Midland States Bancorp (NASDAQ:MSBI) Shares Gap Up on Strong Earnings

Midland States Bancorp, Inc. (NASDAQ:MSBI) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $22.97, but opened at $25.00. Midland States Bancorp shares last traded at $23.91, with a volume of 8,347 shares traded.

The financial services provider reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Midland States Bancorp had a return on equity of 9.24% and a net margin of 12.10%. The company had revenue of $124.17 million for the quarter, compared to analyst estimates of $72.90 million. During the same period in the prior year, the firm earned $0.78 earnings per share.

Midland States Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, August 16th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.25%. The ex-dividend date of this dividend was Friday, August 16th. Midland States Bancorp’s payout ratio is 54.39%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods lowered their target price on Midland States Bancorp from $26.00 to $24.00 and set a “market perform” rating on the stock in a research report on Monday, July 29th. Piper Sandler upped their target price on Midland States Bancorp from $24.50 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th.

Institutional Investors Weigh In On Midland States Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of MSBI. Bank of Montreal Can purchased a new stake in Midland States Bancorp in the 2nd quarter valued at $1,350,000. American Century Companies Inc. raised its position in Midland States Bancorp by 16.0% in the 2nd quarter. American Century Companies Inc. now owns 402,092 shares of the financial services provider’s stock valued at $9,107,000 after buying an additional 55,555 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Midland States Bancorp in the 1st quarter valued at $1,106,000. Janney Montgomery Scott LLC purchased a new stake in Midland States Bancorp in the 1st quarter valued at $581,000. Finally, Squarepoint Ops LLC purchased a new stake in Midland States Bancorp in the 2nd quarter valued at $248,000. 60.93% of the stock is owned by hedge funds and other institutional investors.

Midland States Bancorp Price Performance

The firm has a market capitalization of $505.45 million, a PE ratio of 10.36 and a beta of 0.75. The business has a 50-day moving average of $22.46 and a 200 day moving average of $22.75. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.10.

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.