First Busey Corporation (NASDAQ:BUSE) Receives Average Rating of “Moderate Buy” from Analysts

Shares of First Busey Corporation (NASDAQ:BUSE) have been assigned a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $29.75.

Several brokerages have issued reports on BUSE. Stephens boosted their price objective on shares of First Busey from $27.00 to $28.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Piper Sandler raised their target price on shares of First Busey from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Wall Street Zen downgraded shares of First Busey from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Zacks Research upgraded shares of First Busey from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Finally, Raymond James Financial boosted their price target on shares of First Busey from $28.00 to $32.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st.

Insider Transactions at First Busey

In other First Busey news, CAO Scott A. Phillips bought 5,000 shares of the company’s stock in a transaction on Monday, May 4th. The shares were bought at an average price of $25.90 per share, for a total transaction of $129,500.00. Following the transaction, the chief accounting officer owned 8,350 shares of the company’s stock, valued at approximately $216,265. This trade represents a 149.25% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.77% of the company’s stock.

Institutional Trading of First Busey

Hedge funds have recently modified their holdings of the business. Parkside Financial Bank & Trust acquired a new position in First Busey during the fourth quarter worth $28,000. Litman Gregory Wealth Management LLC acquired a new stake in First Busey in the fourth quarter valued at $30,000. Allworth Financial LP lifted 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 acquiring an additional 888 shares during the period. Torren Management LLC acquired a new stake in First Busey in the fourth quarter valued at $40,000. Finally, Geneos Wealth Management Inc. boosted its position in shares of First Busey by 726.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock worth $49,000 after purchasing an additional 2,004 shares in the last quarter. 56.49% of the stock is owned by institutional investors and hedge funds.

First Busey Trading Up 1.0%

Shares of BUSE stock opened at $29.85 on Tuesday. The company has a market capitalization of $2.52 billion, a P/E ratio of 13.27 and a beta of 0.72. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. The business’s 50 day moving average is $28.51 and its two-hundred day moving average is $26.62. First Busey has a twelve month low of $21.63 and a twelve month high of $30.51.

First Busey (NASDAQ:BUSE) last released its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 EPS for the quarter, topping the consensus estimate of $0.57 by $0.10. First Busey had a return on equity of 10.19% and a net margin of 19.16%.The business had revenue of $197.17 million during the quarter, compared to analysts’ expectations of $197.15 million. Equities analysts forecast that First Busey will post 2.6 EPS for the current year.

First Busey Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 24th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Friday, July 24th. First Busey’s payout ratio is currently 46.22%.

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.