LSV Asset Management Sells 56,200 Shares of First Busey Corporation $BUSE

LSV Asset Management reduced its holdings in shares of First Busey Corporation (NASDAQ:BUSE) by 4.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,281,757 shares of the bank’s stock after selling 56,200 shares during the quarter. LSV Asset Management owned 1.44% of First Busey worth $29,673,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Geneos Wealth Management Inc. raised its position in First Busey by 726.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock worth $49,000 after buying an additional 2,004 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of First Busey during the third quarter valued at approximately $86,000. Ameritas Investment Partners Inc. lifted its position in First Busey by 8.0% during the second quarter. Ameritas Investment Partners Inc. now owns 8,745 shares of the bank’s stock valued at $200,000 after purchasing an additional 648 shares during the period. Tower Research Capital LLC TRC boosted its holdings in First Busey by 585.6% in the second quarter. Tower Research Capital LLC TRC now owns 9,742 shares of the bank’s stock worth $223,000 after purchasing an additional 8,321 shares during the last quarter. Finally, Kuhn & Co Investment Counsel bought a new stake in First Busey in the 2nd quarter worth approximately $229,000. 56.49% of the stock is owned by hedge funds and other institutional investors.

First Busey Stock Performance

NASDAQ:BUSE opened at $26.55 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a 50-day simple moving average of $24.94 and a two-hundred day simple moving average of $23.96. The firm has a market capitalization of $2.35 billion, a PE ratio of 20.58 and a beta of 0.78. First Busey Corporation has a 52-week low of $18.40 and a 52-week high of $27.65.

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 firm had revenue of $201.78 million for the quarter, compared to analysts’ expectations of $197.70 million. First Busey had a return on equity of 9.59% and a net margin of 12.96%. Analysts forecast that First Busey Corporation will post 2.61 EPS for the current year.

First Busey Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 23rd were given a $0.26 dividend. The ex-dividend date was Friday, January 23rd. This is an increase from First Busey’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.9%. First Busey’s dividend payout ratio (DPR) is currently 80.62%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BUSE. Piper Sandler increased their price target on First Busey from $26.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Raymond James Financial reiterated an “outperform” rating and set a $26.00 price objective (down previously from $28.00) on shares of First Busey in a research report on Thursday, October 30th. DA Davidson reissued a “neutral” rating and issued a $27.00 target price on shares of First Busey in a research report on Thursday, January 29th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of First Busey in a research note on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $27.00.

Insider Activity at First Busey

In other news, President Mike Maddox bought 1,000 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were bought at an average price of $25.52 per share, for a total transaction of $25,520.00. Following the purchase, the president owned 40,280 shares in the company, valued at $1,027,945.60. This represents a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 3.85% of the stock is owned by insiders.

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.