Bank of New York Mellon Corp Cuts Holdings in First Busey Co. (NASDAQ:BUSE)

Bank of New York Mellon Corp trimmed its holdings in First Busey Co. (NASDAQ:BUSE) by 2.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 385,250 shares of the bank’s stock after selling 7,769 shares during the period. Bank of New York Mellon Corp owned about 0.70% of First Busey worth $7,836,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. New York Life Investment Management LLC bought a new stake in shares of First Busey in the 1st quarter worth approximately $471,000. Bailard Inc. grew its position in First Busey by 8.2% during the first quarter. Bailard Inc. now owns 31,841 shares of the bank’s stock worth $648,000 after buying an additional 2,400 shares in the last quarter. Barclays PLC boosted its holdings in shares of First Busey by 294.2% during the 1st quarter. Barclays PLC now owns 76,278 shares of the bank’s stock valued at $1,552,000 after acquiring an additional 56,929 shares in the last quarter. Vestor Capital LLC raised its position in shares of First Busey by 8,624.9% in the 1st quarter. Vestor Capital LLC now owns 207,216 shares of the bank’s stock worth $2,828,000 after acquiring an additional 204,841 shares in the last quarter. Finally, Everhart Financial Group Inc. increased its position in First Busey by 15.6% in the 1st quarter. Everhart Financial Group Inc. now owns 11,481 shares of the bank’s stock valued at $234,000 after buying an additional 1,550 shares in the last quarter. 53.22% of the stock is currently owned by institutional investors.

First Busey Price Performance

Shares of BUSE stock opened at $20.80 on Monday. The firm’s 50-day moving average is $20.96 and its two-hundred day moving average is $20.57. The company has a market capitalization of $1.15 billion, a PE ratio of 8.60 and a beta of 0.87. First Busey Co. has a 12 month low of $16.26 and a 12 month high of $27.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.76 and a quick ratio of 0.76.

First Busey (NASDAQ:BUSE) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.04). First Busey had a return on equity of 11.94% and a net margin of 24.80%. The firm had revenue of $106.68 million for the quarter, compared to analyst estimates of $113.96 million. Analysts predict that First Busey Co. will post 2.19 earnings per share for the current year.

First Busey Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 21st were issued a $0.24 dividend. The ex-dividend date was Thursday, July 20th. This represents a $0.96 annualized dividend and a yield of 4.62%. First Busey’s dividend payout ratio (DPR) is currently 39.67%.

Insider Activity

In related news, Director Michael David Cassens sold 10,036 shares of First Busey stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $22.00, for a total value of $220,792.00. Following the sale, the director now owns 157,747 shares of the company’s stock, valued at approximately $3,470,434. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Stanley J. Bradshaw purchased 5,500 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was purchased at an average cost of $21.38 per share, with a total value of $117,590.00. Following the completion of the acquisition, the director now directly owns 292,300 shares of the company’s stock, valued at $6,249,374. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael David Cassens sold 10,036 shares of the business’s stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $22.00, for a total value of $220,792.00. Following the transaction, the director now owns 157,747 shares in the company, valued at approximately $3,470,434. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 23,850 shares of company stock worth $504,856. Company insiders own 7.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Raymond James upped their price target on shares of First Busey from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Monday, July 31st. StockNews.com upgraded shares of First Busey from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th.

First Busey Company Profile

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