Donald J. Spring, Chief Accounting Officer at Midland States Bancorp, Inc. (NASDAQ:MSBI), recently reported a series of stock transactions. According to the SEC filing, Spring sold 311 shares of common stock on November 7, 2024, at an average price of $27.518 per share, amounting to a total of $8,558.
Additionally, on the same day, Spring acquired 2,030 shares of common stock through an award, priced at $27.96 per share, bringing the total value of this acquisition to $56,758. Following these transactions, Spring's direct ownership stands at 5,873 shares of common stock.
These transactions reflect Spring's ongoing management of his holdings in Midland States Bancorp, a state commercial bank based in Effingham, Illinois.
In other recent news, Midland States Bancorp's third-quarter financial performance led to Piper Sandler adjusting its outlook, raising the price target to $27.00 from the previous $26.00, while maintaining a neutral stance. The revision was influenced by several positive aspects, including a higher-than-expected net interest income and core fee income, which resulted in pre-provision net revenue surpassing expectations. The fourth quarter of 2024 and the full year of 2025 earnings per share estimates were also revised upwards to $0.73 and $2.70, respectively, reflecting positive expectations for future net interest income.
Despite a deceleration in nonperforming loans inflows and a focus on nonperforming assets within specific portfolios, Piper Sandler remains cautious due to the need for consistent credit improvement and the bank's long-term profitability horizon. The bank's valuation is influenced by these factors, which are compared to its peers.
In addition, Midland States Bancorp announced the appointment of Travis Franklin to its Board of Directors. Franklin, currently Executive Vice President and Chief Financial Officer of Heartland Dental, LLC, will contribute his extensive business management and finance experience to the board.
Other recent developments include multiple financial analysts updating their outlooks on the company. Firms such as DA Davidson, Keefe, Bruyette & Woods, and Stephens reduced their price targets due to lowered expectations for net interest income and anticipated increases in credit costs. However, these firms maintained their ratings, reflecting a cautious perspective on the bank's financial outlook.
InvestingPro Insights
The recent stock transactions by Donald J. Spring, Chief Accounting Officer at Midland States Bancorp, Inc. (NASDAQ:MSBI), come at an interesting time for the company. According to InvestingPro data, MSBI's stock has shown strong performance recently, with a 27.96% price total return over the past month and an impressive 36.91% return over the last three months. This upward trend aligns with Spring's decision to acquire additional shares through an award.
InvestingPro Tips highlight that MSBI has raised its dividend for 8 consecutive years, demonstrating a commitment to shareholder returns. The company's current dividend yield stands at 4.43%, which may be attractive to income-focused investors. However, it's worth noting that the RSI suggests the stock is in overbought territory, which could indicate a potential for a short-term pullback.
From a valuation perspective, MSBI's P/E ratio of 11.72 and Price to Book ratio of 0.81 suggest the stock may be undervalued compared to peers. This could explain why five analysts have revised their earnings upwards for the upcoming period, as noted in the InvestingPro Tips.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for MSBI, providing a deeper understanding of the company's financial health and market position.
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