Zacks Investment Research Upgrades Midland States Bancorp (MSBI) to “Buy”

Midland States Bancorp (NASDAQ:MSBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage currently has a $30.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.23% from the company’s current price.

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. “

A number of other equities research analysts have also recently issued reports on the company. ValuEngine cut Midland States Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. BidaskClub cut Midland States Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 4th.

NASDAQ MSBI opened at $26.97 on Wednesday. The firm has a market cap of $648.70 million, a PE ratio of 13.55, a price-to-earnings-growth ratio of 1.60 and a beta of 1.36. Midland States Bancorp has a one year low of $23.27 and a one year high of $36.06. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 1.39.

Midland States Bancorp (NASDAQ:MSBI) last released its earnings results on Friday, October 26th. The financial services provider reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. The company had revenue of $63.35 million for the quarter, compared to analysts’ expectations of $66.90 million. Midland States Bancorp had a return on equity of 9.23% and a net margin of 9.27%. As a group, sell-side analysts forecast that Midland States Bancorp will post 2.45 EPS for the current fiscal year.

In related news, Director John M. Schultz sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $34.42, for a total value of $68,840.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jeffrey A. Brunoehler sold 2,822 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $32.03, for a total value of $90,388.66. Following the completion of the sale, the senior vice president now owns 31,584 shares in the company, valued at $1,011,635.52. The disclosure for this sale can be found here. Insiders sold a total of 25,160 shares of company stock worth $837,794 over the last 90 days. 9.20% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in MSBI. BlackRock Inc. raised its stake in Midland States Bancorp by 30.1% in the 2nd quarter. BlackRock Inc. now owns 1,334,886 shares of the financial services provider’s stock valued at $45,733,000 after acquiring an additional 308,568 shares during the period. FMR LLC raised its stake in Midland States Bancorp by 25.2% in the 2nd quarter. FMR LLC now owns 1,060,253 shares of the financial services provider’s stock valued at $36,324,000 after acquiring an additional 213,320 shares during the period. Dimensional Fund Advisors LP raised its stake in Midland States Bancorp by 51.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 343,521 shares of the financial services provider’s stock valued at $11,769,000 after acquiring an additional 116,594 shares during the period. Wells Fargo & Company MN raised its stake in Midland States Bancorp by 60.4% in the 2nd quarter. Wells Fargo & Company MN now owns 219,882 shares of the financial services provider’s stock valued at $7,533,000 after acquiring an additional 82,798 shares during the period. Finally, Northern Trust Corp raised its stake in Midland States Bancorp by 42.4% in the 2nd quarter. Northern Trust Corp now owns 230,361 shares of the financial services provider’s stock valued at $7,892,000 after acquiring an additional 68,578 shares during the period. Institutional investors and hedge funds own 45.42% of the company’s stock.

About Midland States Bancorp

Midland States Bancorp, Inc operates as a financial holding company for Midland States Bank that provides banking and financial products and services to individuals, businesses, municipalities, and other entities. The company's deposit products include checking, savings, money market, and sweep accounts, as well as certificates of deposits, noninterest-bearing and interest-bearing demand deposits, and time deposits.

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