Midland States Bancorp, Inc. (NASDAQ:MSBI) to Issue $0.31 Quarterly Dividend

Midland States Bancorp, Inc. (NASDAQ:MSBI) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Investors of record on Friday, May 17th will be given a dividend of 0.31 per share by the financial services provider on Friday, May 24th. This represents a $1.24 dividend on an annualized basis and a yield of 5.22%. The ex-dividend date is Thursday, May 16th.

Midland States Bancorp has increased its dividend payment by an average of 3.9% per year over the last three years and has raised its dividend every year for the last 8 years. Midland States Bancorp has a dividend payout ratio of 40.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Midland States Bancorp to earn $3.03 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 40.9%.

Midland States Bancorp Trading Up 0.6 %

Shares of NASDAQ MSBI traded up $0.15 during midday trading on Thursday, hitting $23.74. The stock had a trading volume of 8,344 shares, compared to its average volume of 60,224. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $518.72 million, a P/E ratio of 8.10 and a beta of 0.79. The company’s 50-day simple moving average is $23.91 and its 200 day simple moving average is $24.52. Midland States Bancorp has a fifty-two week low of $18.54 and a fifty-two week high of $28.47.

Midland States Bancorp (NASDAQ:MSBI) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.18). Midland States Bancorp had a net margin of 15.17% and a return on equity of 11.56%. The business had revenue of $122.86 million during the quarter, compared to analyst estimates of $75.05 million. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Research analysts anticipate that Midland States Bancorp will post 2.76 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Keefe, Bruyette & Woods cut their price target on Midland States Bancorp from $28.00 to $26.00 and set a “market perform” rating for the company in a report on Tuesday, April 30th. Stephens lowered their price target on shares of Midland States Bancorp from $29.00 to $27.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Finally, Piper Sandler cut their target price on Midland States Bancorp from $26.00 to $24.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 30th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $25.63.

Insider Activity

In other Midland States Bancorp news, SVP Douglas J. Tucker sold 3,577 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $24.00, for a total transaction of $85,848.00. Following the completion of the transaction, the senior vice president now owns 32,871 shares in the company, valued at approximately $788,904. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 5.60% of the company’s stock.

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.