First Busey (NASDAQ:BUSE) Reaches New 52-Week High – Here’s Why

First Busey Corporation (NASDAQ:BUSE) shares hit a new 52-week high on Thursday . The company traded as high as $28.60 and last traded at $28.33, with a volume of 772849 shares. The stock had previously closed at $28.21.

Analysts Set New Price Targets

BUSE has been the topic of a number of analyst reports. Weiss Ratings raised First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Piper Sandler lifted their price target on First Busey from $29.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Finally, Stephens lifted their price target on First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 30th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

First Busey Trading Up 0.4%

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.90. The company has a 50 day simple moving average of $26.63 and a two-hundred day simple moving average of $25.52. The company has a market cap of $2.40 billion, a PE ratio of 12.59 and a beta of 0.72.

First Busey (NASDAQ:BUSE) last released its earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. First Busey had a return on equity of 10.19% and a net margin of 19.16%.The company had revenue of $197.17 million for the quarter, compared to analysts’ expectations of $197.15 million. Sell-side analysts forecast that First Busey Corporation will post 2.57 EPS for the current year.

First Busey Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 24th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Friday, April 24th. First Busey’s payout ratio is 46.22%.

Insiders Place Their Bets

In other First Busey news, CAO Scott A. Phillips bought 5,000 shares of the stock in a transaction on Monday, May 4th. The shares were bought at an average price of $25.90 per share, with a total value of $129,500.00. Following the purchase, the chief accounting officer directly owned 8,350 shares in the company, valued at $216,265. The trade was a 149.25% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.77% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Busey

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE grew its stake in First Busey by 37.0% during the 1st quarter. Bank of America Corp DE now owns 169,641 shares of the bank’s stock valued at $4,287,000 after acquiring an additional 45,793 shares in the last quarter. Amundi purchased a new position in First Busey during the 1st quarter valued at about $611,000. California State Teachers Retirement System grew its stake in shares of First Busey by 13.1% in the 1st quarter. California State Teachers Retirement System now owns 95,005 shares of the bank’s stock valued at $2,401,000 after buying an additional 11,029 shares in the last quarter. Royal Bank of Canada grew its stake in shares of First Busey by 13.1% in the 1st quarter. Royal Bank of Canada now owns 8,373 shares of the bank’s stock valued at $212,000 after buying an additional 971 shares in the last quarter. Finally, Rhino Investment Partners Inc grew its stake in shares of First Busey by 101.3% in the 1st quarter. Rhino Investment Partners Inc now owns 492,113 shares of the bank’s stock valued at $12,436,000 after buying an additional 247,589 shares in the last quarter. Hedge funds and other institutional investors own 56.49% of the company’s stock.

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.