

Midland States Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 15th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.28 annualized dividend and a dividend yield of 4.5%. Midland States Bancorp's payout ratio is 108.47%.

Midland States Bancorp announced that its Board of Directors has approved a stock buyback program on Wednesday, May 6th that permits the company to buyback $45.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 8% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Midland States Bancorp

In other news, Director Travis Franklin purchased 9,400 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average price of $26.49 per share, with a total value of $249,006.00. Following the purchase, the director directly owned 9,400 shares of the company's stock, valued at $249,006. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 8.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On Midland States Bancorp

Several institutional investors have recently modified their holdings of the company. CANADA LIFE ASSURANCE Co lifted its stake in 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 in the last quarter. Amundi lifted 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 in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in Midland States Bancorp in the 3rd quarter valued at approximately $46,000. Quadrant Capital Group LLC lifted its stake in 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 buying an additional 3,457 shares in the last quarter. Finally, Daytona Street Capital LLC purchased a new stake in Midland States Bancorp in the 4th quarter valued at approximately $107,000. Hedge funds and other 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.

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