First Busey (NASDAQ:BUSE) Upgraded by Zacks Research to Strong-Buy Rating

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

BUSE has been the subject of several other research reports. Weiss Ratings upgraded 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 objective on shares of First Busey from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Raymond James Financial boosted their price objective on shares of First Busey from $28.00 to $32.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Wall Street Zen downgraded shares of First Busey from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Finally, Stephens raised their target price on shares of First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.60.

First Busey Stock Down 1.0%

BUSE opened at $29.60 on Tuesday. The business has a 50 day moving average price of $28.36 and a two-hundred day moving average price of $26.55. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The company has a market cap of $2.50 billion, a PE ratio of 13.16 and a beta of 0.72. First Busey has a 52 week low of $21.63 and a 52 week high of $30.51.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings data 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 return on equity of 10.19% and a net margin of 19.16%.The company had revenue of $197.17 million during the quarter, compared to analysts’ expectations of $197.15 million. As a group, research analysts anticipate that First Busey will post 2.6 EPS for the current year.

First Busey Announces Dividend

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

Insider Activity

In related 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 purchased at an average price of $25.90 per share, for a total transaction of $129,500.00. Following the completion of the purchase, the chief accounting officer directly owned 8,350 shares of the company’s stock, valued at approximately $216,265. This trade represents a 149.25% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust acquired a new stake in shares of First Busey during the 4th quarter valued at approximately $28,000. Litman Gregory Wealth Management LLC acquired a new stake in shares of First Busey in the 4th quarter worth approximately $30,000. Allworth Financial LP grew its holdings in shares of First Busey by 127.8% in the 4th quarter. Allworth Financial LP now owns 1,583 shares of the bank’s stock worth $38,000 after acquiring an additional 888 shares during the period. Torren Management LLC purchased a new position in First Busey in the 4th quarter valued at approximately $40,000. Finally, Geneos Wealth Management Inc. increased its stake in First Busey by 726.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock valued at $49,000 after purchasing an additional 2,004 shares in the last quarter. 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.