Stock Buyback Plan Announced by Midland States Bancorp (NASDAQ:MSBI) Board

Midland States Bancorp (NASDAQ:MSBI) declared that its board has approved a stock repurchase program on Monday, November 3rd, RTT News reports. The company plans to buyback $25.00 million in shares. This buyback authorization permits the financial services provider to repurchase up to 7.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Midland States Bancorp Price Performance

Shares of MSBI stock opened at $16.17 on Wednesday. The company has a market capitalization of $348.37 million, a P/E ratio of -21.00 and a beta of 0.72. The company’s 50-day simple moving average is $17.16 and its two-hundred day simple moving average is $17.40. Midland States Bancorp has a one year low of $14.24 and a one year high of $28.08. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.86 and a quick ratio of 0.85.

Midland States Bancorp (NASDAQ:MSBI) last posted its quarterly earnings results on Wednesday, March 23rd. The financial services provider reported $0.54 earnings per share for the quarter. The firm had revenue of $70.61 million during the quarter. Midland States Bancorp had a negative net margin of 1.50% and a negative return on equity of 1.30%. As a group, equities analysts anticipate that Midland States Bancorp will post 2.53 EPS for the current year.

Midland States Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 21st. Shareholders of record on Friday, November 14th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 7.9%. The ex-dividend date is Friday, November 14th. Midland States Bancorp’s dividend payout ratio is currently -100.79%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MSBI. Piper Sandler reduced their target price on shares of Midland States Bancorp from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Tuesday. Wall Street Zen upgraded shares of Midland States Bancorp from a “sell” rating to a “hold” rating in a report on Friday, September 5th. Keefe, Bruyette & Woods decreased their price objective on shares of Midland States Bancorp from $20.00 to $17.00 and set a “market perform” rating for the company in a research note on Monday. Stephens upgraded Midland States Bancorp to a “hold” rating in a research report on Thursday, September 11th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Midland States Bancorp in a research note on Tuesday, October 14th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $19.25.

About Midland States Bancorp

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 provides a range of financial products and services to consumers and businesses, including commercial loans to finance agricultural equipment and production; and commercial real estate loans for owner occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, and assisted living facilities.