Canvas Wealth Advisors LLC Reduces Holdings in First Busey Corporation $BUSE

Canvas Wealth Advisors LLC reduced its position in First Busey Corporation (NASDAQ:BUSE) by 62.9% in the 1st quarter, Holdings Channel reports. The firm owned 26,539 shares of the bank’s stock after selling 45,000 shares during the period. Canvas Wealth Advisors LLC’s holdings in First Busey were worth $671,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Wellington Management Group LLP grew its stake in First Busey by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 7,746,996 shares of the bank’s stock worth $184,301,000 after buying an additional 611,090 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in First Busey by 36,664.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank’s stock valued at $74,510,000 after buying an additional 3,123,454 shares during the last quarter. LSV Asset Management boosted its holdings in shares of First Busey by 8.0% in the fourth quarter. LSV Asset Management now owns 1,384,661 shares of the bank’s stock valued at $32,941,000 after acquiring an additional 102,904 shares during the period. Bank of New York Mellon Corp grew its position in shares of First Busey by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,314,576 shares of the bank’s stock worth $31,274,000 after acquiring an additional 145,681 shares during the last quarter. Finally, Mirabella Financial Services LLP increased its holdings in shares of First Busey by 23.2% in the 3rd quarter. Mirabella Financial Services LLP now owns 1,082,338 shares of the bank’s stock valued at $25,056,000 after acquiring an additional 203,464 shares during the period. 56.49% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BUSE has been the subject of a number of recent research reports. Stephens increased their price target on shares of First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 30th. Piper Sandler lifted their price objective on shares of First Busey from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings raised shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, Raymond James Financial increased their target price on shares of First Busey from $28.00 to $32.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $29.60.

Insider Transactions at First Busey

In other news, CAO Scott A. Phillips acquired 5,000 shares of First Busey stock in a transaction that occurred on Monday, May 4th. The stock was purchased at an average price of $25.90 per share, for a total transaction of $129,500.00. Following the completion of the transaction, the chief accounting officer directly owned 8,350 shares in the company, valued at approximately $216,265. This trade represents a 149.25% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.77% of the stock is owned by corporate insiders.

First Busey Price Performance

First Busey stock opened at $29.69 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.90 and a quick ratio of 0.90. The business has a 50 day simple moving average of $27.61 and a 200-day simple moving average of $26.13. First Busey Corporation has a 12 month low of $21.63 and a 12 month high of $30.51. The stock has a market capitalization of $2.51 billion, a PE ratio of 13.20 and a beta of 0.72.

First Busey (NASDAQ:BUSE) last announced 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. The company had revenue of $197.17 million for the quarter, compared to analysts’ expectations of $197.15 million. First Busey had a net margin of 19.16% and a return on equity of 10.19%. Equities analysts predict that First Busey Corporation will post 2.58 earnings per share for the current year.

First Busey Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Friday, April 24th were issued a dividend of $0.26 per share. 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 dividend 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.