Midland States Bancorp (NASDAQ:MSBI) Shares Gap Up After Strong Earnings

Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report)'s share price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $22.97, but opened at $25.00. Midland States Bancorp shares last traded at $23.91, with a volume of 8,347 shares traded.

The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.11. Midland States Bancorp had a return on equity of 9.24% and a net margin of 12.10%. The business had revenue of $124.17 million during the quarter, compared to the consensus estimate of $72.90 million. During the same period in the prior year, the business posted $0.78 EPS.

Midland States Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 16th were given a dividend of $0.31 per share. The ex-dividend date was Friday, August 16th. This represents a $1.24 annualized dividend and a dividend yield of 5.25%. Midland States Bancorp's payout ratio is currently 54.39%.

Wall Street Analyst Weigh In

Several analysts recently commented on MSBI shares. Piper Sandler raised their price objective on shares of Midland States Bancorp from $24.50 to $27.00 and gave the company a "neutral" rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods reduced their price target on shares of Midland States Bancorp from $26.00 to $24.00 and set a "market perform" rating for the company in a research report on Monday, July 29th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers raised its stake in Midland States Bancorp by 2.1% in the 2nd quarter. Rhumbline Advisers now owns 33,607 shares of the financial services provider's stock valued at $761,000 after purchasing an additional 683 shares during the last quarter. EntryPoint Capital LLC acquired a new position in shares of Midland States Bancorp in the first quarter valued at approximately $42,000. Wedge Capital Management L L P NC lifted its stake in shares of Midland States Bancorp by 8.8% during the third quarter. Wedge Capital Management L L P NC now owns 28,461 shares of the financial services provider's stock valued at $637,000 after buying an additional 2,295 shares during the period. Hsbc Holdings PLC boosted its position in Midland States Bancorp by 9.9% during the second quarter. Hsbc Holdings PLC now owns 28,562 shares of the financial services provider's stock worth $652,000 after acquiring an additional 2,562 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in Midland States Bancorp by 6.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 68,640 shares of the financial services provider's stock worth $1,554,000 after acquiring an additional 3,976 shares during the period. Institutional investors and hedge funds own 60.93% of the company's stock.

Midland States Bancorp Price Performance

The company has a market capitalization of $505.45 million, a price-to-earnings ratio of 10.36 and a beta of 0.75. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.95 and a current ratio of 0.95. The company has a fifty day simple moving average of $22.46 and a two-hundred day simple moving average of $22.75.

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.