Jeffrey G. Ludwig, President and CEO of Midland States Bancorp, Inc. (NASDAQ:MSBI), recently executed a notable stock transaction. On October 29, Ludwig sold 12,753 shares of common stock at an average price of $24.52, totaling approximately $312,683. This sale follows an acquisition of the same number of shares through option exercises at a price of $21 per share, amounting to $267,813. Following these transactions, Ludwig's direct ownership stands at 343,935.432 shares. Additionally, Ludwig holds 11,569 shares indirectly through JQ Properties.
In other recent news, Midland States Bancorp has undergone a series of financial assessments following their third and second quarter results. Piper Sandler raised its price target for the company to $27.00, maintaining a neutral rating. This adjustment came after the third-quarter results surpassed expectations, primarily due to higher net interest income and core fee income. The firm also revised its earnings per share estimates for 2024 and 2025 upwards to $0.73 and $2.70 respectively, reflecting positive expectations for the bank's net interest income and margin.
In contrast, the bank's second-quarter results did not meet expectations, leading to a reduction in earnings per share estimates for 2024 and 2025 to $2.06 and $2.60. Despite an increase in non-performing loans, the bank experienced a decrease in net charge-off levels and a decline in substandard loans.
Other recent developments include the appointment of Travis Franklin to Midland States Bancorp's Board of Directors. Several financial firms, including DA Davidson, Keefe, Bruyette & Woods, and Stephens, adjusted their outlook on the company, maintaining a cautious perspective on the bank's financial outlook. These revisions reflect recent developments and the ongoing analysis of the bank's performance.
InvestingPro Insights
As Jeffrey G. Ludwig, President and CEO of Midland States Bancorp, Inc. (NASDAQ:MSBI), makes strategic moves with his stock holdings, investors may find value in examining the company's current financial position and market performance.
According to InvestingPro data, Midland States Bancorp boasts a market capitalization of $526.72 million and trades at a price-to-earnings ratio of 10.76, suggesting a potentially attractive valuation. The company's dividend yield stands at a robust 5.03%, which may appeal to income-focused investors.
InvestingPro Tips highlight that MSBI has raised its dividend for 8 consecutive years, demonstrating a commitment to shareholder returns. This aligns with Ludwig's recent stock transactions, potentially indicating confidence in the company's financial stability and future prospects.
Despite a year-to-date price total return of -6.8%, the stock has shown resilience with a 27.2% return over the past year. This performance, coupled with the company's dividend history, may explain why analysts have revised their earnings expectations upwards for the upcoming period.
For investors seeking a deeper understanding of Midland States Bancorp's financial health and growth potential, InvestingPro offers 7 additional tips, providing a more comprehensive analysis to inform investment decisions.
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