Connor Clark & Lunn Investment Management Ltd. Raises Stock Position in First Busey Co. (NASDAQ:BUSE)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of First Busey Co. (NASDAQ:BUSE) by 442.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,438 shares of the bank’s stock after purchasing an additional 59,077 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in First Busey were worth $1,707,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Sequoia Financial Advisors LLC acquired a new position in shares of First Busey during the fourth quarter valued at approximately $1,294,000. PNC Financial Services Group Inc. raised its stake in First Busey by 1,173.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,439 shares of the bank’s stock valued at $34,000 after purchasing an additional 1,326 shares during the last quarter. Inceptionr LLC acquired a new position in First Busey in the 4th quarter valued at $315,000. Victory Capital Management Inc. lifted its holdings in First Busey by 0.4% in the 4th quarter. Victory Capital Management Inc. now owns 322,813 shares of the bank’s stock valued at $7,609,000 after purchasing an additional 1,413 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in First Busey by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 707,323 shares of the bank’s stock worth $16,672,000 after purchasing an additional 12,879 shares during the last quarter. Institutional investors and hedge funds own 56.49% of the company’s stock.

First Busey Trading Up 0.2 %

Shares of First Busey stock opened at $22.19 on Thursday. First Busey Co. has a fifty-two week low of $21.21 and a fifty-two week high of $28.97. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 11.26 and a beta of 0.84. The stock has a 50 day moving average of $23.44 and a 200 day moving average of $24.86.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings data on Tuesday, January 28th. The bank reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. First Busey had a return on equity of 8.94% and a net margin of 17.14%. As a group, research analysts predict that First Busey Co. will post 2.61 earnings per share for the current year.

First Busey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 24th were given a $0.25 dividend. This is an increase from First Busey’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 4.51%. The ex-dividend date was Friday, January 24th. First Busey’s payout ratio is currently 50.76%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BUSE. Stephens reissued an “equal weight” rating and issued a $26.00 price target on shares of First Busey in a research note on Monday, February 24th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $33.00 price target (down previously from $34.00) on shares of First Busey in a report on Thursday, January 30th. DA Davidson reiterated a “neutral” rating and set a $25.00 price target on shares of First Busey in a report on Tuesday, February 25th. Finally, Piper Sandler cut their price objective on shares of First Busey from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $28.00.

Insider Transactions at First Busey

In related news, Director Stanley J. Bradshaw bought 1,700 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $21.70 per share, for a total transaction of $36,890.00. Following the completion of the acquisition, the director now owns 482,143 shares in the company, valued at approximately $10,462,503.10. This trade represents a 0.35 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 7.10% of the company’s stock.

First Busey Profile

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.