Midland States Bancorp (NASDAQ:MSBI) Price Target Cut to $24.00

Midland States Bancorp (NASDAQ:MSBI) had its price target cut by analysts at Keefe, Bruyette & Woods from $26.00 to $24.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 2.30% from the company’s previous close.

Several other research firms have also commented on MSBI. Stephens lowered their price target on shares of Midland States Bancorp from $29.00 to $27.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. Piper Sandler lowered their target price 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 investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $25.13.

Midland States Bancorp Stock Performance

MSBI traded down $0.55 on Monday, reaching $23.46. 70,618 shares of the stock were exchanged, compared to its average volume of 75,656. Midland States Bancorp has a fifty-two week low of $19.85 and a fifty-two week high of $28.47. The firm has a market capitalization of $503.92 million, a PE 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 company’s 50-day moving average price is $22.92 and its 200 day moving average price is $23.93.

Midland States Bancorp (NASDAQ:MSBI) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.52). The business had revenue of $120.95 million for the quarter, compared to analysts’ expectations of $74.90 million. Midland States Bancorp had a return on equity of 9.25% and a net margin of 12.10%. During the same period in the prior year, the business posted $0.87 earnings per share. As a group, sell-side analysts forecast that Midland States Bancorp will post 2.7 EPS for the current fiscal year.

Insider Activity at Midland States Bancorp

In other Midland States Bancorp news, SVP Douglas J. Tucker sold 3,577 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $24.00, for a total transaction of $85,848.00. Following the transaction, the senior vice president now owns 32,871 shares in the company, valued at $788,904. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Douglas J. Tucker sold 3,577 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $24.00, for a total transaction of $85,848.00. Following the completion of the sale, the senior vice president now owns 32,871 shares of the company’s stock, valued at $788,904. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Donald J. Spring sold 1,197 shares of Midland States Bancorp stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $22.00, for a total value of $26,334.00. Following the completion of the sale, the chief accounting officer now owns 12,015 shares in the company, valued at $264,330. The disclosure for this sale can be found here. 5.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC raised its position in shares of Midland States Bancorp by 176.2% in the fourth quarter. Quadrant Capital Group LLC now owns 1,425 shares of the financial services provider’s stock valued at $39,000 after buying an additional 909 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Midland States Bancorp by 9.0% in the first quarter. Los Angeles Capital Management LLC now owns 18,575 shares of the financial services provider’s stock valued at $467,000 after buying an additional 1,532 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Midland States Bancorp in the first quarter valued at about $42,000. Wedge Capital Management L L P NC raised its position in shares of Midland States Bancorp by 9.9% in the fourth quarter. Wedge Capital Management L L P NC now owns 19,274 shares of the financial services provider’s stock valued at $531,000 after buying an additional 1,740 shares during the last quarter. Finally, AJOVista LLC acquired a new stake in shares of Midland States Bancorp in the fourth quarter valued at about $67,000. Hedge funds and other institutional investors own 60.93% 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 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.