First Busey Corporation (BUSE) To Go Ex-Dividend on October 23rd

First Busey Corporation (NASDAQ:BUSE) announced a quarterly dividend on Tuesday, October 13th. Stockholders of record on Friday, October 23rd will be given a dividend of $0.26 per share by the bank on Friday, October 30th. This represents a $1.04 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, October 23rd.

First Busey has a dividend payout ratio of 38.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Busey to earn $2.76 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 37.7%.

First Busey Stock Performance

NASDAQ BUSE opened at $29.85 on Wednesday. The company has a market cap of $2.46 billion, a P/E ratio of 12.33 and a beta of 0.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.90. The business’s 50 day moving average price is $30.02 and its 200-day moving average price is $28.79. First Busey has a fifty-two week low of $22.12 and a fifty-two week high of $31.70.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings results on Tuesday, July 28th. The bank reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. First Busey had a return on equity of 10.48% and a net margin of 21.00%. The company had revenue of $194.27 million during the quarter, compared to the consensus estimate of $197.59 million. Sell-side analysts predict that First Busey will post 2.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

BUSE has been the subject of several analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of First Busey in a research note on Friday, August 7th. Piper Sandler cut First Busey from an “overweight” rating to a “neutral” rating and cut their target price for the company from $35.00 to $30.00 in a research note on Friday, October 2nd. DA Davidson upped their target price on First Busey from $30.00 to $31.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Wall Street Zen upgraded First Busey from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Keefe, Bruyette & Woods raised their price target on First Busey from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, First Busey has a consensus rating of “Hold” and a consensus target price of $31.00.

About First Busey

First Busey Corporation is a financial holding company headquartered in Champaign, Illinois. Through its banking and wealth management businesses, the company serves individuals, families, businesses and institutions with a range of financial products and services.

Its principal banking subsidiary, Busey Bank, provides consumer and commercial checking and savings accounts, loans, mortgages, treasury management and other deposit and lending services. First Busey also offers investment management, trust, retirement planning, financial planning and brokerage services through its wealth management operations.

First Busey traces its banking roots to 1868 and primarily serves customers in Illinois, Indiana, Missouri and Florida, with additional markets following its combination with CrossFirst Bankshares.