Share Repurchase Plan Approved by Midland States Bancorp (NASDAQ:MSBI) Board of Directors

Midland States Bancorp (NASDAQ:MSBI) announced that its board has approved a stock repurchase plan on Monday, November 3rd, RTT News reports. The company plans to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Midland States Bancorp Price Performance

NASDAQ:MSBI traded up $1.30 on Monday, hitting $15.94. The company had a trading volume of 373,852 shares, compared to its average volume of 128,936. The stock has a market capitalization of $343.41 million, a price-to-earnings ratio of -20.70 and a beta of 0.72. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.02. The firm has a 50 day moving average of $17.21 and a two-hundred day moving average of $17.40. Midland States Bancorp has a 52 week low of $14.24 and a 52 week high of $28.08.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings results on Wednesday, March 23rd. The financial services provider reported $0.54 earnings per share (EPS) 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%. On average, research analysts anticipate that Midland States Bancorp will post 2.53 earnings per share for the current year.

Midland States Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 15th were paid a dividend of $0.32 per share. This is a boost from Midland States Bancorp’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 8.0%. The ex-dividend date of this dividend was Friday, August 15th. Midland States Bancorp’s payout ratio is -100.79%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MSBI. Stephens upgraded shares of Midland States Bancorp to a “hold” rating in a research note on Thursday, September 11th. Piper Sandler reiterated a “neutral” rating and issued a $21.00 price target (up previously from $18.00) on shares of Midland States Bancorp in a research note on Friday, July 11th. Keefe, Bruyette & Woods decreased their price target on shares of Midland States Bancorp from $20.00 to $17.00 and set a “market perform” rating on the stock in a research note on Monday. Weiss Ratings reiterated a “sell (d)” rating on shares of Midland States Bancorp in a research note on Tuesday, October 14th. Finally, Wall Street Zen upgraded shares of Midland States Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $20.00.

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.