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Jeffrey C. Smith, a director at Midland States Bancorp Inc . (NASDAQ:MSBI), has increased his stake in the company by purchasing 650 shares of common stock. The shares were acquired at a price of $18.96 each, amounting to a total transaction value of $12,324. The purchase comes as the stock trades near its 52-week low, with InvestingPro data showing the shares trading at just 0.66 times book value. Following this transaction, Smith’s direct ownership in the company stands at 33,609 shares.
Midland States Bancorp, headquartered in Effingham, Illinois, is a state commercial bank with a market capitalization of $417 million. The company offers a notable 6.18% dividend yield, and analysts expect positive net income growth this year. The recent acquisition by Smith is part of his ongoing investment in the company, reflecting his continued confidence in its prospects. InvestingPro analysis reveals 12 additional investment insights for this stock.
In other recent news, Midland States Bancorp has witnessed several developments. Piper Sandler analyst Nathan Race revised the price target for the company’s shares, reducing it to $23.00 from the previous $28.00, maintaining a neutral rating. The adjustment reflects the company’s challenging decisions in the fourth quarter, which led to increased net charge-offs and loan loss provisions. Despite these challenges, the analyst expressed optimism for the bank’s long-term value.
In addition, the bank announced the retirement of Douglas J. Tucker, Senior Vice President and Corporate Counsel, without providing information on a successor or reasons for Tucker’s retirement. Simultaneously, Travis Franklin was appointed to Midland States Bancorp’s Board of Directors.
Piper Sandler also revised the earnings per share estimates for 2025 and 2026 to $2.58 and $2.85, respectively. This adjustment reflects a smaller loan portfolio and higher operating expenses following the fourth quarter’s outcomes. Other firms, including DA Davidson, Keefe, Bruyette & Woods, and Stephens, adjusted their price targets for the company due to lower expectations for net interest income and anticipated increases in credit costs, yet maintained their ratings on the company’s stock. These developments provide an updated perspective on the evolving financial landscape of Midland States Bancorp.
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