EFFINGHAM, IL – Midland States Bancorp, Inc. (NASDAQ:MSBI) has reported that Donald J. Spring, the company's Chief Accounting Officer, sold a significant number of shares this week. According to the latest filings, Spring sold a total of 7,858 shares of Midland States Bancorp common stock across two separate transactions, with the sales totaling over $173,000.
The first sale occurred on June 11, 2024, where Spring disposed of 1,197 shares at a price of $22.0032 per share. The following day, on June 12, he sold an additional 6,661 shares at a slightly higher price of $22.0659 each. Following these transactions, Spring's holdings in the company decreased, but he still owns a substantial amount of Midland States Bancorp stock.
Investors often monitor insider trading activity, such as purchases and sales of company stock by executives, for insights into the financial health and future prospects of corporations. While the reasons behind Spring's decision to sell shares are not disclosed in the filing, the transactions were carried out in compliance with all regulatory requirements.
Midland States Bancorp, headquartered in Effingham, Illinois, operates as a community-based financial institution offering a full range of banking services. The company has been serving its customers through various branches located across the region.
As of the date of the report, Spring continues to hold both common stock and derivative securities in the form of options within Midland States Bancorp. It is worth noting that these transactions do not necessarily indicate a change in the company's outlook or performance and may be part of Spring's personal financial management strategy.
The stock market, as well as Midland States Bancorp's investors, will continue to observe the trading activity of the company's insiders for any potential indications of the company's direction and confidence of its leadership in the firm's growth and stability.
In other recent news, Midland States Bancorp has made notable changes in its board and faced various stock target adjustments following its first quarter earnings. Midland States Bancorp announced the appointment of Travis Franklin, the current Executive Vice President and CFO of Heartland Dental, to its Board of Directors. Franklin's vast experience in business management and finance is expected to enrich the board's capabilities.
However, the company has also faced some challenges, as reflected by several adjustments in its stock price target by different firms. DA Davidson reduced its price target to $23.00 due to concerns over net interest income and credit costs, while Keefe, Bruyette & Woods cut its target to $26, citing slower growth. Piper Sandler also lowered its price target to $24.50 following mixed first-quarter earnings, and Stephens revised its target to $27.00, citing factors such as an increase in nonaccrual loans.
Despite these adjustments, the firms noted potential signs of recovery, including the company's pre-provision net revenue trends and successful balance sheet management. These developments reflect the dynamic nature of Midland States Bancorp's current financial landscape.
InvestingPro Insights
Midland States Bancorp, Inc. (NASDAQ:MSBI) has been navigating a challenging financial landscape, as reflected by recent insider trading activity. However, a deeper dive into the company's metrics through InvestingPro provides a more nuanced picture that investors may find valuable. With a market capitalization of $468.52 million and a modest P/E ratio of 8.27, MSBI presents a potentially attractive valuation for those looking at traditional valuation metrics. Notably, the adjusted P/E ratio over the last twelve months as of Q1 2024 is slightly lower at 8.11, suggesting a stable earnings outlook relative to the company's share price.
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