First Busey Corporation (BUSE) Downgraded by Zacks Investment Research to Hold
First Busey Corporation (NASDAQ:BUSE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “First Busey Corporation is a financial holding company located in Urbana, Illinois. First Busey is engaged primarily in commercial, retail and correspondent banking and provides trust services, insurance services, and travel services. “
A number of other research analysts have also weighed in on the company. BidaskClub lowered First Busey Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Piper Jaffray Companies set a $32.00 price target on First Busey Corporation and gave the company a “hold” rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $32.50.
Shares of First Busey Corporation (NASDAQ:BUSE) traded up 0.47% during mid-day trading on Tuesday, reaching $31.98. 130,789 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $29.22 and its 200-day moving average is $29.31. First Busey Corporation has a 52-week low of $21.80 and a 52-week high of $32.22. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 21.15 and a beta of 1.01.
First Busey Corporation (NASDAQ:BUSE) last released its quarterly earnings data on Tuesday, July 25th. The bank reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. First Busey Corporation had a return on equity of 10.59% and a net margin of 22.04%. The company had revenue of $62.43 million during the quarter, compared to analysts’ expectations of $63.40 million. On average, equities analysts expect that First Busey Corporation will post $1.74 EPS for the current year.
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In other First Busey Corporation news, insider Curt A. Anderson sold 1,400 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $29.40, for a total value of $41,160.00. Following the transaction, the insider now directly owns 43,482 shares of the company’s stock, valued at approximately $1,278,370.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 9.60% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of BUSE. Vanguard Group Inc. grew its position in shares of First Busey Corporation by 7.8% in the first quarter. Vanguard Group Inc. now owns 1,457,492 shares of the bank’s stock valued at $42,850,000 after purchasing an additional 105,803 shares during the last quarter. Kennedy Capital Management Inc. increased its stake in shares of First Busey Corporation by 11.1% during the second quarter. Kennedy Capital Management Inc. now owns 215,439 shares of the bank’s stock worth $6,317,000 after purchasing an additional 21,470 shares during the period. Bank of America Corp DE increased its stake in shares of First Busey Corporation by 128.0% during the first quarter. Bank of America Corp DE now owns 171,816 shares of the bank’s stock worth $5,051,000 after purchasing an additional 96,454 shares during the period. Martingale Asset Management L P bought a new position in shares of First Busey Corporation during the second quarter worth approximately $3,855,000. Finally, Marshall Wace North America L.P. increased its stake in shares of First Busey Corporation by 569.4% during the second quarter. Marshall Wace North America L.P. now owns 78,664 shares of the bank’s stock worth $2,281,000 after purchasing an additional 66,913 shares during the period. Institutional investors own 45.83% of the company’s stock.
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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