First Busey (NASDAQ:BUSE) Upgraded at Zacks Research

Zacks Research upgraded shares of First Busey (NASDAQ:BUSE) from a hold rating to a strong-buy rating in a research note published on Tuesday morning,Zacks.com reports.

A number of other research firms have also recently commented on BUSE. Wall Street Zen cut shares of First Busey from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Weiss Ratings raised First Busey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Raymond James Financial raised their target price on First Busey from $28.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Piper Sandler boosted their target price on First Busey from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Stephens upped their price target on First Busey from $27.00 to $28.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, First Busey currently has a consensus rating of “Moderate Buy” and an average target price of $29.75.

First Busey Stock Down 0.1%

Shares of NASDAQ:BUSE opened at $29.56 on Tuesday. First Busey has a 1 year low of $21.63 and a 1 year high of $30.51. The company has a market capitalization of $2.50 billion, a PE ratio of 13.14 and a beta of 0.72. The business has a fifty day moving average price of $28.43 and a two-hundred day moving average price of $26.59. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.90 and a quick ratio of 0.90.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. First Busey had a net margin of 19.16% and a return on equity of 10.19%. The company had revenue of $197.17 million for the quarter, compared to the consensus estimate of $197.15 million. Analysts forecast that First Busey will post 2.6 earnings per share for the current year.

First Busey Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 24th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Friday, July 24th. First Busey’s dividend payout ratio is presently 46.22%.

Insider Buying and Selling

In other First Busey news, CAO Scott A. Phillips acquired 5,000 shares of First Busey stock in a transaction that occurred on Monday, May 4th. The stock was acquired at an average cost of $25.90 per share, for a total transaction of $129,500.00. Following the purchase, the chief accounting officer owned 8,350 shares of the company’s stock, valued at approximately $216,265. This represents a 149.25% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.77% of the company’s stock.

Institutional Investors Weigh In On First Busey

Several institutional investors have recently made changes to their positions in BUSE. Savvy Advisors Inc. purchased a new stake in shares of First Busey in the fourth quarter worth about $2,905,000. Canvas Wealth Advisors LLC purchased a new position in First Busey during the fourth quarter valued at approximately $1,702,000. Northwestern Mutual Wealth Management Co. increased its holdings in First Busey by 36,664.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank’s stock worth $74,510,000 after acquiring an additional 3,123,454 shares during the period. Sunesis Advisors LLC bought a new stake in First Busey during the 4th quarter worth approximately $3,732,000. Finally, Assenagon Asset Management S.A. purchased a new stake in First Busey in the 1st quarter worth approximately $1,743,000. Hedge funds and other institutional investors own 56.49% of the company’s stock.

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.