First Busey Corporation (NASDAQ:BUSE) Receives Average Recommendation of “Hold” from Analysts

Shares of First Busey Corporation (NASDAQ:BUSE) have been given an average rating of “Hold” by the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $26.3333.

Several equities analysts have commented on the stock. Raymond James Financial restated an “outperform” rating and issued a $26.00 price target (down previously from $28.00) on shares of First Busey in a research note on Thursday, October 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Busey in a report on Monday, December 29th. Finally, Piper Sandler cut their price target on First Busey from $30.00 to $26.00 and set an “overweight” rating on the stock in a report on Friday, October 31st.

Insider Buying and Selling

In other news, CAO Scott A. Phillips purchased 1,350 shares of the stock in a transaction on Friday, October 31st. The stock was bought at an average price of $25.64 per share, for a total transaction of $34,614.00. Following the acquisition, the chief accounting officer directly owned 2,350 shares of the company’s stock, valued at approximately $60,254. The trade was a 135.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Mike Maddox acquired 1,000 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was purchased at an average cost of $25.52 per share, for a total transaction of $25,520.00. Following the completion of the transaction, the president owned 40,280 shares in the company, valued at approximately $1,027,945.60. The trade was a 2.55% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 2,250 shares of company stock valued at $54,398 in the last quarter. 3.85% of the stock is owned by insiders.

Institutional Trading of First Busey

A number of institutional investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. increased its holdings in shares of First Busey by 726.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock valued at $49,000 after acquiring an additional 2,004 shares during the last quarter. Signaturefd LLC lifted its stake in First Busey by 34.3% during the second quarter. Signaturefd LLC now owns 3,389 shares of the bank’s stock worth $78,000 after purchasing an additional 865 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in First Busey in the third quarter valued at approximately $86,000. CIBC Private Wealth Group LLC increased its stake in First Busey by 111.9% in the third quarter. CIBC Private Wealth Group LLC now owns 3,920 shares of the bank’s stock valued at $91,000 after purchasing an additional 2,070 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its stake in First Busey by 8.0% in the second quarter. Ameritas Investment Partners Inc. now owns 8,745 shares of the bank’s stock valued at $200,000 after purchasing an additional 648 shares during the last quarter. 56.49% of the stock is owned by hedge funds and other institutional investors.

First Busey Stock Up 0.4%

Shares of BUSE opened at $24.72 on Tuesday. The company’s 50-day simple moving average is $24.22 and its 200-day simple moving average is $23.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.91. First Busey has a 1 year low of $18.40 and a 1 year high of $26.08. The stock has a market capitalization of $2.19 billion, a PE ratio of 21.50 and a beta of 0.79.

First Busey (NASDAQ:BUSE) last announced its earnings results on Tuesday, October 28th. The bank reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. The firm had revenue of $197.46 million for the quarter, compared to the consensus estimate of $196.07 million. First Busey had a net margin of 11.00% and a return on equity of 9.05%. Analysts forecast 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 a positive change 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 4.2%. First Busey’s payout ratio is currently 90.43%.

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.