Midland States Bancorp Inc (NASDAQ:MSBI) stock has reached a 52-week low, dipping to $20.38, as investors navigate a challenging economic landscape. The stock currently offers a notable 4.96% dividend yield, having maintained dividend payments for nine consecutive years. According to InvestingPro analysis, MSBI appears undervalued at current levels. The regional bank, which has been grappling with the broader market trends and interest rate environment, has seen its shares decline by 8.16% over the past year. Trading at a P/E ratio of 10.8x, the stock has attracted attention from analysts, with five analysts revising earnings estimates upward for the upcoming period. This recent price level reflects investor sentiment and positions MSBI at a critical juncture, as market participants assess the company's financial health and future growth prospects in the context of the current banking sector's performance. InvestingPro subscribers can access 7 additional key insights about MSBI's financial outlook.
In other recent news, Midland States Bancorp has announced the retirement of its Senior Vice President and Corporate Counsel, Douglas J. Tucker. The company has not yet disclosed information about Tucker's successor or the reasons for his retirement. This significant change in the executive team was reported to shareholders and the public, following regulatory requirements.
Recent financial performance of Midland States Bancorp has led Piper Sandler to adjust its stock price target to $27.00, up from $26.00, while maintaining a neutral stance. The bank's third-quarter performance showcased a higher-than-expected net interest income and core fee income, leading to pre-provision net revenue surpassing estimates. Piper Sandler also revised upward the earnings per share estimates for Q4 2024 and the full year 2025 to $0.73 and $2.70, respectively.
In addition to these developments, Travis Franklin was appointed to Midland States Bancorp's Board of Directors. Other analyst firms including DA Davidson, Keefe, Bruyette & Woods, and Stephens have also adjusted their price targets for the company due to lower expectations for net interest income and anticipated increases in credit costs, yet maintained their ratings on the company's stock. These are the recent developments regarding Midland States Bancorp.
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