First Busey Corporation (NASDAQ:BUSE) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of First Busey Corporation (NASDAQ:BUSE) have earned 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 12-month price objective among brokerages that have covered the stock in the last year is $27.00.

Several research firms have recently commented on BUSE. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Busey in a report on Monday, December 29th. Raymond James Financial restated an “outperform” rating and issued a $26.00 target price (down from $28.00) on shares of First Busey in a research note on Thursday, October 30th. DA Davidson reaffirmed a “neutral” rating and set a $27.00 target price on shares of First Busey in a report on Thursday, January 29th. Finally, Piper Sandler raised their price target on First Busey from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday, January 30th.

First Busey Price Performance

Shares of NASDAQ BUSE opened at $26.43 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 20.49 and a beta of 0.78. First Busey has a twelve month low of $18.40 and a twelve month high of $27.65. The business has a 50 day simple moving average of $25.10 and a 200-day simple moving average of $24.10.

First Busey (NASDAQ:BUSE) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. First Busey had a return on equity of 9.59% and a net margin of 12.96%.The firm had revenue of $201.78 million for the quarter, compared to analysts’ expectations of $197.70 million. As a group, equities research analysts expect that First Busey will post 2.61 earnings per share for the current year.

First Busey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 23rd were paid a $0.26 dividend. The ex-dividend date was Friday, January 23rd. This is a positive change from First Busey’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 3.9%. First Busey’s dividend payout ratio (DPR) is 80.62%.

Insider Activity

In other news, President Mike Maddox purchased 1,000 shares of the stock in a transaction dated Wednesday, December 3rd. The stock was acquired at an average price of $25.52 per share, for a total transaction of $25,520.00. Following the completion of the transaction, the president owned 40,280 shares of the company’s stock, valued at approximately $1,027,945.60. The trade was a 2.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 2,250 shares of company stock worth $57,165 over the last three months. Insiders own 3.85% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP grew its position in First Busey by 94.4% in the 3rd quarter. Wellington Management Group LLP now owns 7,135,906 shares of the bank’s stock worth $165,196,000 after purchasing an additional 3,464,965 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in First Busey by 36,664.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank’s stock worth $74,510,000 after buying an additional 3,123,454 shares in the last quarter. Mirabella Financial Services LLP acquired a new stake in First Busey in the 2nd quarter valued at approximately $20,113,000. Bank of New York Mellon Corp boosted its position in First Busey by 99.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 933,467 shares of the bank’s stock worth $21,362,000 after acquiring an additional 464,859 shares during the period. Finally, Stieven Capital Advisors L.P. bought a new position in shares of First Busey in the third quarter worth $9,607,000. 56.49% of the stock is 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.