Midland States Bancorp (MSBI) Lifted to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Midland States Bancorp (NASDAQ:MSBI) from a hold rating to a buy rating in a research note released on Wednesday morning. Zacks Investment Research currently has $30.00 price objective on the financial services provider’s stock.

According to Zacks, “Midland States Bancorp, Inc. is a financial and bank holding company. It provides commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning services. The company also offers commercial equipment leasing services which provided through Heartland Business Credit and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiaries. Midland States Bancorp, Inc. is headquartered in Effingham, Illinois. “

MSBI has been the topic of several other reports. ValuEngine downgraded Midland States Bancorp from a hold rating to a sell rating in a research note on Friday, October 12th. BidaskClub downgraded Midland States Bancorp from a sell rating to a strong sell rating in a research note on Thursday, October 4th.

Shares of NASDAQ:MSBI traded down $0.18 on Wednesday, reaching $26.57. The company had a trading volume of 36,649 shares, compared to its average volume of 57,729. Midland States Bancorp has a 52-week low of $23.27 and a 52-week high of $36.06. The company has a market capitalization of $633.31 million, a PE ratio of 13.35, a P/E/G ratio of 1.56 and a beta of 1.36. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.39.

Midland States Bancorp (NASDAQ:MSBI) last announced its earnings results on Friday, October 26th. The financial services provider reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Midland States Bancorp had a return on equity of 9.23% and a net margin of 9.27%. The firm had revenue of $63.35 million for the quarter, compared to the consensus estimate of $66.90 million. Research analysts predict that Midland States Bancorp will post 2.45 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 26th. Investors of record on Monday, November 19th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, November 16th. This represents a $0.88 annualized dividend and a yield of 3.31%. Midland States Bancorp’s dividend payout ratio (DPR) is 44.22%.

In related news, Director John M. Schultz sold 2,000 shares of the business’s stock in a transaction on Monday, October 15th. The stock was sold at an average price of $29.09, for a total transaction of $58,180.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jeffrey A. Brunoehler sold 2,822 shares of the business’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $32.03, for a total value of $90,388.66. Following the transaction, the senior vice president now owns 31,584 shares in the company, valued at $1,011,635.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,160 shares of company stock worth $837,794. 14.90% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in MSBI. Northern Trust Corp lifted its position in Midland States Bancorp by 10.6% during the 1st quarter. Northern Trust Corp now owns 161,783 shares of the financial services provider’s stock worth $5,106,000 after acquiring an additional 15,473 shares during the period. BlackRock Inc. lifted its holdings in shares of Midland States Bancorp by 31.1% in the 1st quarter. BlackRock Inc. now owns 1,026,318 shares of the financial services provider’s stock valued at $32,391,000 after buying an additional 243,517 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Midland States Bancorp by 30.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 226,927 shares of the financial services provider’s stock valued at $7,162,000 after buying an additional 52,882 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Midland States Bancorp by 60.4% in the 2nd quarter. Wells Fargo & Company MN now owns 219,882 shares of the financial services provider’s stock valued at $7,533,000 after buying an additional 82,798 shares during the period. Finally, Assetmark Inc. lifted its holdings in shares of Midland States Bancorp by 63.7% in the 2nd quarter. Assetmark Inc. now owns 7,133 shares of the financial services provider’s stock valued at $244,000 after buying an additional 2,775 shares during the period. Hedge funds and other institutional investors own 45.42% of the company’s stock.

Midland States Bancorp Company Profile

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides banking and financial products and services to individuals, businesses, municipalities, and other entities. The company's deposit products include checking, savings, money market, and sweep accounts, as well as certificates of deposits, noninterest-bearing and interest-bearing demand deposits, and time deposits.

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