Banc Funds Co. LLC Sells 74,200 Shares of First Busey Corporation $BUSE

Banc Funds Co. LLC trimmed its stake in shares of First Busey Corporation (NASDAQ:BUSE) by 18.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 331,729 shares of the bank’s stock after selling 74,200 shares during the quarter. First Busey makes up about 1.3% of Banc Funds Co. LLC’s portfolio, making the stock its 25th largest holding. Banc Funds Co. LLC owned about 0.38% of First Busey worth $7,680,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Mirabella Financial Services LLP bought a new stake in shares of First Busey during the second quarter worth $20,113,000. ProShare Advisors LLC lifted its stake in shares of First Busey by 88.2% in the 3rd quarter. ProShare Advisors LLC now owns 533,142 shares of the bank’s stock valued at $12,342,000 after acquiring an additional 249,908 shares during the last quarter. Loomis Sayles & Co. L P bought a new position in shares of First Busey in the 2nd quarter valued at $8,343,000. Bayview Asset Management LLC boosted its holdings in shares of First Busey by 173.9% during the 2nd quarter. Bayview Asset Management LLC now owns 64,385 shares of the bank’s stock valued at $1,473,000 after acquiring an additional 40,876 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of First Busey by 99.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 933,467 shares of the bank’s stock valued at $21,362,000 after acquiring an additional 464,859 shares in the last quarter. Institutional investors own 56.49% of the company’s stock.

First Busey Price Performance

Shares of NASDAQ:BUSE opened at $24.68 on Friday. 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 Corporation has a 52 week low of $18.40 and a 52 week high of $27.65. The firm has a market cap of $2.13 billion, a PE ratio of 19.13 and a beta of 0.76. The firm’s fifty day moving average is $25.35 and its 200-day moving average is $24.33.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. The business had revenue of $201.78 million during the quarter, compared to the consensus estimate of $197.70 million. First Busey had a return on equity of 9.46% and a net margin of 12.96%. Sell-side analysts predict that First Busey Corporation will post 2.61 earnings per share for the current year.

First Busey Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 23rd were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, January 23rd. This is a positive change from First Busey’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 4.2%. First Busey’s payout ratio is currently 80.62%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Weiss Ratings raised First Busey from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, March 3rd. DA Davidson reissued a “neutral” rating and set a $27.00 price target on shares of First Busey in a research note on Thursday, January 29th. Finally, Piper Sandler boosted their price target on First Busey from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, First Busey has an average rating of “Moderate Buy” and a consensus price target of $27.00.

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.