Michael David Cassens Sells 1,441 Shares of First Busey (NASDAQ:BUSE) Stock

First Busey Corporation (NASDAQ:BUSE) Director Michael David Cassens sold 1,441 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $31.08, for a total transaction of $44,786.28. Following the transaction, the director owned 131,453 shares of the company’s stock, valued at approximately $4,085,559.24. The trade was a 1.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

First Busey Stock Down 2.2%

Shares of NASDAQ BUSE opened at $30.24 on Thursday. The company’s 50 day moving average price is $29.84 and its 200-day moving average price is $27.45. 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 Corporation has a 52-week low of $22.00 and a 52-week high of $31.70. The company has a market capitalization of $2.50 billion, a P/E ratio of 12.50 and a beta of 0.72.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings data on Tuesday, July 28th. The bank reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. First Busey had a net margin of 21.00% and a return on equity of 10.48%. The company had revenue of $194.27 million during the quarter, compared to analysts’ expectations of $197.59 million. Equities analysts forecast that First Busey Corporation will post 2.67 earnings per share for the current year.

First Busey Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 24th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, July 24th. This represents a $1.04 dividend on an annualized basis and a yield of 3.4%. First Busey’s dividend payout ratio is 42.98%.

Hedge Funds Weigh In On First Busey

A number of institutional investors and hedge funds have recently made changes to their positions in BUSE. Public Employees Retirement System of Ohio bought a new stake in First Busey in the 2nd quarter valued at about $29,000. Parkside Financial Bank & Trust acquired a new position in First Busey during the 4th quarter worth approximately $28,000. Litman Gregory Wealth Management LLC bought a new position in First Busey in the fourth quarter worth approximately $30,000. Compass Financial Management LLC bought a new position in First Busey in the second quarter worth approximately $45,000. Finally, Allworth Financial LP grew its stake 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. Institutional investors own 56.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on BUSE shares. Wall Street Zen raised First Busey from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Busey in a research note on Friday, August 7th. DA Davidson lifted their target price on First Busey from $30.00 to $31.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Zacks Research raised First Busey from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Finally, Piper Sandler raised their price objective on shares of First Busey from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $32.00.

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.