Midland States Bancorp (NASDAQ:MSBI) Shares Gap Up After Earnings Beat

Shares of Midland States Bancorp, Inc. (NASDAQ:MSBI) gapped up before the market opened on Friday following a better than expected earnings announcement. 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 trading hands.

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

Midland States Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, August 16th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 5.11%. The ex-dividend date was Friday, August 16th. Midland States Bancorp’s dividend payout ratio is 54.39%.

Analyst Upgrades and Downgrades

MSBI has been the subject of a number of research reports. Piper Sandler increased their price objective on Midland States Bancorp from $24.50 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods reduced their price target on Midland States Bancorp from $26.00 to $24.00 and set a “market perform” rating for the company in a research report on Monday, July 29th.

Hedge Funds Weigh In On Midland States Bancorp

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

Midland States Bancorp Stock Up 5.7 %

The firm has a market capitalization of $519.14 million, a P/E ratio of 10.83 and a beta of 0.75. The firm’s 50 day moving average is $22.42 and its two-hundred day moving average is $22.76. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.95 and a quick ratio of 0.95.

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.