Midland States Bancorp (NASDAQ:MSBI) Board of Directors Initiates Share Buyback Plan

Midland States Bancorp (NASDAQ:MSBI) announced that its board has initiated a share repurchase program on Wednesday, May 6th, RTT News reports. The company plans to repurchase $45.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Midland States Bancorp Stock Up 2.6%

Shares of Midland States Bancorp stock traded up $0.71 during midday trading on Wednesday, reaching $27.79. 216,385 shares of the company’s stock traded hands, compared to its average volume of 176,588. The company has a market cap of $576.09 million, a price-to-earnings ratio of 23.55 and a beta of 0.66. The company’s 50 day simple moving average is $22.95 and its 200 day simple moving average is $21.01. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.80 and a current ratio of 0.78. Midland States Bancorp has a 52 week low of $14.24 and a 52 week high of $28.38.

Midland States Bancorp (NASDAQ:MSBI) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.19. The business had revenue of $81.10 million for the quarter, compared to the consensus estimate of $75.59 million. Midland States Bancorp had a net margin of 7.53% and a return on equity of 11.55%. Equities analysts expect that Midland States Bancorp will post 3.17 earnings per share for the current fiscal year.

Midland States Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Friday, May 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 4.6%. The ex-dividend date is Friday, May 15th. Midland States Bancorp’s dividend payout ratio (DPR) is 108.47%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MSBI shares. Wall Street Zen upgraded shares of Midland States Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 23rd. Zacks Research upgraded shares of Midland States Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 28th. Piper Sandler raised their price target on shares of Midland States Bancorp from $25.50 to $28.00 and gave the company a “neutral” rating in a report on Monday, April 27th. DA Davidson raised their price target on shares of Midland States Bancorp from $23.00 to $26.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Finally, Weiss Ratings upgraded shares of Midland States Bancorp from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.90.

Insider Buying and Selling

In other news, Director Travis Franklin bought 9,400 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average price of $26.49 per share, for a total transaction of $249,006.00. Following the acquisition, the director directly owned 9,400 shares of the company’s stock, valued at $249,006. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 8.57% of the stock is owned by company insiders.

Midland States Bancorp Company Profile

Midland States Bancorp, Inc is a bank holding company headquartered in Effingham, Illinois, that oversees Midland States Bank, a community-focused financial institution. Through its subsidiary, the company provides a full range of commercial and retail banking services designed to meet the needs of individuals, small and mid-sized businesses, and nonprofit organizations. Its branch network spans key markets in Illinois, Missouri and Florida, where it emphasizes relationship-driven banking and local decision-making.

The company’s offerings include traditional deposit accounts, business and commercial lending, treasury and cash management services, mortgage financing and home equity products.