Midland States Bancorp (NASDAQ:MSBI) to Buyback $25.00 million in Outstanding Stock

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

Midland States Bancorp Stock Up 8.9%

Shares of Midland States Bancorp stock opened at $15.94 on Tuesday. Midland States Bancorp has a 1 year low of $14.24 and a 1 year high of $28.08. The company has a market cap of $343.41 million, a P/E 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 stock has a 50-day moving average price of $17.21 and a 200 day moving average price of $17.40.

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on MSBI shares. Piper Sandler reaffirmed a “neutral” rating and set a $21.00 price target (up from $18.00) on shares of Midland States Bancorp in a research note on Friday, July 11th. Stephens raised Midland States Bancorp to a “hold” rating in a research note on Thursday, September 11th. Weiss Ratings reiterated a “sell (d)” rating on shares of Midland States Bancorp in a research report on Tuesday, October 14th. Keefe, Bruyette & Woods reduced 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 report on Monday. Finally, Wall Street Zen raised shares of Midland States Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, September 5th. Four analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $20.00.

Midland States Bancorp Company Profile

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.