Midland States Bancorp (NASDAQ:MSBI) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Midland States Bancorp from “hold” to “buy,” while the broader analyst consensus remains “hold” with an average price target of $29.10.
• The company exceeded quarterly expectations, reporting $0.82 in earnings per share versus the $0.78 estimate and revenue of $83.74 million versus the $80.70 million consensus.
• Midland States Bancorp authorized a $45 million share-repurchase program, allowing it to buy back up to 8% of outstanding shares; the stock recently opened at $33.67, near its one-year high of $34.35.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

Other analysts have also issued research reports about the company. Zacks Research raised Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 28th. Keefe, Bruyette & Woods boosted their target price on shares of Midland States Bancorp from $28.00 to $31.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. DA Davidson upped their target price on shares of Midland States Bancorp from $30.00 to $33.00 and gave the company a "neutral" rating in a report on Monday. Piper Sandler raised their price target on shares of Midland States Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a research note on Tuesday. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $29.10.

Midland States Bancorp Price Performance

MSBI stock opened at $33.67 on Friday. The stock's 50 day moving average price is $30.17 and its 200 day moving average price is $25.86. The firm has a market cap of $697.98 million, a P/E ratio of 21.58 and a beta of 0.66. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.78 and a current ratio of 0.78. Midland States Bancorp has a 1 year low of $14.24 and a 1 year high of $34.35.

Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.04. Midland States Bancorp had a return on equity of 13.32% and a net margin of 9.40%.The company had revenue of $83.74 million during the quarter, compared to the consensus estimate of $80.70 million. On average, sell-side analysts expect that Midland States Bancorp will post 3.4 earnings per share for the current fiscal year.

Midland States Bancorp announced that its board has initiated a stock repurchase program on Wednesday, May 6th that allows the company to buyback $45.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Midland States Bancorp news, CEO Jeffrey G. Ludwig sold 8,383 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $34.00, for a total value of $285,022.00. Following the sale, the chief executive officer directly owned 400,971 shares of the company's stock, valued at approximately $13,633,014. This trade represents a 2.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Travis Franklin purchased 9,400 shares of the stock in a transaction on Tuesday, May 5th. The stock was acquired at an average price of $26.49 per share, with a total value of $249,006.00. Following the acquisition, the director directly owned 9,400 shares in the company, valued at $249,006. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 8.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Amundi grew its holdings in Midland States Bancorp by 39.4% in the first quarter. Amundi now owns 2,194 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 620 shares during the period. CANADA LIFE ASSURANCE Co boosted 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 purchasing an additional 503 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in shares of Midland States Bancorp in the 3rd quarter valued at $46,000. Quadrant Capital Group LLC grew its stake in shares of Midland States Bancorp by 302.7% during 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 during the period. Finally, Daytona Street Capital LLC purchased a new stake in shares of Midland States Bancorp during the 4th quarter valued at $107,000. 60.93% of the stock is currently owned by hedge funds and other institutional investors.

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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