Midland States Bancorp (NASDAQ:MSBI) Sets New 1-Year High Following Better-Than-Expected Earnings

Key Points

• Midland States Bancorp shares hit a new 52-week high after the company reported better-than-expected quarterly earnings. EPS came in at $0.82 versus the $0.78 estimate, and revenue of $83.74 million also topped forecasts.
• The bank announced a quarterly dividend of $0.32 per share, equal to an annualized yield of 4.1%. It also launched a $45 million stock repurchase program, allowing it to buy back up to 8% of outstanding shares.
• Wall Street sentiment remains mixed, with the stock carrying a consensus Hold rating and a $24.70 average target price. Still, several analysts recently raised targets or upgraded their views, while an insider purchase and rising institutional ownership added to investor interest.

Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report)'s share price hit a new 52-week high during trading on Friday following a better than expected earnings announcement. The company traded as high as $31.98 and last traded at $31.4360, with a volume of 27779 shares traded. The stock had previously closed at $30.97.

The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.04. The company had revenue of $83.74 million for the quarter, compared to analyst estimates of $80.70 million. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%.

Midland States Bancorp Dividend Announcement

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

Midland States Bancorp declared that its Board of Directors has initiated a stock repurchase program on Wednesday, May 6th that permits the company to repurchase $45.00 million in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MSBI shares. Weiss Ratings raised shares of Midland States Bancorp from a "sell (d+)" rating to a "hold (c)" rating in a research report on Monday, May 4th. Zacks Research raised Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 28th. Wall Street Zen cut Midland States Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday, May 24th. Piper Sandler upped their price target on Midland States Bancorp from $28.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Finally, DA Davidson increased their price objective 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. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $24.70.

Insiders Place Their Bets

In other news, Director Travis Franklin purchased 9,400 shares of the stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average cost of $26.49 per share, with a total value of $249,006.00. Following the acquisition, the director directly owned 9,400 shares of the company's stock, valued at $249,006. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.57% of the company's stock.

Institutional Trading of Midland States Bancorp

A number of hedge funds have recently bought and sold shares of the company. Amundi boosted its position in Midland States Bancorp by 39.4% in the first quarter. Amundi now owns 2,194 shares of the financial services provider's stock worth $38,000 after purchasing an additional 620 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Midland States Bancorp by 33.1% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 503 shares during the last quarter. CIBC Private Wealth Group LLC bought a new position in shares of Midland States Bancorp in the 3rd quarter worth approximately $46,000. Quadrant Capital Group LLC lifted its stake 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 worth $97,000 after purchasing an additional 3,457 shares during the period. Finally, Daytona Street Capital LLC purchased a new position in shares of Midland States Bancorp in the fourth quarter worth approximately $107,000. Hedge funds and other institutional investors own 60.93% of the company's stock.

Midland States Bancorp Price Performance

The firm's 50-day moving average is $29.43 and its 200-day moving average is $25.40. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $654.11 million, a P/E ratio of 26.76 and a beta of 0.66.

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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