Midland States Bancorp chief accounting officer buys $19,000 in shares

Donald J. Spring, the Chief Accounting Officer of Midland States Bancorp, Inc. (NASDAQ:MSBI), recently acquired 800 Series A Preferred Depositary Shares, valued at approximately $19,000. The shares were purchased at a price of $23.75 each on January 28, 2025. The purchase comes as the stock has experienced a significant 19.4% decline over the past week, with InvestingPro data indicating the stock is currently in oversold territory.

Following this transaction, Spring holds a total of 1,600 Series A Preferred Depositary Shares. Additionally, he maintains ownership of 5,752 shares of the company’s common stock. The acquisition did not involve any equity swaps, and all shares are held directly by Spring. The company currently offers a notable 6.18% dividend yield, and analysts maintain price targets ranging from $21 to $29, suggesting potential upside from current levels.

In addition to the non-derivative securities, Spring has options to purchase additional common stock. These options, which are set to expire in 2026 and 2032, cover a total of 6,601 shares at exercise prices of $28.59 and $28.43, respectively. InvestingPro analysis suggests the stock is currently undervalued, with 8 additional exclusive insights available to subscribers.

In other recent news, Midland States Bancorp has seen a series of significant developments. Piper Sandler analyst Nathan Race adjusted the price target for Midland States Bancorp shares to $23.00, down from $28.00, while maintaining a neutral rating. This revision came after the company’s challenging fourth quarter, which led to increased net charge-offs and loan loss provisions, potentially paving the way for improved long-term franchise value. Race also revised the earnings per share estimates for the company, lowering the 2025 and 2026 forecasts.

In addition to these financial updates, Midland States Bancorp announced the retirement of Douglas J. Tucker, Senior Vice President and Corporate Counsel. The company has not yet provided information on a successor or the reasons for Tucker’s retirement. This development is accompanied by the appointment of Travis Franklin to Midland States Bancorp’s Board of Directors.

Analysts have been closely monitoring the company’s progress, with Piper Sandler previously adjusting its stock price target to $27.00 from $26.00 based on the bank’s third-quarter performance. Other firms, including DA Davidson, Keefe, Bruyette & Woods, and Stephens, have also adjusted their price targets due to lower expectations for net interest income and anticipated increases in credit costs, yet maintained their ratings on the company’s stock. These recent developments reflect the evolving financial landscape of Midland States Bancorp.

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