First Busey Corporation (NASDAQ:BUSE) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of First Busey Corporation (NASDAQ:BUSE) have earned a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $27.50.

Several research firms have issued reports on BUSE. Weiss Ratings raised shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Piper Sandler lifted their price target on shares of First Busey from $29.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Finally, Stephens lifted their price target on shares of First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th.

Insider Transactions at First Busey

In other news, CAO Scott A. Phillips purchased 5,000 shares of the business’s stock in a transaction on Monday, May 4th. The shares were acquired at an average cost of $25.90 per share, with a total value of $129,500.00. Following the completion of the acquisition, the chief accounting officer owned 8,350 shares of the company’s stock, valued at $216,265. This trade represents a 149.25% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.77% of the company’s stock.

Hedge Funds Weigh In On First Busey

Institutional investors and hedge funds have recently bought and sold shares of the company. Parkside Financial Bank & Trust purchased a new position in First Busey in the fourth quarter worth $28,000. Litman Gregory Wealth Management LLC purchased a new position in First Busey in the fourth quarter worth $30,000. Allworth Financial LP grew its holdings in First Busey by 127.8% in the fourth quarter. Allworth Financial LP now owns 1,583 shares of the bank’s stock worth $38,000 after purchasing an additional 888 shares during the last quarter. Torren Management LLC acquired a new stake in shares of First Busey during the fourth quarter worth $40,000. Finally, Geneos Wealth Management Inc. lifted its stake in shares of First Busey by 726.1% during the first quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock worth $49,000 after buying an additional 2,004 shares during the period. 56.49% of the stock is owned by hedge funds and other institutional investors.

First Busey Stock Performance

Shares of BUSE stock opened at $29.41 on Friday. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 13.07 and a beta of 0.72. The company’s 50 day moving average is $27.17 and its 200 day moving average is $25.90. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. First Busey has a 52-week low of $21.63 and a 52-week high of $29.58.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings data on Tuesday, April 28th. The bank reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. First Busey had a net margin of 19.16% and a return on equity of 10.19%. The company had revenue of $197.17 million for the quarter, compared to analyst estimates of $197.15 million. On average, sell-side analysts anticipate that First Busey will post 2.57 EPS for the current fiscal year.

First Busey Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 24th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Friday, April 24th. First Busey’s payout ratio is currently 46.22%.

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.