DA Davidson Has Bullish Forecast for MSBI FY2024 Earnings

Midland States Bancorp, Inc. (NASDAQ:MSBI) – Research analysts at DA Davidson increased their FY2024 EPS estimates for Midland States Bancorp in a report released on Wednesday, October 30th. DA Davidson analyst J. Rulis now expects that the financial services provider will post earnings of $2.19 per share for the year, up from their previous estimate of $1.95. The consensus estimate for Midland States Bancorp’s current full-year earnings is $2.00 per share. DA Davidson also issued estimates for Midland States Bancorp’s Q4 2024 earnings at $0.70 EPS.

Midland States Bancorp (NASDAQ:MSBI) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.11. The company had revenue of $124.17 million during the quarter, compared to analyst estimates of $72.90 million. Midland States Bancorp had a net margin of 12.13% and a return on equity of 9.00%. During the same quarter last year, the business posted $0.78 EPS.

A number of other research analysts have also recently commented on the company. Keefe, Bruyette & Woods dropped their price target 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 price objective on shares of Midland States Bancorp from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, StockNews.com upgraded shares of Midland States Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday.

Midland States Bancorp Price Performance

Shares of NASDAQ MSBI opened at $25.05 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.10. The stock has a fifty day simple moving average of $22.58 and a two-hundred day simple moving average of $22.75. Midland States Bancorp has a 1-year low of $20.54 and a 1-year high of $28.47. The firm has a market cap of $535.82 million, a price-to-earnings ratio of 10.84 and a beta of 0.75.

Hedge Funds Weigh In On Midland States Bancorp

Several hedge funds have recently bought and sold shares of MSBI. Rhumbline Advisers lifted its stake in Midland States Bancorp by 2.1% in the 2nd quarter. Rhumbline Advisers now owns 33,607 shares of the financial services provider’s stock worth $761,000 after purchasing an additional 683 shares in the last quarter. EntryPoint Capital LLC bought a new position in shares of Midland States Bancorp in the first quarter worth $42,000. US Bancorp DE raised its position in shares of Midland States Bancorp by 141.6% in the third quarter. US Bancorp DE now owns 3,803 shares of the financial services provider’s stock worth $85,000 after buying an additional 2,229 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in Midland States Bancorp by 8.8% during the third quarter. Wedge Capital Management L L P NC now owns 28,461 shares of the financial services provider’s stock valued at $637,000 after buying an additional 2,295 shares during the period. Finally, Hsbc Holdings PLC grew its position in Midland States Bancorp by 9.9% during the second quarter. Hsbc Holdings PLC now owns 28,562 shares of the financial services provider’s stock worth $652,000 after buying an additional 2,562 shares in the last quarter. Hedge funds and other institutional investors own 60.93% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Jeffrey G. Ludwig sold 12,753 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $24.52, for a total transaction of $312,703.56. Following the sale, the chief executive officer now directly owns 343,935 shares in the company, valued at $8,433,286.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 5.60% of the stock is owned by corporate insiders.

Midland States Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 16th were issued a dividend of $0.31 per share. The ex-dividend date was Friday, August 16th. This represents a $1.24 dividend on an annualized basis and a yield of 4.95%. Midland States Bancorp’s dividend payout ratio (DPR) is 53.68%.

About Midland States Bancorp

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.