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

Shares of First Busey Corporation (NASDAQ:BUSE) have been given an average rating of “Moderate Buy” by the seven ratings firms that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $27.50.

Several equities research analysts recently weighed in on the company. Stephens lifted their price target on First Busey from $27.00 to $28.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Piper Sandler lifted their price target on First Busey from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Weiss Ratings upgraded First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th.

Insider Buying and Selling

In related news, CAO Scott A. Phillips bought 5,000 shares of the company’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. The trade was a 149.25% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.77% of the company’s stock.

Institutional Investors Weigh In On First Busey

Several hedge funds have recently added to or reduced their stakes in BUSE. Parkside Financial Bank & Trust bought a new stake in First Busey in the fourth quarter worth $28,000. Litman Gregory Wealth Management LLC bought a new stake in First Busey in the fourth quarter worth $30,000. Allworth Financial LP boosted 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 acquiring an additional 888 shares in the last quarter. Torren Management LLC bought a new stake in First Busey in the fourth quarter worth $40,000. Finally, Geneos Wealth Management Inc. boosted its holdings in First Busey by 726.1% in the first quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock worth $49,000 after acquiring an additional 2,004 shares in the last quarter. 56.49% of the stock is owned by institutional investors.

First Busey Stock Performance

NASDAQ BUSE opened at $27.37 on Monday. 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 twelve month low of $21.63 and a twelve month high of $27.78. The firm has a market capitalization of $2.31 billion, a PE ratio of 12.16 and a beta of 0.72. The stock’s 50 day moving average is $26.18 and its 200 day moving average is $25.24.

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

First Busey Announces Dividend

The business also recently announced 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 3.8%. The ex-dividend date of this dividend was Friday, April 24th. First Busey’s payout ratio is 46.22%.

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.