King Luther Capital Management Corp purchased a new stake in First Busey Corporation (NASDAQ:BUSE – Free Report) in the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 708,361 shares of the bank’s stock, valued at approximately $15,301,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC increased its position in First Busey by 822.7% in the 4th quarter. Sterling Capital Management LLC now owns 1,707 shares of the bank’s stock valued at $40,000 after acquiring an additional 1,522 shares during the period. Quarry LP increased its position in First Busey by 507.5% in the 4th quarter. Quarry LP now owns 1,786 shares of the bank’s stock valued at $42,000 after acquiring an additional 1,492 shares during the period. Golden State Wealth Management LLC acquired a new position in First Busey in the 1st quarter valued at approximately $43,000. PNC Financial Services Group Inc. increased its position in First Busey by 56.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,251 shares of the bank’s stock valued at $49,000 after acquiring an additional 812 shares during the period. Finally, Signaturefd LLC increased its position in First Busey by 23.7% in the 1st quarter. Signaturefd LLC now owns 2,524 shares of the bank’s stock valued at $55,000 after acquiring an additional 483 shares during the period. 56.49% of the stock is currently owned by institutional investors and hedge funds.
First Busey Price Performance
First Busey stock opened at $22.30 on Monday. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 19.91 and a beta of 0.81. First Busey Corporation has a 52-week low of $18.40 and a 52-week high of $28.30. The stock’s 50 day moving average price is $23.15 and its two-hundred day moving average price is $22.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.90.
First Busey Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 18th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Friday, July 18th. First Busey’s dividend payout ratio (DPR) is presently 89.29%.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on BUSE shares. Piper Sandler started coverage on shares of First Busey in a research report on Tuesday, July 1st. They issued an “overweight” rating and a $30.00 price target for the company. Stephens restated an “equal weight” rating and issued a $26.00 price target on shares of First Busey in a research report on Wednesday, April 23rd. Raymond James Financial upped their price target on shares of First Busey from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Hovde Group initiated coverage on shares of First Busey in a research note on Monday, June 30th. They set a “market perform” rating and a $25.00 target price for the company. Finally, Keefe, Bruyette & Woods dropped their target price on shares of First Busey from $30.00 to $29.00 and set an “outperform” rating on the stock in a report on Thursday, July 24th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $27.17.
Check Out Our Latest Report on BUSE
Insiders Place Their Bets
In related news, Director Karen M. Jensen purchased 2,500 shares of First Busey stock in a transaction on Friday, July 25th. The stock was acquired at an average cost of $23.25 per share, for a total transaction of $58,125.00. Following the completion of the acquisition, the director owned 83,568 shares of the company’s stock, valued at $1,942,956. This trade represents a 3.08% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven W. Caple purchased 1,175 shares of First Busey stock in a transaction on Friday, May 23rd. The stock was bought at an average price of $21.60 per share, with a total value of $25,380.00. Following the completion of the acquisition, the director directly owned 4,509 shares of the company’s stock, valued at approximately $97,394.40. This trade represents a 35.24% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 15,625 shares of company stock valued at $344,273 over the last 90 days. Corporate insiders own 3.85% of the company’s stock.
First Busey Profile
First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.
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