First Busey Corporation (NASDAQ:BUSE) Receives Average Rating of “Hold” from Analysts

Shares of First Busey Corporation (NASDAQ:BUSE) have received a consensus rating of “Hold” from the seven ratings firms that are covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $26.3333.

BUSE has been the subject of several research reports. Piper Sandler dropped their price target on shares of First Busey from $30.00 to $26.00 and set an “overweight” rating for the company in a research note on Friday, October 31st. Raymond James Financial reiterated an “outperform” rating and issued a $26.00 target price (down from $28.00) on shares of First Busey in a report on Thursday, October 30th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of First Busey in a report on Monday.

First Busey Stock Down 1.0%

Shares of NASDAQ:BUSE opened at $23.79 on Friday. The firm has a market capitalization of $2.10 billion, a PE ratio of 20.69 and a beta of 0.79. First Busey has a 1 year low of $18.40 and a 1 year high of $25.62. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.91 and a quick ratio of 0.91. The firm’s 50-day moving average is $23.69 and its two-hundred day moving average is $23.62.

First Busey (NASDAQ:BUSE) last announced its quarterly earnings data on Friday, May 20th. The bank reported $0.69 earnings per share for the quarter. First Busey had a net margin of 11.00% and a return on equity of 9.05%. The firm had revenue of $63.34 million during the quarter. Analysts predict that First Busey will post 2.61 EPS for the current year.

First Busey Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Friday, October 24th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Friday, October 24th. First Busey’s dividend payout ratio is presently 86.96%.

Insider Activity at First Busey

In other news, CAO Scott A. Phillips acquired 1,350 shares of First Busey stock in a transaction dated Friday, October 31st. The shares were acquired at an average cost of $25.64 per share, for a total transaction of $34,614.00. Following the acquisition, the chief accounting officer owned 2,350 shares of the company’s stock, valued at $60,254. This trade represents a 135.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Mike Maddox acquired 1,000 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The shares were purchased at an average cost of $25.52 per share, with a total value of $25,520.00. Following the completion of the transaction, the president owned 40,280 shares in the company, valued at approximately $1,027,945.60. The trade was a 2.55% increase in their position. The disclosure for this purchase is available in the SEC filing. 3.85% of the stock is owned by company insiders.

Institutional Trading of First Busey

Hedge funds and other institutional investors have recently bought and sold shares of the business. MetLife Investment Management LLC lifted its holdings in First Busey by 54.4% during the 1st quarter. MetLife Investment Management LLC now owns 50,269 shares of the bank’s stock worth $1,086,000 after buying an additional 17,717 shares during the last quarter. Corebridge Financial Inc. raised its position in shares of First Busey by 54.6% during the 1st quarter. Corebridge Financial Inc. now owns 40,950 shares of the bank’s stock worth $885,000 after acquiring an additional 14,457 shares in the last quarter. Royal Bank of Canada lifted its stake in First Busey by 95.9% during the first quarter. Royal Bank of Canada now owns 18,143 shares of the bank’s stock worth $392,000 after purchasing an additional 8,884 shares during the last quarter. Cubist Systematic Strategies LLC boosted its holdings in First Busey by 300.0% in the first quarter. Cubist Systematic Strategies LLC now owns 199,663 shares of the bank’s stock valued at $4,313,000 after purchasing an additional 149,753 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new position in First Busey in the first quarter valued at approximately $246,000. 56.49% of the stock is currently owned by institutional investors and hedge funds.

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.