Arrow Financial (AROW) vs Midland States Bancorp (MSBI)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Midland States Bancorp (MSBI) has outperformed Arrow Financial (AROW) over the past year, gaining 92.2% versus a gain of 33.4%. Over five years, MSBI leads with a +27.9% price change compared with +5.0% for AROW. Arrow Financial is the larger company by market cap ($685.9 million vs $675.7 million), about 1.0 times the size.
On valuation, Arrow Financial trades at a lower forward P/E (8.6x vs 9.6x for Midland States Bancorp). Midland States Bancorp offers the higher dividend yield (3.93% vs 3.19%).
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | AROW | MSBI |
|---|---|---|
| Share price | $37.03 | $32.56 |
| Market cap | $685.93M | $675.69M |
| 1-day change | +1.17% | +0.96% |
| YTD return | +16.56% | +52.34% |
| 1-year return | +33.43% | +92.19% |
| 5-year return | +5.01% | +27.93% |
| P/E ratio (TTM) | 11.95 | 20.87 |
| Forward P/E | 8.60 | 9.60 |
| EPS (TTM) | $3.10 | $1.56 |
| Dividend yield | 3.19% | 3.93% |
| Annual dividend | $1.18 | $1.28 |
| 52-week high | $42.70 | $35.10 |
| 52-week low | $25.88 | $14.24 |
| Distance from 52-week high | -13.28% | -7.24% |
| Analyst consensus | none | hold |
| Avg. price target upside | +17.47% | +2.12% |
| Average volume | 87.24K | 173.19K |
| Shares outstanding | 18.52M | 20.75M |
| Employees | 575 | 839 |
| Sector | Finance | Finance |
| Industry | Major Banks | Major Banks |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- MSBI has outperformed AROW by 58.8 percentage points over the past year.
- Midland States Bancorp trades at a higher earnings multiple (20.9x vs 11.9x trailing P/E).
About Arrow Financial
AROW stock →Arrow Financial Corporation, a bank holding company, provides various commercial and consumer banking, and financial products and services in the United States. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits.
Finance · Major Banks · 575 employees
About Midland States Bancorp
MSBI stock →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.
Finance · Major Banks · 839 employees
AROW vs MSBI FAQ
Which is bigger, Arrow Financial or Midland States Bancorp?
Arrow Financial (AROW) is larger, with a market capitalization of $685.93M compared with $675.69M for Midland States Bancorp (MSBI).
Which stock has performed better over the past year, AROW or MSBI?
MSBI returned +92.19% over the past 12 months, compared with +33.43% for AROW (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, AROW or MSBI?
AROW has the lower trailing P/E at 11.9, versus 20.9 for MSBI. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Arrow Financial or Midland States Bancorp?
Midland States Bancorp has the higher yield at 3.93%, compared with 3.19% for Arrow Financial.
Are Arrow Financial and Midland States Bancorp in the same industry?
Yes. Both are classified in the Major Banks industry within the Finance sector.