First Busey Co. (NASDAQ:BUSE) Receives Average Recommendation of “Moderate Buy” from Analysts

First Busey Co. (NASDAQ:BUSE) has been given a consensus rating of “Moderate Buy” by the four brokerages that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $28.00.

BUSE has been the topic of a number of recent research reports. DA Davidson reaffirmed a “neutral” rating and set a $25.00 price target on shares of First Busey in a research note on Tuesday, February 25th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $33.00 price target (down from $34.00) on shares of First Busey in a report on Thursday, January 30th. Raymond James reduced their target price on First Busey from $29.00 to $27.00 and set an “outperform” rating on the stock in a research report on Wednesday. Piper Sandler dropped 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 note on Thursday, January 30th. Finally, Stephens reissued an “equal weight” rating and issued a $26.00 target price on shares of First Busey in a research report on Monday, February 24th.

First Busey Stock Performance

Shares of First Busey stock traded up $0.02 on Wednesday, reaching $21.59. 62,242 shares of the stock were exchanged, compared to its average volume of 295,930. The business has a fifty day moving average price of $23.31 and a two-hundred day moving average price of $24.57. First Busey has a 1-year low of $21.13 and a 1-year high of $28.97. The firm has a market capitalization of $1.23 billion, a PE ratio of 10.97 and a beta of 0.84. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22.

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 the consensus estimate 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 anticipate that First Busey will post 2.61 earnings per share for the current fiscal year.

First Busey Increases Dividend

The company also recently disclosed 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 a boost from First Busey’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date of this dividend was Friday, January 24th. First Busey’s dividend payout ratio is presently 50.76%.

Insider Transactions at First Busey

In related news, Director Stanley J. Bradshaw acquired 1,838 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was bought at an average cost of $23.75 per share, with a total value of $43,652.50. Following the acquisition, the director now directly owns 437,481 shares in the company, valued at approximately $10,390,173.75. The trade was a 0.42 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 7.10% of the company’s stock.

Hedge Funds Weigh In On First Busey

Several hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. lifted its holdings in First Busey by 1,173.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,439 shares of the bank’s stock worth $34,000 after purchasing an additional 1,326 shares during the period. R Squared Ltd acquired a new stake in shares of First Busey in the 4th quarter worth approximately $35,000. Meeder Asset Management Inc. boosted its holdings in shares of First Busey by 161.1% in the fourth quarter. Meeder Asset Management Inc. now owns 1,697 shares of the bank’s stock valued at $40,000 after acquiring an additional 1,047 shares in the last quarter. Sterling Capital Management LLC raised its holdings in First Busey by 822.7% during the fourth quarter. Sterling Capital Management LLC now owns 1,707 shares of the bank’s stock worth $40,000 after purchasing an additional 1,522 shares in the last quarter. Finally, Quarry LP lifted its position in First Busey by 507.5% in the fourth quarter. Quarry LP now owns 1,786 shares of the bank’s stock worth $42,000 after purchasing an additional 1,492 shares during the period. 56.49% of the stock is currently owned by institutional investors and hedge funds.

First Busey Company 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.