Wall Street Zen Upgrades Midland States Bancorp (NASDAQ:MSBI) to Hold

Key Points

• Midland States Bancorp has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, indicating a more positive outlook for the stock.
• Piper Sandler has set a price target of $21.00 for Midland States Bancorp, an increase from a previous target of $18.00.
• The company reported a loss of $0.19 per share in its recent earnings, missing analysts' expectations while showing revenue above estimates at $82.50 million.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Friday.

Separately, Piper Sandler restated a "neutral" rating and issued a $21.00 price target (up previously from $18.00) on shares of Midland States Bancorp in a research note on Friday, July 11th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Midland States Bancorp has an average rating of "Hold" and a consensus target price of $20.67.

Midland States Bancorp Trading Down 2.8%

MSBI opened at $18.14 on Friday. Midland States Bancorp has a one year low of $14.79 and a one year high of $28.08. The business has a 50 day simple moving average of $18.05 and a two-hundred day simple moving average of $17.60. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.88 and a quick ratio of 0.83. The firm has a market capitalization of $390.55 million, a price-to-earnings ratio of -23.56 and a beta of 0.78.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.63 by ($0.19). Midland States Bancorp had a negative return on equity of 1.23% and a negative net margin of 1.50%.The firm had revenue of $82.50 million for the quarter, compared to analysts' expectations of $75.76 million. Analysts predict that Midland States Bancorp will post 2.53 EPS for the current year.

Institutional Investors Weigh In On Midland States Bancorp

Several large investors have recently added to or reduced their stakes in the stock. Rafferty Asset Management LLC boosted its position in shares of Midland States Bancorp by 18.7% during the second quarter. Rafferty Asset Management LLC now owns 18,495 shares of the financial services provider's stock valued at $320,000 after buying an additional 2,910 shares during the period. BNP Paribas Financial Markets lifted its holdings in Midland States Bancorp by 6.8% during the second quarter. BNP Paribas Financial Markets now owns 58,182 shares of the financial services provider's stock worth $1,008,000 after buying an additional 3,680 shares during the period. Brevan Howard Capital Management LP acquired a new position in shares of Midland States Bancorp during the second quarter worth $211,000. Bank of America Corp DE increased its position in shares of Midland States Bancorp by 9.9% in the 2nd quarter. Bank of America Corp DE now owns 194,353 shares of the financial services provider's stock valued at $3,366,000 after acquiring an additional 17,565 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of Midland States Bancorp by 31.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 112,679 shares of the financial services provider's stock valued at $1,952,000 after acquiring an additional 26,654 shares during the period. 60.93% of the stock is owned by institutional investors.

About Midland States Bancorp

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Wealth Management, and Other segments. The company provides a range of financial products and services to consumers and businesses, including commercial loans to finance agricultural equipment and production; and commercial real estate loans for owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, and assisted living facilities.

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