Keefe, Bruyette & Woods Cuts Midland States Bancorp (NASDAQ:MSBI) Price Target to $24.00

Midland States Bancorp (NASDAQ:MSBI) had its price objective reduced by Keefe, Bruyette & Woods from $26.00 to $24.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

MSBI has been the topic of several other reports. Piper Sandler decreased their target price on shares of Midland States Bancorp from $26.00 to $24.50 and set a neutral rating on the stock in a research report on Tuesday, April 30th. Stephens reduced their price target on shares of Midland States Bancorp from $29.00 to $27.00 and set an equal weight rating on the stock in a research report on Tuesday, April 30th.

Midland States Bancorp Price Performance

Shares of Midland States Bancorp stock opened at $22.63 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.91 and a current ratio of 0.92. The firm’s 50-day simple moving average is $22.94 and its 200-day simple moving average is $23.89. Midland States Bancorp has a twelve month low of $19.85 and a twelve month high of $28.47. The firm has a market cap of $486.09 million, a P/E ratio of 7.70 and a beta of 0.76.

Midland States Bancorp (NASDAQ:MSBI) last issued 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). Midland States Bancorp had a net margin of 12.10% and a return on equity of 9.25%. The business had revenue of $120.95 million for the quarter, compared to analyst estimates of $74.90 million. During the same quarter last year, the firm posted $0.87 earnings per share. As a group, research analysts expect that Midland States Bancorp will post 2.34 EPS for the current fiscal year.

Midland States Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Friday, May 17th were given a $0.31 dividend. The ex-dividend date was Thursday, May 16th. This represents a $1.24 dividend on an annualized basis and a yield of 5.48%. Midland States Bancorp’s dividend payout ratio (DPR) is presently 42.18%.

Insider Buying and Selling at Midland States Bancorp

In other news, Director Jeffrey M. Mcdonnell purchased 2,290 shares of Midland States Bancorp stock in a transaction on Thursday, June 13th. The shares were purchased at an average cost of $21.80 per share, for a total transaction of $49,922.00. Following the completion of the transaction, the director now directly owns 24,245 shares in the company, valued at $528,541. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Jeffrey M. Mcdonnell bought 2,290 shares of Midland States Bancorp stock in a transaction dated Thursday, June 13th. The shares were bought at an average cost of $21.80 per share, for a total transaction of $49,922.00. Following the completion of the transaction, the director now owns 24,245 shares of the company’s stock, valued at $528,541. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Donald J. Spring sold 1,197 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $22.00, for a total transaction of $26,334.00. Following the transaction, the chief accounting officer now owns 12,015 shares in the company, valued at $264,330. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Midland States Bancorp

A number of large investors have recently modified their holdings of MSBI. Hennessy Advisors Inc. acquired a new position in shares of Midland States Bancorp during the fourth quarter worth approximately $3,032,000. Midland Wealth Advisors LLC bought a new stake in shares of Midland States Bancorp during the fourth quarter worth approximately $1,573,000. Acadian Asset Management LLC bought a new stake in shares of Midland States Bancorp during the first quarter worth approximately $1,106,000. Dimensional Fund Advisors LP raised its stake in shares of Midland States Bancorp by 2.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,371,940 shares of the financial services provider’s stock worth $37,811,000 after buying an additional 37,813 shares during the last quarter. Finally, Accurate Wealth Management LLC raised its stake in shares of Midland States Bancorp by 48.1% during the first quarter. Accurate Wealth Management LLC now owns 105,286 shares of the financial services provider’s stock worth $2,502,000 after buying an additional 34,191 shares during the last quarter. 60.93% of the stock is currently owned by institutional investors and hedge funds.

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.