First Busey (NASDAQ:BUSE) Receives “Neutral” Rating from DA Davidson

DA Davidson reissued their neutral rating on shares of First Busey (NASDAQ:BUSE) in a research note released on Thursday morning,Benzinga reports. DA Davidson currently has a $27.00 price target on the bank’s stock.

Other analysts have also issued research reports about the stock. Raymond James Financial restated an “outperform” rating and issued a $26.00 target price (down previously from $28.00) on shares of First Busey in a research report on Thursday, October 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Busey in a research note on Monday, December 29th. Finally, Piper Sandler reduced their price objective on First Busey from $30.00 to $26.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, First Busey has an average rating of “Hold” and a consensus price target of $26.50.

First Busey Stock Performance

NASDAQ:BUSE opened at $24.68 on Thursday. First Busey has a twelve month low of $18.40 and a twelve month high of $26.08. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.11. The stock’s 50-day simple moving average is $24.35 and its 200 day simple moving average is $23.77. The firm has a market capitalization of $2.18 billion, a PE ratio of 19.13 and a beta of 0.79.

First Busey (NASDAQ:BUSE) last issued its earnings results on Tuesday, January 27th. The bank reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. First Busey had a return on equity of 9.59% and a net margin of 12.96%.The firm had revenue of $201.78 million during the quarter, compared to the consensus estimate of $197.70 million. On average, analysts anticipate that First Busey will post 2.61 EPS for the current fiscal year.

First Busey Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 23rd will be issued a $0.26 dividend. 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 yield of 4.2%. First Busey’s dividend payout ratio (DPR) is currently 90.43%.

Insider Transactions at First Busey

In related news, President Mike Maddox bought 1,000 shares of the business’s stock in a transaction on Wednesday, December 3rd. The shares were purchased at an average cost of $25.52 per share, with a total value of $25,520.00. Following the acquisition, the president owned 40,280 shares of the company’s stock, valued at $1,027,945.60. This represents a 2.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 2,250 shares of company stock worth $54,398. 3.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Busey

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. lifted its position 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 worth $49,000 after purchasing an additional 2,004 shares during the period. Signaturefd LLC raised 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 buying 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 $86,000. CIBC Private Wealth Group LLC boosted its position 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 valued at $91,000 after acquiring an additional 2,070 shares during the last quarter. Finally, Comerica Bank grew its holdings in First Busey by 1,167.4% during the 4th quarter. Comerica Bank now owns 4,892 shares of the bank’s stock worth $116,000 after acquiring an additional 4,506 shares during the period. 56.49% of the stock is owned by institutional investors and hedge funds.

About First Busey

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.