Key Points
- CEO Jeffrey Ludwig sold 8,383 shares of Midland States Bancorp at $34.00 each, totaling $285,022 and reducing his stake by 2.05% to 400,971 shares.
- Midland States Bancorp exceeded quarterly expectations, reporting $0.82 in EPS versus the $0.78 consensus and $83.74 million in revenue versus $80.70 million expected.
- The company pays a $0.32 quarterly dividend, equivalent to a 3.8% yield, and authorized a $45 million share-repurchase program covering up to 8% of outstanding shares; analysts maintain a consensus “Hold” rating.
Midland States Bancorp, Inc. (NASDAQ:MSBI - Get Free Report) CEO Jeffrey Ludwig sold 8,383 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $34.00, for a total value of $285,022.00. Following the completion of the transaction, the chief executive officer owned 400,971 shares of the company's stock, valued at approximately $13,633,014. The trade was a 2.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Midland States Bancorp Price Performance
MSBI opened at $33.62 on Thursday. The stock has a fifty day simple moving average of $29.94 and a two-hundred day simple moving average of $25.73. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.71. The company has a market cap of $696.94 million, a price-to-earnings ratio of 21.55 and a beta of 0.66. Midland States Bancorp, Inc. has a 12-month low of $14.24 and a 12-month high of $34.35.
Midland States Bancorp (NASDAQ:MSBI - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.04. The firm had revenue of $83.74 million for the quarter, compared to analysts' expectations of $80.70 million. Midland States Bancorp had a net margin of 9.40% and a return on equity of 13.32%. Research analysts predict that Midland States Bancorp, Inc. will post 3.4 earnings per share for the current fiscal year.
Midland States Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 15th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.28 annualized dividend and a yield of 3.8%. Midland States Bancorp's payout ratio is presently 82.05%.
Midland States Bancorp announced that its Board of Directors has authorized a share buyback program on Wednesday, May 6th that allows the company to repurchase $45.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its shares are undervalued.
Institutional Investors Weigh In On Midland States Bancorp
A number of large investors have recently added to or reduced their stakes in MSBI. Amundi increased its position in Midland States Bancorp by 39.4% during the first 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. CANADA LIFE ASSURANCE Co grew its holdings in Midland States Bancorp by 33.1% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 2,022 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 503 shares during the period. CIBC Private Wealth Group LLC bought a new stake in Midland States Bancorp during the third quarter valued at about $46,000. Quadrant Capital Group LLC increased its position in Midland States Bancorp by 302.7% in the fourth quarter. Quadrant Capital Group LLC now owns 4,599 shares of the financial services provider's stock worth $97,000 after buying an additional 3,457 shares in the last quarter. Finally, Daytona Street Capital LLC bought a new position in shares of Midland States Bancorp in the fourth quarter worth about $107,000. Institutional investors own 60.93% of the company's stock.
Analyst Ratings Changes
Several equities analysts have recently issued reports on MSBI shares. Wall Street Zen lowered shares of Midland States Bancorp from a "buy" rating to a "hold" rating in a report on Sunday, May 24th. DA Davidson lifted their price objective on Midland States Bancorp from $30.00 to $33.00 and gave the company a "neutral" rating in a research note on Monday. Piper Sandler boosted their target price on Midland States Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday. Weiss Ratings raised Midland States Bancorp from a "sell (d+)" rating to a "hold (c)" rating in a research note on Monday, May 4th. Finally, Zacks Research raised Midland States Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Midland States Bancorp presently has a consensus rating of "Hold" and a consensus target price of $29.10.
Read Our Latest Analysis on MSBI
About Midland States Bancorp
(
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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