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Midland States Bancorp Inc (NASDAQ:MSBI) stock has reached a 52-week low, dipping to $15.18, as the banking sector faces headwinds from economic uncertainties. The $327.58 million market cap regional bank currently offers a substantial 7.9% dividend yield, having maintained dividend payments for 10 consecutive years. This latest price level reflects a significant downturn from the previous year, with the company's stock experiencing a 1-year change of -34.8%. According to InvestingPro analysis, the stock's RSI indicates oversold territory, while analyst price targets range from $18 to $23. Investors are closely monitoring MSBI as it navigates through a tough market environment, with its performance over the past year indicating the pressures faced by regional banks amidst fluctuating interest rates and a competitive banking landscape.
In other recent news, Midland States Bancorp disclosed a deficiency notification from Nasdaq for not filing its annual report on time. The company has been given a deadline to submit a plan to regain compliance and aims to file the overdue Form 10-K soon. This delay stems from the need to evaluate a third-party lending and servicing arrangement's accounting and financial reporting. Meanwhile, Piper Sandler analyst Nathan Race revised the price target for Midland States Bancorp shares to $23.00 from $28.00, maintaining a Neutral rating. The analyst cited increased net charge-offs and loan loss provisions as factors for this adjustment. Despite these challenges, there is optimism about the bank's potential for improved long-term franchise value. However, Piper Sandler remains cautious due to limited visibility on the bank's profitability compared to peers. Additionally, the earnings per share estimates for 2025 and 2026 have been lowered to $2.58 and $2.85, respectively, reflecting a smaller loan portfolio and higher operating expenses.
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