Midland States Bancorp (NASDAQ:MSBI) Trading Down 2.8% After Analyst Downgrade

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) traded down 2.8% during trading on Monday after Keefe, Bruyette & Woods lowered their price target on the stock from $26.00 to $24.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Midland States Bancorp traded as low as $23.34 and last traded at $23.34. 3,125 shares changed hands during trading, a decline of 96% from the average session volume of 75,288 shares. The stock had previously closed at $24.01.

MSBI has been the subject of a number of other reports. Stephens dropped their price target on shares of Midland States Bancorp from $29.00 to $27.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Piper Sandler dropped their price target on shares of Midland States Bancorp from $26.00 to $24.50 and set a “neutral” rating for the company in a research note on Tuesday, April 30th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $25.13.

Insider Activity

In other news, Director Jeffrey M. Mcdonnell acquired 2,290 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were purchased at an average price of $21.80 per share, with a total value of $49,922.00. Following the transaction, the director now directly owns 24,245 shares in the company, valued at $528,541. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Douglas J. Tucker sold 3,577 shares of Midland States Bancorp stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $24.00, for a total value of $85,848.00. Following the transaction, the senior vice president now owns 32,871 shares of the company’s stock, valued at approximately $788,904. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeffrey M. Mcdonnell acquired 2,290 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $21.80 per share, for a total transaction of $49,922.00. Following the transaction, the director now owns 24,245 shares in the company, valued at $528,541. The disclosure for this purchase can be found here. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MSBI. Hennessy Advisors Inc. purchased a new stake in Midland States Bancorp during the 4th quarter worth approximately $3,032,000. Midland Wealth Advisors LLC purchased a new stake in Midland States Bancorp during the 4th quarter worth approximately $1,573,000. Acadian Asset Management LLC purchased a new stake in Midland States Bancorp during the 1st quarter worth approximately $1,106,000. Dimensional Fund Advisors LP grew its position in Midland States Bancorp by 2.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,371,940 shares of the financial services provider’s stock worth $37,811,000 after purchasing an additional 37,813 shares during the last quarter. Finally, Accurate Wealth Management LLC grew its position in Midland States Bancorp by 48.1% during the 1st quarter. Accurate Wealth Management LLC now owns 105,286 shares of the financial services provider’s stock worth $2,502,000 after purchasing an additional 34,191 shares during the last quarter. Hedge funds and other institutional investors own 60.93% of the company’s stock.

Midland States Bancorp Stock Performance

The company has a market cap of $504.99 million, a PE ratio of 8.01 and a beta of 0.76. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.59. The firm’s 50-day simple moving average is $22.92 and its two-hundred day simple moving average is $23.93.

Midland States Bancorp (NASDAQ:MSBI) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.52). The company had revenue of $120.95 million for the quarter, compared to analysts’ expectations of $74.90 million. Midland States Bancorp had a return on equity of 9.25% and a net margin of 12.10%. During the same period in the prior year, the firm posted $0.87 EPS. As a group, research analysts anticipate that Midland States Bancorp, Inc. will post 2.7 earnings per share for the current fiscal year.

Midland States Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Friday, May 17th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 5.27%. The ex-dividend date of this dividend was Thursday, May 16th. Midland States Bancorp’s dividend payout ratio (DPR) is currently 42.18%.

Midland States Bancorp Company Profile

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.