First Busey Corporation (NASDAQ:BUSE) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of First Busey Corporation (NASDAQ:BUSE) have received an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $27.1667.

BUSE has been the subject of several research reports. DA Davidson reiterated a “neutral” rating and set a $27.00 price objective on shares of First Busey in a research report on Thursday, January 29th. Piper Sandler increased their price objective on shares of First Busey from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Weiss Ratings upgraded shares of First Busey from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 3rd. Finally, Stephens initiated coverage on shares of First Busey in a research note on Friday, March 27th. They issued an “equal weight” rating and a $27.00 target price on the stock.

First Busey Price Performance

BUSE stock opened at $26.20 on Friday. First Busey has a 52 week low of $19.55 and a 52 week high of $27.65. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.12. The company has a fifty day simple moving average of $25.72 and a two-hundred day simple moving average of $24.50. The firm has a market capitalization of $2.24 billion, a P/E ratio of 20.31 and a beta of 0.72.

First Busey (NASDAQ:BUSE) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07. First Busey had a net margin of 12.96% and a return on equity of 9.46%. The business had revenue of $201.78 million during the quarter, compared to analyst estimates of $197.70 million. Analysts anticipate that First Busey will post 2.61 earnings per share for the current fiscal year.

First Busey Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Friday, April 24th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, April 24th. This represents a $1.04 annualized dividend and a dividend yield of 4.0%. First Busey’s dividend payout ratio is currently 80.62%.

Institutional Investors Weigh In On First Busey

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in First Busey by 94.4% in the 3rd quarter. Wellington Management Group LLP now owns 7,135,906 shares of the bank’s stock worth $165,196,000 after buying an additional 3,464,965 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in First Busey by 36,664.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank’s stock worth $74,510,000 after buying an additional 3,123,454 shares during the period. Stieven Capital Advisors L.P. purchased a new position in First Busey in the 3rd quarter worth about $9,607,000. ProShare Advisors LLC increased its stake in First Busey by 88.2% in the 3rd quarter. ProShare Advisors LLC now owns 533,142 shares of the bank’s stock worth $12,342,000 after buying an additional 249,908 shares during the period. Finally, Verition Fund Management LLC increased its stake in First Busey by 69.1% in the 4th quarter. Verition Fund Management LLC now owns 601,355 shares of the bank’s stock worth $14,306,000 after buying an additional 245,832 shares during the period. Hedge funds and other institutional investors own 56.49% of the company’s stock.

About First Busey

First Busey (NASDAQ: BUSE) is a bank holding company headquartered in Champaign, Illinois, with roots tracing back to the founding of Busey Bank in 1868. As a regional financial institution, it offers a broad spectrum of banking services to individuals, small businesses, and corporations. Its core activities include commercial lending, deposit-taking, and cash management, which are tailored to meet the needs of local communities across its operating footprint.

In addition to traditional banking operations, First Busey provides wealth management and trust services through its subsidiary aimed at high-net-worth clients and fiduciary accounts.