Midland States Bancorp, Inc. Announces Authorization Of New $25M Stock Repurchase Program
Portfolio Pulse from Benzinga Newsdesk
Midland States Bancorp, Inc. (NASDAQ:MSBI) has announced a new stock repurchase program authorizing the repurchase of up to $25 million of its common stock. This program will be effective from January 1, 2024, to December 31, 2024, succeeding the current program expiring on December 31, 2023, with $7.2 million remaining. The repurchases aim to provide flexibility in capital allocation decisions to benefit shareholders and support long-term growth amid economic uncertainty.
December 05, 2023 | 9:32 pm
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Midland States Bancorp, Inc. has authorized a new $25 million stock repurchase program, effective January 1, 2024, to support shareholder value and long-term growth.
Stock repurchase programs are typically viewed positively by the market as they can indicate management's confidence in the company's financial stability and future prospects. The repurchase of shares can also lead to a reduction in the number of outstanding shares, potentially increasing earnings per share and the stock price in the short term. However, the impact may be moderated by the fact that the program will not start until 2024 and the current economic uncertainty mentioned by the CEO.
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