Shares of Midland States Bancorp, Inc. (MSBI) plummeted over 20% in intraday trading on Friday, hitting a new 52-week low, amid the release of the company's disappointing fourth-quarter earnings results and mixed economic data.
The regional bank reported a year-over-year decrease in adjusted earnings per share for the fourth quarter, missing analysts' expectations. This weighed heavily on investor sentiment, contributing to the significant sell-off in the stock.
Additionally, the latest S&P Global manufacturing PMI data showed a rebound in the US manufacturing sector, potentially signaling a positive outlook for economic growth. However, this broader economic improvement seemed to have little impact on Midland States' stock price, as investors focused more on the company's weak earnings performance.
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