Donald J. Spring, the Chief Accounting Officer of Midland States Bancorp, Inc. (NASDAQ:MSBI), executed a sale of 431 shares of the company's common stock on November 11, 2024. The shares were sold at an average price of $27.001, amounting to a total transaction value of $11,637. Following this transaction, Spring holds 5,442 shares of common stock directly.
Additionally, Spring retains ownership of 800 Series A Preferred Depositary Shares. In the realm of derivative securities, Spring holds options to purchase a total of 6,601 shares of common stock at exercise prices of $28.59 and $28.43, with respective expiration dates in 2026 and 2032.
In other recent news, Midland States Bancorp has seen a series of developments. Piper Sandler elevated the stock price target to $27.00 from $26.00, maintaining a neutral stance. This decision followed the bank's third-quarter results, which showed higher-than-expected net interest income and core fee income, contributing to a pre-provision net revenue that surpassed expectations.
The bank's nonperforming loans inflows slowed down, and nonperforming assets remained concentrated in specific portfolios. Piper Sandler's analyst noted the bank's long-term horizon for achieving profitability comparable to its peers and emphasized the need for consistent credit improvement.
Earnings per share estimates for Q4 2024 and the full year of 2025 were revised upwards to $0.73 and $2.70, respectively. This adjustment reflects positive expectations for net interest income and net interest margin after the bank's recent results.
In another development, Midland States Bancorp announced the appointment of Travis Franklin to its Board of Directors. Franklin, currently the Executive Vice President and Chief Financial Officer of Heartland Dental, LLC, will bring his extensive experience in business management and finance to the board.
In other analyst updates, DA Davidson, Keefe, Bruyette & Woods, and Stephens all reduced their price targets for Midland States Bancorp due to lowered expectations for net interest income and anticipated increases in credit costs. Despite these adjustments, these firms maintained their ratings on the company's stock, reflecting a cautious perspective on the bank's financial outlook.
InvestingPro Insights
In light of Donald J. Spring's recent stock sale, it's worth examining some key financial metrics and trends for Midland States Bancorp, Inc. (NASDAQ:MSBI). According to InvestingPro data, MSBI's market capitalization stands at $584.26 million, with a price-to-earnings ratio of 11.84, indicating a relatively modest valuation compared to industry peers.
The company's dividend yield of 4.52% is particularly noteworthy, especially considering that MSBI has raised its dividend for 9 consecutive years, as highlighted by an InvestingPro Tip. This consistent dividend growth may appeal to income-focused investors and suggests management's confidence in the bank's financial stability.
Another InvestingPro Tip reveals that MSBI has seen a significant return over the last week, with the 1-week price total return at an impressive 9.8%. This short-term performance is part of a broader positive trend, as evidenced by the 20.46% 1-month and 33.34% 3-month price total returns.
These insights provide context to Spring's stock sale and may help investors better understand MSBI's current market position. For a more comprehensive analysis, InvestingPro offers 8 additional tips and a range of financial metrics to further evaluate Midland States Bancorp's investment potential.
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