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Midland States Bancrop
(NASDAQ:MSBI)
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Rating:65Neutral
Price Target:
$35.00
▲(6.06% Upside)
Action:Downgraded
Date:10/23/26
MSBI scores in the mid-range primarily due to improving TTM profitability and strong cash generation with manageable leverage, but is held back by revenue decline and historical earnings volatility. Technicals are largely neutral with slightly negative MACD, valuation is only moderate with support from a ~4% dividend yield, and recent corporate updates are constructive (earnings momentum and dividend growth).
Positive Factors
Improving Profitability
Q3 net income and EPS rose sequentially and year over year, while return on average assets reached 1.35% and net interest margin was 4.03%. Improving profitability gives the bank greater internal capacity to support growth, capital and shareholder distributions over the next several quarters.
Negative Factors
Revenue Contraction
Recent revenue contraction limits the foundation for sustained earnings expansion and suggests that improved profitability is not yet supported by broad top-line growth. Continued weakness could constrain operating leverage, reduce growth capacity and make future results more dependent on margins or portfolio changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Profitability
Q3 net income and EPS rose sequentially and year over year, while return on average assets reached 1.35% and net interest margin was 4.03%. Improving profitability gives the bank greater internal capacity to support growth, capital and shareholder distributions over the next several quarters.
Read all positive factors
Midland States Bancrop (MSBI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$675.69M
Dividend Yield3.96%
Average Volume (3M)164.78K
Price to Earnings (P/E)20.4
Beta (1Y)0.61
Revenue Growth-21.58%
EPS GrowthN/A
CountryUS
Employees850
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.60
Shares Outstanding20,752,111
10 Day Avg. Volume141,027
30 Day Avg. Volume164,781
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.82
Price to Sales (P/S)0.99
P/FCF Ratio3.84
Enterprise Value/Market Cap1.22
Enterprise Value/Revenue1.86
Enterprise Value/Gross Profit2.90
Enterprise Value/Ebitda11.88
Forecast
1Y Price Target
$33.00Price Target Upside0.00%
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)3.34
Revenue Forecast (FY)$331.30M
Midland States Bancrop Business Overview & Revenue Model
Company Description
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 in Banking and Wealth Mana...
How the Company Makes Money
Midland States Bancorp primarily earns money through a combination of net interest income and noninterest (fee) income typical of a regional/community banking model. (1) Net interest income: The largest driver is generally the spread between inter...
Midland States Bancrop Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
77
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 442.94M | 467.59M | 546.05M | 508.50M | 436.51M | 313.23M |
| Gross Profit | 283.15M | 268.30M | 235.94M | 257.66M | 303.73M | 279.70M |
| EBITDA | 69.19M | -91.29M | 60.06M | 100.68M | 145.76M | 115.46M |
| Net Income | 43.02M | -124.28M | 38.04M | 61.16M | 100.24M | 81.32M |
Balance Sheet | ||||||
| Total Assets | 6.70B | 6.51B | 7.51B | 7.87B | 7.86B | 7.44B |
| Cash, Cash Equivalents and Short-Term Investments | 1.96B | 1.42B | 1.07B | 1.05B | 921.58M | 1.58B |
| Total Debt | 344.89M | 380.20M | 423.25M | 604.41M | 644.39M | 536.61M |
| Total Liabilities | 6.13B | 5.95B | 6.80B | 7.08B | 7.10B | 6.78B |
| Stockholders Equity | 569.69M | 565.50M | 710.85M | 791.85M | 758.57M | 663.84M |
Cash Flow | ||||||
| Free Cash Flow | 116.36M | 120.33M | 169.65M | 145.91M | 243.59M | 331.72M |
| Operating Cash Flow | 119.36M | 125.68M | 176.55M | 154.64M | 247.06M | 334.44M |
| Investing Cash Flow | 437.19M | 748.90M | 136.71M | -76.08M | -1.10B | -478.50M |
| Financing Cash Flow | -434.39M | -861.54M | -333.55M | -104.13M | 332.08M | 482.79M |
Midland States Bancrop Technical Analysis
Positive
33.00
Price Trends
32.88
Negative
31.75
Positive
27.45
Positive
Market Momentum
-0.18
Negative
50.25
Neutral
58.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSBI, the sentiment is Positive. The current price of 33 is above the 20-day moving average (MA) of 32.53, above the 50-day MA of 32.88, and above the 200-day MA of 27.45, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 50.25 is Neutral, neither overbought nor oversold. The STOCH value of 58.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MSBI.
Midland States Bancrop Risk Analysis
Midland States Bancrop disclosed 38 risk factors in its most recent earnings report. Midland States Bancrop reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Midland States Bancrop Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $594.15M | 10.69 | 14.75% | 1.85% | 6.56% | 16.72% | |
75 Outperform | $806.50M | 10.34 | 14.12% | 3.06% | 0.24% | 12.12% | |
71 Outperform | $555.95M | 9.91 | 10.05% | 2.65% | 4.88% | 6.47% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $574.69M | 10.01 | 11.20% | ― | 10.34% | 49.30% | |
65 Neutral | $675.69M | 20.37 | 7.55% | 3.96% | -21.58% | ― | |
63 Neutral | $783.59M | 10.38 | 12.91% | 1.45% | 3.70% | 24.24% |
* Financial Sector Average
MSBI
Midland States Bancrop
32.59
17.14
110.90%
FBIZ
First Business Financial
70.90
22.25
45.74%
CIVB
Civista Bancshares
26.75
6.07
29.36%
SMBC
Southern Missouri Bancorp
70.46
19.27
37.64%
IBCP
Independent Bank
35.99
5.53
18.15%
BWB
Bridgewater Bancshares
20.13
3.28
19.47%
Midland States Bancrop Corporate Events
Business Operations and StrategyFinancial Disclosures
Midland States Bancorp Highlights Strong Q3 Earnings Momentum
Positive
Oct 22, 2026
On October 22, 2026, Midland States Bancorp reported third-quarter 2026 net income available to common shareholders of $20.6 million, or $0.95 per diluted share, up from $17.7 million in the prior quarter and $5.3 million a year earlier, as return...
Business Operations and StrategyDividendsFinancial Disclosures
Midland States Bancorp Raises Quarterly Dividend Again
Positive
Aug 4, 2026
On August 4, 2026, Midland States Bancorp, Inc. announced that its board had raised the quarterly cash dividend on common stock to $0.33 per share, a 3.1% increase from the prior $0.32, payable August 21 to shareholders of record on August 14. The...
Business Operations and StrategyFinancial Disclosures
Midland States Bancorp Highlights Strong Q2 2026 Performance
Positive
Jul 28, 2026
Midland States Bancorp, Inc. released an investor presentation in July 2026 outlining its strategy to build a high-performing, tech-forward community bank with $6.7 billion in assets, $4.2 billion in loans, $5.7 billion in deposits and $4.8 billio...
Business Operations and StrategyStock BuybackFinancial Disclosures
Midland States Bancorp Reports Strong Second-Quarter 2026 Results
Positive
Jul 23, 2026
Midland States Bancorp reported that on July 23, 2026, it released a slide presentation detailing its second quarter 2026 financial performance, highlighted by net income available to common shareholders of $17.7 million, or $0.82 per diluted shar...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.