Short Interest in First Busey Corporation (NASDAQ:BUSE) Drops By 17.1%

First Busey Corporation (NASDAQ:BUSE) was the recipient of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totaling 1,554,738 shares, a decrease of 17.1% from the December 15th total of 1,876,004 shares. Based on an average daily volume of 459,727 shares, the days-to-cover ratio is currently 3.4 days. Approximately 1.8% of the company’s shares are sold short. Approximately 1.8% of the company’s shares are sold short. Based on an average daily volume of 459,727 shares, the days-to-cover ratio is currently 3.4 days.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BUSE shares. Raymond James Financial reiterated an “outperform” rating and issued a $26.00 price objective (down from $28.00) on shares of First Busey in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Busey in a research note on Monday, December 29th. Finally, Piper Sandler cut their price objective on First Busey from $30.00 to $26.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, First Busey has an average rating of “Hold” and an average target price of $26.33.

First Busey Price Performance

BUSE stock opened at $24.40 on Monday. The business’s 50-day moving average is $23.98 and its two-hundred day moving average is $23.72. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $2.16 billion, a P/E ratio of 21.22 and a beta of 0.79. First Busey has a 1 year low of $18.40 and a 1 year high of $25.62.

First Busey (NASDAQ:BUSE) last released its earnings results on Tuesday, October 28th. The bank reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. First Busey had a net margin of 11.00% and a return on equity of 9.05%. The firm had revenue of $197.46 million for the quarter, compared to analyst estimates of $196.07 million. 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 announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 23rd will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, January 23rd. This is an increase from First Busey’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.3%. First Busey’s payout ratio is presently 86.96%.

Insider Transactions at First Busey

In other news, CAO Scott A. Phillips acquired 1,350 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The stock was purchased at an average cost of $25.64 per share, for a total transaction of $34,614.00. Following the completion of the transaction, the chief accounting officer owned 2,350 shares in the company, valued at approximately $60,254. This trade represents a 135.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Mike Maddox bought 1,000 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was purchased at an average price of $25.52 per share, for a total transaction of $25,520.00. Following the completion of the acquisition, the president directly owned 40,280 shares in the company, valued at $1,027,945.60. The trade was a 2.55% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 3.85% of the company’s stock.

Institutional Trading of First Busey

A number of institutional investors have recently bought and sold shares of the business. Canvas Wealth Advisors LLC purchased a new position in shares of First Busey in the 4th quarter valued at about $1,702,000. SG Americas Securities LLC boosted its holdings in First Busey by 31.5% in the fourth quarter. SG Americas Securities LLC now owns 38,442 shares of the bank’s stock valued at $915,000 after purchasing an additional 9,202 shares in the last quarter. Mirabella Financial Services LLP increased its stake in First Busey by 23.2% in the third quarter. Mirabella Financial Services LLP now owns 1,082,338 shares of the bank’s stock valued at $25,056,000 after purchasing an additional 203,464 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in First Busey by 111.9% during the third quarter. CIBC Private Wealth Group LLC now owns 3,920 shares of the bank’s stock worth $91,000 after purchasing an additional 2,070 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new stake in shares of First Busey during the 3rd quarter worth approximately $211,000. 56.49% of the stock is owned by hedge funds and other institutional investors.

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.