Key Points
- Insider purchase: Director Travis Franklin bought 9,400 shares at an average price of $26.49 on May 5, a disclosed purchase totaling $249,006 filed with the SEC.
- Share buyback: The board approved a $45 million repurchase plan to buy up to about 8% of outstanding shares, a move that typically signals management believes the stock is undervalued.
- Financials & dividend: Midland beat Q1 estimates with EPS of $0.79 (vs. $0.60) and revenue of $81.1M (vs. $75.6M) and declared a $0.32 quarterly dividend (4.6% yield), though the dividend payout ratio is roughly 108%.
Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report) Director Travis Franklin bought 9,400 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $26.49 per share, with a total value of $249,006.00. Following the transaction, the director directly owned 9,400 shares of the company's stock, valued at approximately $249,006. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.
Midland States Bancorp Trading Up 2.6%
NASDAQ:MSBI opened at $27.79 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.80 and a current ratio of 0.78. Midland States Bancorp, Inc. has a one year low of $14.24 and a one year high of $28.38. The business's 50-day simple moving average is $22.95 and its 200 day simple moving average is $21.01. The stock has a market cap of $576.09 million, a price-to-earnings ratio of 23.55 and a beta of 0.66.
Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.60 by $0.19. Midland States Bancorp had a return on equity of 11.55% and a net margin of 7.53%.The business had revenue of $81.10 million for the quarter, compared to analysts' expectations of $75.59 million. As a group, sell-side analysts predict that Midland States Bancorp, Inc. will post 3.17 earnings per share for the current fiscal year.
Midland States Bancorp declared that its board has approved a stock buyback plan on Wednesday, May 6th that authorizes the company to buyback $45.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.
Midland States Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Friday, May 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.28 annualized dividend and a dividend yield of 4.6%. Midland States Bancorp's dividend payout ratio is 108.47%.
Hedge Funds Weigh In On Midland States Bancorp
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co lifted its position in shares of Midland States Bancorp by 33.1% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 503 shares during the last quarter. Amundi lifted its position in shares of Midland States Bancorp by 39.4% during the 1st quarter. Amundi now owns 2,194 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 620 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Midland States Bancorp by 2.4% during the 4th quarter. Commonwealth Equity Services LLC now owns 41,792 shares of the financial services provider's stock valued at $885,000 after acquiring an additional 992 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Midland States Bancorp by 3.4% during the 3rd quarter. Federated Hermes Inc. now owns 32,790 shares of the financial services provider's stock valued at $562,000 after acquiring an additional 1,071 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Midland States Bancorp by 8.1% during the 2nd quarter. First Trust Advisors LP now owns 14,385 shares of the financial services provider's stock valued at $249,000 after acquiring an additional 1,084 shares during the last quarter. 60.93% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of brokerages recently issued reports on MSBI. UBS Group set a $25.50 price objective on Midland States Bancorp in a report on Monday, January 26th. DA Davidson increased their price objective on Midland States Bancorp from $23.00 to $26.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Piper Sandler increased their price objective on Midland States Bancorp from $25.50 to $28.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Weiss Ratings raised Midland States Bancorp from a "sell (d+)" rating to a "hold (c)" rating in a report on Monday. Finally, Zacks Research raised Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $23.90.
Check Out Our Latest Report on Midland States Bancorp
Midland States Bancorp Company Profile
(
Get Free Report)
Midland States Bancorp, Inc is a bank holding company headquartered in Effingham, Illinois, that oversees Midland States Bank, a community-focused financial institution. Through its subsidiary, the company provides a full range of commercial and retail banking services designed to meet the needs of individuals, small and mid-sized businesses, and nonprofit organizations. Its branch network spans key markets in Illinois, Missouri and Florida, where it emphasizes relationship-driven banking and local decision-making.
The company's offerings include traditional deposit accounts, business and commercial lending, treasury and cash management services, mortgage financing and home equity products.
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