Key Points
- Insider Daniel Edward Casey purchased 5,000 shares of Midland States Bancorp at $17.89 per share on Dec. 3 for $89,450, increasing his direct holdings to 28,254 shares (a 21.5% rise), per an SEC filing.
- The board approved a $25.0 million buyback program that allows repurchases of up to ~7.3% of the company’s shares, a move that typically signals management believes the stock is undervalued.
- The company recently paid a quarterly dividend of $0.32 (annualized $1.28) for a ~6.4% yield, but Midland reported negative net margin and ROE and carries a MarketBeat consensus rating of Reduce with a $19.50 price target.
Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report) insider Daniel Edward Casey purchased 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 3rd. The shares were bought at an average price of $17.89 per share, with a total value of $89,450.00. Following the acquisition, the insider directly owned 28,254 shares of the company's stock, valued at $505,464.06. This represents a 21.50% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Midland States Bancorp Stock Up 0.2%
NASDAQ MSBI traded up $0.04 on Friday, reaching $20.05. The company had a trading volume of 43,534 shares, compared to its average volume of 134,813. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.95. The company's fifty day moving average is $16.37 and its 200 day moving average is $17.22. Midland States Bancorp, Inc. has a 52-week low of $14.24 and a 52-week high of $27.21. The stock has a market capitalization of $432.08 million, a P/E ratio of -15.73 and a beta of 0.69.
Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last posted its earnings results on Wednesday, March 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter. The firm had revenue of $70.61 million during the quarter. Midland States Bancorp had a negative net margin of 3.80% and a negative return on equity of 3.63%. Sell-side analysts anticipate that Midland States Bancorp, Inc. will post 2.53 earnings per share for the current fiscal year.
Midland States Bancorp announced that its board has approved a stock buyback plan on Monday, November 3rd that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 7.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.
Midland States Bancorp Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 14th were paid a $0.32 dividend. The ex-dividend date was Friday, November 14th. This represents a $1.28 annualized dividend and a yield of 6.4%. Midland States Bancorp's dividend payout ratio (DPR) is -100.79%.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in MSBI. CIBC Private Wealth Group LLC purchased a new stake in Midland States Bancorp in the 3rd quarter worth about $46,000. Jacobs Levy Equity Management Inc. lifted its holdings in Midland States Bancorp by 6.7% during the third quarter. Jacobs Levy Equity Management Inc. now owns 120,942 shares of the financial services provider's stock valued at $2,073,000 after purchasing an additional 7,591 shares during the last quarter. Qube Research & Technologies Ltd boosted its position in Midland States Bancorp by 48.4% during the third quarter. Qube Research & Technologies Ltd now owns 59,373 shares of the financial services provider's stock worth $1,018,000 after purchasing an additional 19,354 shares during the period. Numerai GP LLC purchased a new position in shares of Midland States Bancorp in the third quarter worth about $814,000. Finally, Mariner LLC increased its stake in shares of Midland States Bancorp by 31.5% in the third quarter. Mariner LLC now owns 28,118 shares of the financial services provider's stock worth $482,000 after purchasing an additional 6,735 shares in the last quarter. Hedge funds and other institutional investors own 60.93% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on MSBI shares. Wall Street Zen raised Midland States Bancorp from a "sell" rating to a "hold" rating in a report on Friday, September 5th. Keefe, Bruyette & Woods cut their price objective on Midland States Bancorp from $20.00 to $17.00 and set a "market perform" rating on the stock in a research report on Monday, November 3rd. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Midland States Bancorp in a research report on Monday, November 24th. Piper Sandler lifted their target price on Midland States Bancorp from $18.00 to $19.00 and gave the stock a "neutral" rating in a research note on Tuesday. Finally, Zacks Research lowered shares of Midland States Bancorp from a "hold" rating to a "strong sell" rating in a research report on Thursday, November 6th. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $19.50.
Read Our Latest Stock Analysis on MSBI
About Midland States Bancorp
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
