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 to investors on Wednesday. The brokerage currently has a $30.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates 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. “

Several other research firms also recently issued reports on MSBI. BidaskClub downgraded shares of Midland States Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 4th. ValuEngine downgraded shares of Midland States Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 12th.

Shares of MSBI stock opened at $26.97 on Wednesday. The company has a market cap of $648.70 million, a PE ratio of 13.55, a P/E/G ratio of 1.60 and a beta of 1.36. Midland States Bancorp has a 52 week low of $23.27 and a 52 week high of $36.06. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.03 and a quick ratio of 1.02.

Midland States Bancorp (NASDAQ:MSBI) last announced its quarterly earnings data on Friday, October 26th. The financial services provider reported $0.64 EPS for the quarter, topping the consensus estimate of $0.61 by $0.03. The company had revenue of $63.35 million during the quarter, compared to the consensus estimate of $66.90 million. Midland States Bancorp had a net margin of 9.27% and a return on equity of 9.23%. On average, sell-side analysts expect that Midland States Bancorp will post 2.45 earnings per share for the current fiscal year.

In related news, SVP Sharon A. Schaubert sold 12,338 shares of Midland States Bancorp stock in a transaction on Friday, September 14th. The shares were sold at an average price of $34.04, for a total value of $419,985.52. Following the completion of the sale, the senior vice president now owns 25,007 shares of the company’s stock, valued at approximately $851,238.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John M. Schultz sold 2,000 shares of Midland States Bancorp stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $34.58, for a total transaction of $69,160.00. The disclosure for this sale can be found here. In the last three months, insiders sold 25,160 shares of company stock valued at $837,794. 9.20% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Metropolitan Life Insurance Co. NY lifted its stake in Midland States Bancorp by 32.1% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 7,086 shares of the financial services provider’s stock valued at $243,000 after acquiring an additional 1,723 shares in the last quarter. MetLife Investment Advisors LLC lifted its stake in Midland States Bancorp by 33.4% during the 2nd quarter. MetLife Investment Advisors LLC now owns 10,034 shares of the financial services provider’s stock valued at $344,000 after acquiring an additional 2,513 shares in the last quarter. Quantum Capital Management lifted its stake in Midland States Bancorp by 4.0% during the 2nd quarter. Quantum Capital Management now owns 66,566 shares of the financial services provider’s stock valued at $2,281,000 after acquiring an additional 2,566 shares in the last quarter. Assetmark Inc. lifted its stake in Midland States Bancorp by 63.7% during the 2nd quarter. Assetmark Inc. now owns 7,133 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 2,775 shares in the last quarter. Finally, Cim Investment Mangement Inc. lifted its stake in Midland States Bancorp by 31.1% during the 2nd quarter. Cim Investment Mangement Inc. now owns 12,279 shares of the financial services provider’s stock valued at $421,000 after acquiring an additional 2,916 shares in the last quarter. 45.42% of the stock is owned by institutional investors and hedge funds.

Midland States Bancorp Company Profile

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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