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

Midland States Bancorp, Inc. (NASDAQ:MSBI) shares fell 2.8% during mid-day 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 were traded during trading, a decline of 96% from the average session volume of 75,288 shares. The stock had previously closed at $24.01.

Other analysts have also issued research reports about the company. Stephens dropped their price objective on Midland States Bancorp from $29.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 30th. Piper Sandler dropped their price objective on Midland States Bancorp from $26.00 to $24.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 30th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, Midland States Bancorp presently has an average rating of “Hold” and an average price target of $25.13.

Insider Activity

In other news, SVP Douglas J. Tucker sold 3,577 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was 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 $788,904. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Douglas J. Tucker sold 3,577 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was 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 $788,904. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Donald J. Spring sold 1,197 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $22.00, for a total value of $26,334.00. Following the completion of the transaction, the chief accounting officer now directly owns 12,015 shares in the company, valued at approximately $264,330. The disclosure for this sale can be found here. 5.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Midland States Bancorp

A number of large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in Midland States Bancorp by 6.7% during the second quarter. Bank of New York Mellon Corp now owns 165,615 shares of the financial services provider’s stock worth $3,751,000 after buying an additional 10,354 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Midland States Bancorp during the second quarter worth approximately $218,000. Comerica Bank grew its position in Midland States Bancorp by 950.4% during the first quarter. Comerica Bank now owns 7,468 shares of the financial services provider’s stock worth $188,000 after buying an additional 6,757 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in Midland States Bancorp during the first quarter worth approximately $42,000. Finally, Acadian Asset Management LLC acquired a new stake in Midland States Bancorp during the first quarter worth approximately $1,106,000. Institutional investors and hedge funds own 60.93% of the company’s stock.

Midland States Bancorp Stock Down 2.1 %

The firm has a market cap of $504.99 million, a price-to-earnings ratio of 8.01 and a beta of 0.76. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a 50-day moving average of $22.92 and a 200-day moving average of $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). Midland States Bancorp had a return on equity of 9.25% and a net margin of 12.10%. The business had revenue of $120.95 million for the quarter, compared to the consensus estimate of $74.90 million. During the same quarter in the previous year, the company earned $0.87 earnings per share. Sell-side analysts predict that Midland States Bancorp, Inc. will post 2.7 EPS for the current fiscal year.

Midland States Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Friday, May 17th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 5.27%. The ex-dividend date of this dividend was Thursday, May 16th. Midland States Bancorp’s payout ratio is presently 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.