First Busey Co. (NASDAQ:BUSE) to Issue Quarterly Dividend of $0.23

First Busey Co. (NASDAQ:BUSE) announced a quarterly dividend on Tuesday, October 12th, Zacks reports. Investors of record on Friday, October 22nd will be paid a dividend of 0.23 per share by the bank on Friday, October 29th. This represents a $0.92 annualized dividend and a yield of 3.67%. The ex-dividend date is Thursday, October 21st.

First Busey has raised its dividend by 22.2% over the last three years and has raised its dividend annually for the last 5 consecutive years. First Busey has a payout ratio of 40.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect First Busey to earn $2.05 per share next year, which means the company should continue to be able to cover its $0.91 annual dividend with an expected future payout ratio of 44.4%.

Shares of First Busey stock opened at $25.06 on Thursday. The business has a 50-day moving average of $23.97 and a 200-day moving average of $24.74. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.76 and a quick ratio of 0.76. The company has a market capitalization of $1.41 billion, a PE ratio of 10.90 and a beta of 1.09. First Busey has a 1-year low of $16.62 and a 1-year high of $27.61.

First Busey (NASDAQ:BUSE) last issued its earnings results on Monday, July 26th. The bank reported $0.55 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.01). The business had revenue of $97.55 million during the quarter, compared to the consensus estimate of $98.85 million. First Busey had a return on equity of 10.67% and a net margin of 29.33%. On average, equities analysts expect that First Busey will post 2.29 earnings per share for the current fiscal year.

A hedge fund recently raised its stake in First Busey stock. Morgan Stanley boosted its holdings in First Busey Co. (NASDAQ:BUSE) by 141.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 53,037 shares of the bank’s stock after buying an additional 31,069 shares during the quarter. Morgan Stanley owned 0.09% of First Busey worth $1,307,000 as of its most recent SEC filing. 46.55% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts recently commented on the stock. Zacks Investment Research lowered shares of First Busey from a “buy” rating to a “hold” rating in a research note on Friday, July 30th. B. Riley lowered their price objective on shares of First Busey from $29.00 to $27.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 3rd.

About First Busey

First Busey Corp. is a bank holding company, which engages in the provision of financial services through its wholly-owned bank subsidiary. It operates through the following segments: Banking, Remittance Processing, and Wealth Management. The Banking segment offers a range of banking services to individual and corporate customers through its banking center network.

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Dividend History for First Busey (NASDAQ:BUSE)

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