Brokerages Set First Busey Corporation (NASDAQ:BUSE) PT at $27.50

First Busey Corporation (NASDAQ:BUSE) has been given an average rating of “Moderate Buy” by the six brokerages that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $29.60.

BUSE has been the topic of several analyst reports. Weiss Ratings upgraded First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Piper Sandler boosted their target price on First Busey from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Stephens upped their price target on First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Finally, Raymond James Financial increased their price target on First Busey from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday.

First Busey Price Performance

First Busey stock opened at $29.65 on Friday. The firm has a market cap of $2.51 billion, a PE ratio of 13.18 and a beta of 0.72. First Busey has a 52-week low of $21.63 and a 52-week high of $30.52. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The company’s 50 day moving average is $27.48 and its two-hundred day moving average is $26.07.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $197.17 million during the quarter, compared to analysts’ expectations of $197.15 million. First Busey had a net margin of 19.16% and a return on equity of 10.19%. On average, research analysts expect that First Busey will post 2.58 EPS for the current fiscal year.

First Busey Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Friday, April 24th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, April 24th. First Busey’s dividend payout ratio is presently 46.22%.

Insiders Place Their Bets

In other news, CAO Scott A. Phillips bought 5,000 shares of First Busey stock in a transaction that occurred on Monday, May 4th. The shares were purchased at an average price of $25.90 per share, with a total value of $129,500.00. Following the completion of the acquisition, the chief accounting officer directly owned 8,350 shares in the company, valued at $216,265. The trade was a 149.25% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.77% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Busey

A number of large investors have recently modified their holdings of BUSE. Parkside Financial Bank & Trust acquired a new stake in shares of First Busey in the 4th quarter valued at $28,000. Litman Gregory Wealth Management LLC purchased a new position in First Busey in the fourth quarter valued at $30,000. Allworth Financial LP increased its holdings in First Busey by 127.8% in the fourth quarter. Allworth Financial LP now owns 1,583 shares of the bank’s stock valued at $38,000 after buying an additional 888 shares during the last quarter. Torren Management LLC acquired a new stake in First Busey in the fourth quarter valued at $40,000. Finally, Geneos Wealth Management Inc. raised its stake in First Busey by 726.1% in the first quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock valued at $49,000 after buying an additional 2,004 shares in the last quarter. 56.49% of the stock is owned by hedge funds and other institutional investors.

First Busey Company Profile

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.