First Busey Corporation (NASDAQ:BUSE) Expected to Post Earnings of $0.46 Per Share
Equities research analysts forecast that First Busey Corporation (NASDAQ:BUSE) will post earnings per share (EPS) of $0.46 for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for First Busey Corporation’s earnings, with estimates ranging from $0.44 to $0.49. First Busey Corporation posted earnings per share of $0.40 in the same quarter last year, which would suggest a positive year over year growth rate of 15%. The company is expected to report its next earnings results on Tuesday, October 24th.
According to Zacks, analysts expect that First Busey Corporation will report full year earnings of $1.75 per share for the current fiscal year, with EPS estimates ranging from $1.70 to $1.85. For the next year, analysts anticipate that the business will post earnings of $2.05 per share, with EPS estimates ranging from $1.98 to $2.19. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that follow First Busey Corporation.
First Busey Corporation (NASDAQ:BUSE) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. First Busey Corporation had a net margin of 22.04% and a return on equity of 10.59%. The firm had revenue of $62.43 million for the quarter, compared to analysts’ expectations of $63.40 million.
Several brokerages recently issued reports on BUSE. BidaskClub lowered First Busey Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $31.00 price objective on shares of First Busey Corporation in a research note on Wednesday, April 26th. Zacks Investment Research upgraded First Busey Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. ValuEngine upgraded First Busey Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Piper Jaffray Companies set a $32.00 price objective on First Busey Corporation and gave the company a “hold” rating in a research note on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $32.00.
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In other news, insider Curt A. Anderson sold 1,400 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $29.40, for a total value of $41,160.00. Following the transaction, the insider now owns 43,482 shares of the company’s stock, valued at approximately $1,278,370.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 9.60% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of BUSE. Nuveen Asset Management LLC boosted its position in First Busey Corporation by 40.5% in the first quarter. Nuveen Asset Management LLC now owns 650,565 shares of the bank’s stock worth $19,127,000 after buying an additional 187,551 shares during the period. Bank of New York Mellon Corp boosted its position in First Busey Corporation by 65.8% in the first quarter. Bank of New York Mellon Corp now owns 388,405 shares of the bank’s stock worth $11,419,000 after buying an additional 154,184 shares during the period. Thomson Horstmann & Bryant Inc. boosted its position in First Busey Corporation by 32.5% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 576,033 shares of the bank’s stock worth $16,935,000 after buying an additional 141,364 shares during the period. Martingale Asset Management L P purchased a new position in First Busey Corporation during the second quarter worth about $3,855,000. Finally, Principal Financial Group Inc. boosted its position in First Busey Corporation by 55.3% in the first quarter. Principal Financial Group Inc. now owns 313,334 shares of the bank’s stock worth $9,212,000 after buying an additional 111,618 shares during the period. 43.83% of the stock is currently owned by institutional investors and hedge funds.
First Busey Corporation (NASDAQ:BUSE) opened at 28.51 on Friday. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 18.86 and a beta of 0.99. First Busey Corporation has a 12-month low of $21.80 and a 12-month high of $32.22. The stock’s 50 day moving average price is $29.30 and its 200 day moving average price is $29.59.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Friday, July 21st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Wednesday, July 19th. First Busey Corporation’s dividend payout ratio is 47.37%.
About First Busey Corporation
First Busey Corporation (First Busey) is a financial holding company. The Company offers a range of financial services through its banking and non-banking subsidiaries. The Company operates through three segments: Banking, Remittance Processing and Wealth Management. The Banking segment provides a range of banking services to individual and corporate customers through its branch network in downstate Illinois, St.
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