Midland States Bancorp (NASDAQ:MSBI) Sets New 52-Week High - Still a Buy?

Key Points

• Midland States Bancorp's stock hit a new 52-week high of $25.47 (last $25.00) and was trading up about 6.9%, putting its market cap near $537 million.
• The company beat the quarter's estimates with EPS of $0.79 versus $0.60 expected and revenue of $81.1M versus $75.6M, with analysts forecasting full-year EPS of about 2.54.
• Midland pays a $0.32 quarterly dividend (annualized yield ~5.1%) but has a high payout ratio of 126.73%, and analysts hold a consensus "Reduce" rating with an average target of $23.00 below current prices.

Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Saturday . The company traded as high as $25.47 and last traded at $25.00, with a volume of 297785 shares traded. The stock had previously closed at $23.39.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MSBI. Wall Street Zen upgraded Midland States Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, January 23rd. Piper Sandler lifted their price objective on Midland States Bancorp from $23.00 to $25.50 and gave the stock a "neutral" rating in a report on Monday, January 26th. Weiss Ratings restated a "sell (d+)" rating on shares of Midland States Bancorp in a research note on Friday, March 27th. UBS Group set a $25.50 price objective on shares of Midland States Bancorp in a report on Monday, January 26th. Finally, DA Davidson increased their target price on shares of Midland States Bancorp from $23.00 to $24.00 and gave the stock a "neutral" rating in a research report on Monday, January 26th. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Midland States Bancorp has a consensus rating of "Reduce" and an average target price of $23.00.

Midland States Bancorp Trading Up 6.9%

The firm has a 50-day simple moving average of $22.55 and a 200-day simple moving average of $20.52. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a market cap of $536.75 million, a PE ratio of 21.19 and a beta of 0.57.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.19. Midland States Bancorp had a return on equity of 11.45% and a net margin of 7.53%.The company had revenue of $81.10 million during the quarter, compared to analysts' expectations of $75.59 million. Equities analysts forecast that Midland States Bancorp, Inc. will post 2.54 earnings per share for the current year.

Midland States Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Friday, February 13th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend was Friday, February 13th. Midland States Bancorp's payout ratio is presently 126.73%.

Insider Buying and Selling at Midland States Bancorp

In other news, COO Kyle Owen Mooney sold 2,808 shares of the stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $22.67, for a total value of $63,657.36. Following the sale, the chief operating officer directly owned 14,207 shares of the company's stock, valued at approximately $322,072.69. This represents a 16.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Midland States Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Midland Wealth Advisors LLC raised its position in shares of Midland States Bancorp by 49.9% in the fourth quarter. Midland Wealth Advisors LLC now owns 21,384 shares of the financial services provider's stock worth $453,000 after buying an additional 7,114 shares in the last quarter. Smith Moore & CO. bought a new stake in Midland States Bancorp during the fourth quarter valued at $210,000. Daytona Street Capital LLC purchased a new position in Midland States Bancorp during the fourth quarter worth about $107,000. Nisa Investment Advisors LLC grew its position in Midland States Bancorp by 431.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 13,378 shares of the financial services provider's stock worth $283,000 after buying an additional 10,863 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in Midland States Bancorp by 45.9% in the 4th quarter. SG Americas Securities LLC now owns 12,539 shares of the financial services provider's stock worth $265,000 after acquiring an additional 3,944 shares during the last quarter. 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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