Stephens Begins Coverage on First Busey (NASDAQ:BUSE)

Equities research analysts at Stephens initiated coverage on shares of First Busey (NASDAQ:BUSE) in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The firm set an “equal weight” rating and a $27.00 price target on the bank’s stock. Stephens’ price objective points to a potential upside of 9.67% from the company’s current price.

A number of other brokerages have also recently commented on BUSE. Piper Sandler increased their price target on shares of First Busey from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Weiss Ratings upgraded shares of First Busey from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 3rd. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $27.00 target price on shares of First Busey in a report on Thursday, January 29th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $27.17.

First Busey Stock Performance

Shares of NASDAQ BUSE opened at $24.62 on Friday. The stock has a market capitalization of $2.12 billion, a PE ratio of 19.09 and a beta of 0.76. First Busey has a 52 week low of $18.40 and a 52 week high of $27.65. The stock has a 50 day moving average price of $25.46 and a 200 day moving average price of $24.34. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.91 and a current ratio of 0.91.

First Busey (NASDAQ:BUSE) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. First Busey had a return on equity of 9.46% and a net margin of 12.96%.The company had revenue of $201.78 million for the quarter, compared to analysts’ expectations of $197.70 million. Analysts predict that First Busey will post 2.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Busey

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in shares of First Busey by 95.9% during the 1st quarter. Royal Bank of Canada now owns 18,143 shares of the bank’s stock worth $392,000 after buying an additional 8,884 shares during the last quarter. AQR Capital Management LLC grew its stake in First Busey by 16.8% in the 1st quarter. AQR Capital Management LLC now owns 198,945 shares of the bank’s stock valued at $4,297,000 after buying an additional 28,605 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in First Busey by 64.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,724 shares of the bank’s stock valued at $1,074,000 after buying an additional 19,431 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in First Busey by 9.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 469,310 shares of the bank’s stock valued at $10,137,000 after acquiring an additional 38,773 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in First Busey by 78.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 222,048 shares of the bank’s stock valued at $4,796,000 after acquiring an additional 97,560 shares during the period. 56.49% of the stock is currently owned by institutional investors and hedge funds.

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.