Midland States Bancorp (MSBI) PT Raised to $36 at Stephens

Stephens analyst Terry McEvoy raised the price target on Midland States Bancorp (NASDAQ: MSBI) to $36.00 (from $34.00) while maintaining a Equal Weight rating.

The analyst commented: "Midland States had a positive third quarter as nonperforming assets declined to 86bps and net charge-offs were 50bps (117bps in 2Q26). While nonperforming assets remain elevated, we are pleased to see the provision ($3.7 mil. vs. $6.1 mil. consensus) normalizing in the low $20 mil. on an annual basis. Loan growth was ~4% ann’l as Community Bank balances continued higher and the specialty finance vertical experienced a ~21% ann’l increase. The rise in interest rates during the quarter had a negative impact on the company’s TCE ratio – bringing the metric down to ~6% – and as such, we removed our buybacks until 2Q27 when the ratio gets back above 6.5%; we believe Midland States can still achieve a 7% TCE ratio by year-end 2027. While we maintain our EW rating, we acknowledge that MSBI is becoming incrementally more attractive as credit quality and profitability continue to improve. $36 PT (from $34)."

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