Canvas Wealth Advisors LLC Buys Shares of 71,539 First Busey Corporation $BUSE

Canvas Wealth Advisors LLC bought a new position in First Busey Corporation (NASDAQ:BUSE) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 71,539 shares of the bank’s stock, valued at approximately $1,702,000.

Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP raised 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 buying an additional 3,464,965 shares during the last quarter. Mirabella Financial Services LLP purchased a new stake in First Busey in the second quarter worth approximately $20,113,000. Stieven Capital Advisors L.P. purchased a new stake in First Busey in the third quarter worth approximately $9,607,000. Loomis Sayles & Co. L P bought a new stake in First Busey in the 2nd quarter worth approximately $8,343,000. Finally, ProShare Advisors LLC raised its stake in First Busey by 88.2% during the 3rd quarter. ProShare Advisors LLC now owns 533,142 shares of the bank’s stock valued at $12,342,000 after buying an additional 249,908 shares during the last quarter. Hedge funds and other institutional investors own 56.49% of the company’s stock.

First Busey Price Performance

Shares of BUSE opened at $24.90 on Thursday. First Busey Corporation has a 12-month low of $18.40 and a 12-month high of $27.65. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $2.15 billion, a PE ratio of 19.30 and a beta of 0.76. The business’s 50 day moving average is $25.45 and its 200 day moving average is $24.34.

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, beating analysts’ consensus estimates of $0.61 by $0.07. The business had revenue of $201.78 million during the quarter, compared to analyst estimates of $197.70 million. First Busey had a net margin of 12.96% and a return on equity of 9.46%. Research analysts expect that First Busey Corporation will post 2.61 earnings per share for the current fiscal year.

First Busey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 23rd were issued a dividend of $0.26 per share. This is a boost from First Busey’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $1.04 annualized dividend and a dividend yield of 4.2%. First Busey’s payout ratio is currently 80.62%.

Wall Street Analysts Forecast Growth

BUSE has been the topic of several research analyst reports. Weiss Ratings raised First Busey from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 3rd. DA Davidson reiterated a “neutral” rating and set a $27.00 price objective on shares of First Busey in a research report on Thursday, January 29th. Finally, Piper Sandler increased their target price on First Busey from $26.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.00.

First Busey Company Profile

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.