Midland States Bancorp, Inc. (MSBI) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Midland States Bancorp, Inc. Do?
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 Management, and Other segments. The company accepts various deposits, such as checking, savings, money market, and sweep accounts, as well as certificates of deposits. It also offers term loans to purchase capital equipment; lines of credit for working capital and operational purposes; commercial real estate loans for owner occupied and non-owner occupied commercial property, as well as farmland loans; construction and land development loans developers of commercial real estate investment properties, residential developments, individual clients for construction of single family homes, as well as to construct owner-user properties; and residential real estate loans and home equity lines of credit.. In addition, the company provides consumer installment loans for the purchase of cars, boats, and other recreational vehicles, as well as for the purchase of major appliances and other home improvement projects; commercial equipment leasing; and trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration, and retail brokerage services. As of December 31, 2021, it operated 52 full-service banking offices. The company was founded in 1881 and is headquartered in Effingham, Illinois. Midland States Bancorp, Inc. (MSBI) is classified as a small-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Jeffrey G. Ludwig and employs approximately 970 people, headquartered in EFFINGHAM, Illinois. With a market capitalization of $490M, MSBI is one of the notable companies in the Financials sector.
Midland States Bancorp, Inc. (MSBI) Stock Rating — Reduce (April 2026)
As of April 2026, Midland States Bancorp, Inc. receives a Reduce rating with a composite score of 35.8/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.MSBI ranks #2,214 out of 4,446 stocks in our coverage universe. Within the Financials sector, Midland States Bancorp, Inc. ranks #605 of 891 stocks, placing it in the lower half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
MSBI Stock Price and 52-Week Range
Midland States Bancorp, Inc. (MSBI) currently trades at $24.23. The stock lost $0.39 (1.6%) in the most recent trading session. The 52-week high for MSBI is $24.57, which means the stock is currently trading -1.4% from its annual peak. The 52-week low is $14.24, putting the stock 70.2% above its annual trough. Recent trading volume was 128K shares, suggesting relatively thin trading activity.
Is MSBI Overvalued or Undervalued? — Valuation Analysis
Midland States Bancorp, Inc. (MSBI) carries a value factor score of 18/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The trailing price-to-earnings ratio is 85.92x, compared to the Financials sector average of 14.88x — a premium of 477%. The price-to-book ratio stands at 0.89x, versus the sector average of 1.22x. The price-to-sales ratio is 2.13x, compared to 0.90x for the average Financials stock. On an enterprise value basis, MSBI trades at 9.61x EV/EBITDA, versus 3.26x for the sector.
At current multiples, Midland States Bancorp, Inc. trades at a premium to most Financials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.
Midland States Bancorp, Inc. Profitability — ROE, Margins, and Quality Score
Midland States Bancorp, Inc. (MSBI) earns a quality factor score of 21/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -17.8%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -1.6% versus the sector average of 1.2%.
On a margin basis, Midland States Bancorp, Inc. reports gross margins of 0.0%. The operating margin is -37.6% (sector: 21.8%). Net profit margin stands at -43.6%, versus 17.7% for the average Financials stock. Revenue growth is running at 3.8% on a trailing basis, compared to 9.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
MSBI Debt, Balance Sheet, and Financial Health
Midland States Bancorp, Inc. has a debt-to-equity ratio of 1052.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.10x, suggesting adequate working capital coverage. Total debt on the balance sheet is $598M. Cash and equivalents stand at $166M.
MSBI has a beta of 0.72, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Midland States Bancorp, Inc. is 74/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
Midland States Bancorp, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Midland States Bancorp, Inc. reported revenue of $237M and earnings per share (EPS) of $-6.12. Net income for the quarter was $-101M. Gross margin was 0.0%. Operating income came in at $-87M.
In FY 2025, Midland States Bancorp, Inc. reported revenue of $237M and earnings per share (EPS) of $-6.12. Net income for the quarter was $-124M. Revenue grew 0.2% year-over-year compared to FY 2024. Operating income came in at $-115M.
In Q3 2025, Midland States Bancorp, Inc. reported revenue of $61M and earnings per share (EPS) of $0.24. Net income for the quarter was $8M. Revenue grew 3.4% year-over-year compared to Q3 2024. Operating income came in at $11M.
In Q2 2025, Midland States Bancorp, Inc. reported revenue of $59M and earnings per share (EPS) of $0.44. Net income for the quarter was $12M. Revenue grew -0.3% year-over-year compared to Q2 2024. Operating income came in at $15M.
Over the past 8 quarters, Midland States Bancorp, Inc. has demonstrated a growth trajectory, with revenue expanding from $59M to $237M. Investors analyzing MSBI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
MSBI Dividend Yield and Income Analysis
Midland States Bancorp, Inc. (MSBI) currently pays a dividend yield of 7.3%. At this yield, a $10,000 investment in MSBI stock would generate approximately $$729.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning MSBI offers above-average income for its sector.
MSBI Momentum and Technical Analysis Profile
Midland States Bancorp, Inc. (MSBI) has a momentum factor score of 59/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 32/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 16/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
MSBI vs Competitors — Financials Sector Ranking and Peer Comparison
Within the Financials sector, Midland States Bancorp, Inc. (MSBI) ranks #605 out of 891 stocks based on the Blank Capital composite score. This places MSBI in the lower half of all Financials stocks in our coverage universe. Key competitors and sector peers include WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) with a score of 62.9/100, OPPENHEIMER HOLDINGS INC (OPY) with a score of 62.6/100, Enact Holdings, Inc. (ACT) with a score of 61.6/100, International General Insurance Holdings Ltd. (IGIC) with a score of 61.3/100, and PARKE BANCORP, INC. (PKBK) with a score of 60.4/100.
Comparing MSBI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full MSBI vs S&P 500 (SPY) comparison to assess how Midland States Bancorp, Inc. stacks up against the broader market across all factor dimensions.
MSBI Next Earnings Date
No upcoming earnings date has been announced for Midland States Bancorp, Inc. (MSBI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy MSBI? — Investment Thesis Summary
The quantitative profile for Midland States Bancorp, Inc. suggests caution. The quality score of 21/100 flags below-average profitability. The value score of 18/100 indicates premium valuation. Low volatility (stability score 74/100) reduces downside risk.
In summary, Midland States Bancorp, Inc. (MSBI) earns a Reduce rating with a composite score of 35.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on MSBI stock.
Related Resources for MSBI Investors
Explore more research and tools: MSBI vs S&P 500 comparison, top Financials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare MSBI head-to-head with peers: MSBI vs WTM, MSBI vs OPY, MSBI vs ACT.