Midland States Bancorp (NASDAQ:MSBI) Lifted to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Midland States Bancorp (NASDAQ:MSBI) from a strong sell rating to a strong-buy rating in a report issued on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $17.00 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. “

Other analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods cut shares of Midland States Bancorp from an outperform rating to a market perform rating and set a $22.00 target price for the company. in a research note on Wednesday, April 1st. ValuEngine upgraded shares of Midland States Bancorp from a sell rating to a hold rating in a research note on Wednesday, July 15th. Piper Sandler lifted their target price on shares of Midland States Bancorp from $15.50 to $16.00 and gave the stock a neutral rating in a research note on Monday, July 27th. Stephens cut shares of Midland States Bancorp from an overweight rating to an equal weight rating in a research note on Thursday, April 9th. Finally, BidaskClub cut shares of Midland States Bancorp from a sell rating to a strong sell rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a strong buy rating to the company’s stock. Midland States Bancorp has a consensus rating of Hold and an average target price of $18.33.

NASDAQ:MSBI opened at $14.09 on Thursday. Midland States Bancorp has a fifty-two week low of $12.49 and a fifty-two week high of $29.50. The stock has a market capitalization of $326.93 million, a P/E ratio of 7.70 and a beta of 1.11. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.02 and a current ratio of 1.05. The company’s 50-day simple moving average is $14.32 and its 200-day simple moving average is $18.65.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings results on Friday, July 24th. The financial services provider reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.28. The business had revenue of $68.39 million for the quarter, compared to analysts’ expectations of $62.30 million. Midland States Bancorp had a net margin of 11.47% and a return on equity of 6.91%. On average, research analysts forecast that Midland States Bancorp will post 1.95 EPS for the current year.

In other news, Director Jeffrey M. Mcdonnell bought 3,460 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was purchased at an average cost of $14.45 per share, with a total value of $49,997.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Douglas J. Tucker bought 2,000 shares of the business’s stock in a transaction dated Friday, July 10th. The shares were purchased at an average cost of $13.00 per share, with a total value of $26,000.00. Following the completion of the acquisition, the senior vice president now owns 20,922 shares in the company, valued at $271,986. The disclosure for this purchase can be found here. Insiders have acquired a total of 19,960 shares of company stock valued at $285,077 over the last three months. 7.90% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. Advisor Group Holdings Inc. purchased a new position in shares of Midland States Bancorp during the 1st quarter valued at approximately $25,000. Royal Bank of Canada increased its holdings in shares of Midland States Bancorp by 185.9% during the 1st quarter. Royal Bank of Canada now owns 3,862 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 2,511 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in shares of Midland States Bancorp by 46.0% during the 1st quarter. Meeder Asset Management Inc. now owns 4,453 shares of the financial services provider’s stock valued at $78,000 after purchasing an additional 1,403 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Midland States Bancorp by 48.6% during the 4th quarter. Victory Capital Management Inc. now owns 5,796 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 1,896 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Midland States Bancorp during the 4th quarter valued at approximately $199,000. 52.31% of the stock is owned by hedge funds and other institutional investors.

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, Commercial FHA Origination and Servicing, Wealth Management, and Other segments.

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