Midland States Bancrop (MSBI)
NASDAQ:MSBI
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Midland States Bancrop
(NASDAQ:MSBI)
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Rating:73Outperform
Price Target:
$31.00
▲(30.31% Upside)
Action:Upgraded
Date:05/12/26
The score is driven by strong technical momentum and attractive valuation (low P/E plus a high dividend yield). Financial performance is improving with a clear earnings rebound and solid cash generation, but the declining revenue trend and still-subpar ROE versus prior years keep the fundamental profile from scoring higher; recent capital-return and governance events provide a modest positive support.
Positive Factors
Cash generation
Consistent TTM operating and free cash flow that roughly equals net income provides durable internal funding for loan growth, provisions, and shareholder returns. Strong cash conversion improves financial flexibility, reduces reliance on external funding, and supports capital allocation over the next several quarters.
Negative Factors
Declining revenue trend
A sustained decline in revenue reduces operating scale and makes it harder to cover fixed costs, compressing margins. Over several quarters this limits reinvestment capacity, slows loan and fee growth, and raises the bar for restoring prior profitability levels without structural revenue recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent TTM operating and free cash flow that roughly equals net income provides durable internal funding for loan growth, provisions, and shareholder returns. Strong cash conversion improves financial flexibility, reduces reliance on external funding, and supports capital allocation over the next several quarters.
Read all positive factors
Midland States Bancrop (MSBI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$572.76M
Dividend Yield5.87%
Average Volume (3M)139.99K
Price to Earnings (P/E)6.4
Beta (1Y)0.73
Revenue Growth-19.77%
EPS GrowthN/A
CountryUS
Employees907
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.21
Shares Outstanding20,729,800
10 Day Avg. Volume153,914
30 Day Avg. Volume139,988
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 Cap1.53
Enterprise Value/Revenue1.96
Enterprise Value/Gross Profit3.28
Enterprise Value/Ebitda16.58
Forecast
1Y Price Target
$26.33Price Target Upside10.69% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)2.65
Revenue Forecast (FY)$307.69M
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 through Banking, Wealth Ma...
How the Company Makes Money
Midland States Bancorp primarily makes money through its banking subsidiary by earning interest and fees from financial products and services.
1) Net interest income (core earnings): The largest driver is typically the spread between (a) interest...
Midland States Bancrop Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
58
Neutral
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 449.08M | 467.59M | 546.05M | 508.50M | 436.51M | 313.23M |
| Gross Profit | 268.10M | 268.30M | 235.94M | 257.66M | 303.73M | 279.70M |
| EBITDA | 52.96M | -93.47M | 46.90M | 100.68M | 145.76M | 115.46M |
| Net Income | 35.16M | -124.28M | 38.04M | 61.16M | 100.24M | 81.32M |
Balance Sheet | ||||||
| Total Assets | 6.55B | 6.51B | 7.51B | 7.87B | 7.86B | 7.44B |
| Cash, Cash Equivalents and Short-Term Investments | 1.45B | 1.42B | 1.07B | 1.05B | 921.58M | 1.58B |
| Total Debt | 418.45M | 380.20M | 423.25M | 604.41M | 644.39M | 536.61M |
| Total Liabilities | 5.99B | 5.95B | 6.80B | 7.08B | 7.10B | 6.78B |
| Stockholders Equity | 558.95M | 565.50M | 710.85M | 791.85M | 758.57M | 663.84M |
Cash Flow | ||||||
| Free Cash Flow | 117.06M | 120.33M | 169.65M | 145.91M | 243.59M | 331.72M |
| Operating Cash Flow | 117.95M | 125.68M | 176.55M | 154.64M | 247.06M | 334.44M |
| Investing Cash Flow | 641.09M | 748.90M | 136.71M | -76.08M | -1.10B | -478.50M |
| Financing Cash Flow | -747.38M | -861.54M | -333.55M | -104.13M | 332.08M | 482.79M |
Midland States Bancrop Technical Analysis
Positive
23.79
Price Trends
24.13
Positive
23.10
Positive
20.04
Positive
Market Momentum
0.89
Positive
67.01
Neutral
66.00
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 23.79 is below the 20-day moving average (MA) of 26.68, below the 50-day MA of 24.13, and above the 200-day MA of 20.04, indicating a bullish trend. The MACD of 0.89 indicates Positive momentum. The RSI at 67.01 is Neutral, neither overbought nor oversold. The STOCH value of 66.00 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 | $415.32M | 8.31 | 13.31% | 1.66% | 7.75% | 217.94% | |
75 Outperform | $421.58M | 11.99 | 11.26% | 3.76% | -30.41% | -412.21% | |
75 Outperform | $529.14M | 7.87 | 10.21% | 2.96% | 4.52% | 19.77% | |
73 Outperform | $572.76M | 6.43 | 6.16% | 5.87% | -19.77% | ― | |
68 Neutral | $541.97M | 11.25 | 9.65% | ― | 6.94% | 90.91% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | $294.91M | 110.96 | 3.68% | ― | -10.96% | ― |
* Financial Sector Average
MSBI
Midland States Bancrop
27.63
11.71
73.57%
BMRC
Bank Of Marin Bancorp
26.04
6.35
32.27%
CIVB
Civista Bancshares
25.46
4.09
19.13%
SFST
Southern First Bancshares
57.32
20.44
55.42%
BWFG
Bankwell Financial Group
52.09
19.20
58.38%
BRBS
Blue Ridge Bankshares
3.28
0.50
18.03%
Midland States Bancrop Corporate Events
Executive/Board Changes
Midland States Bancrop appoints Claire Stack as CFO
Positive
May 11, 2026
On May 11, 2026, Midland States Bancorp announced that Claire A. Stack was appointed Executive Vice President and Chief Financial Officer of the company and Midland States Bank, effective May 8, 2026. Stack, who joined the bank in November 2025 as...
Executive/Board ChangesShareholder Meetings
Midland States Bancorp Shareholders Back Board and Governance
Positive
May 8, 2026
At its May 4, 2026 annual meeting of shareholders, Midland States Bancorp, Inc. saw all four Class I director nominees elected to terms ending at the 2029 annual meeting, with each candidate receiving sufficient support despite some opposition and...
Dividends
Midland States Bancorp Declares Quarterly Common and Preferred Dividends
Positive
May 5, 2026
On May 5, 2026, Midland States Bancorp, Inc. announced that its board declared a quarterly cash dividend of $0.32 per share on its common stock, payable on May 22, 2026, to shareholders of record as of May 15. The board also approved a cash divide...
Business Operations and StrategyStock Buyback
Midland States Bancorp Expands Share Repurchase Authorization Program
Positive
May 5, 2026
On May 5, 2026, Midland States Bancorp, Inc. said its board had amended the stock repurchase program, lifting the total authorization from $25 million to $45 million and extending the program’s term through Dec. 31, 2026. Since the program w...
Business Operations and StrategyFinancial Disclosures
Midland States Bancorp Shares First-Quarter 2026 Results
Neutral
Apr 23, 2026
On April 23, 2026, Midland States Bancorp posted a slide presentation on its website detailing the company’s financial results for the first quarter of 2026. By making the materials available online as supplemental information rather than as...
Executive/Board Changes
Midland States Bancorp Names Interim Chief Financial Officer
Neutral
Mar 6, 2026
On March 5, 2026, Midland States Bancorp terminated Eric Lemke as Chief Financial Officer of the company and Midland States Bank, removing him from his roles as principal financial officer and principal accounting officer. On the same date, the bo...
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.