Midland States Bancorp (NASDAQ:MSBI) Lifted to Buy at Zacks Investment Research

Midland States Bancorp (NASDAQ:MSBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The firm presently has a $28.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 10.63% from the stock’s previous close.

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 commented on MSBI. Stephens downgraded shares of Midland States Bancorp from an “overweight” rating to an “equal weight” rating and set a $28.00 price objective on the stock. in a report on Wednesday, October 13th. TheStreet raised shares of Midland States Bancorp from a “c+” rating to a “b-” rating in a report on Monday, October 18th.

NASDAQ:MSBI opened at $25.31 on Tuesday. The firm has a market cap of $557.22 million, a P/E ratio of 8.70 and a beta of 1.04. Midland States Bancorp has a one year low of $17.70 and a one year high of $30.32. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a 50-day simple moving average of $24.93 and a 200-day simple moving average of $25.12.

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Midland States Bancorp (NASDAQ:MSBI) last released its earnings results on Thursday, October 28th. The financial services provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.02. The company had revenue of $66.54 million for the quarter, compared to the consensus estimate of $69.40 million. Midland States Bancorp had a net margin of 22.05% and a return on equity of 10.98%. On average, research analysts predict that Midland States Bancorp will post 3.48 EPS for the current fiscal year.

In other news, SVP Jeffrey A. Brunoehler sold 1,362 shares of the stock in a transaction dated Tuesday, November 9th. The shares were sold at an average price of $25.53, for a total value of $34,771.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Douglas J. Tucker bought 2,000 shares of Midland States Bancorp stock in a transaction dated Monday, December 13th. The stock was acquired at an average price of $23.80 per share, with a total value of $47,600.00. The disclosure for this purchase can be found here. Insiders have sold 14,055 shares of company stock valued at $353,997 over the last 90 days. 5.80% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Quadrant Capital Group LLC raised its position in shares of Midland States Bancorp by 282.9% in the second quarter. Quadrant Capital Group LLC now owns 1,206 shares of the financial services provider’s stock valued at $32,000 after buying an additional 891 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Midland States Bancorp by 110.4% in the third quarter. BNP Paribas Arbitrage SA now owns 6,879 shares of the financial services provider’s stock valued at $170,000 after buying an additional 3,610 shares during the last quarter. Metropolitan Life Insurance Co NY raised its position in shares of Midland States Bancorp by 101,128.6% in the second quarter. Metropolitan Life Insurance Co NY now owns 7,086 shares of the financial services provider’s stock valued at $186,000 after buying an additional 7,079 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Midland States Bancorp by 1,813.4% in the second quarter. Public Employees Retirement System of Ohio now owns 7,596 shares of the financial services provider’s stock valued at $200,000 after buying an additional 7,199 shares during the last quarter. Finally, Royal Bank of Canada increased its position in Midland States Bancorp by 14.9% during the third quarter. Royal Bank of Canada now owns 8,716 shares of the financial services provider’s stock worth $216,000 after purchasing an additional 1,129 shares during the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

Midland States Bancorp Company Profile

Midland States Bancorp, Inc is a bank holding company, which engages in the provision of commercial and consumer banking products and services. It operates through the following segments: Banking, Wealth Management, and Other. The Banking segment offers financial products and services such as loans, mortgage loan sales and servicing, letters of credit, deposit products, merchant services, and corporate treasury management services.

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