Short Interest in First Busey Corporation (NASDAQ:BUSE) Grows By 22.0%

First Busey Corporation (NASDAQ:BUSE) saw a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 2,598,687 shares, a growth of 22.0% from the February 26th total of 2,130,210 shares. Based on an average daily volume of 613,921 shares, the days-to-cover ratio is currently 4.2 days. Approximately 3.1% of the company’s shares are short sold.

First Busey Stock Up 1.8%

Shares of First Busey stock traded up $0.44 during trading hours on Tuesday, reaching $25.17. 260,205 shares of the company were exchanged, compared to its average volume of 645,476. The firm has a market cap of $2.17 billion, a PE ratio of 19.54 and a beta of 0.76. 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 has a 1 year low of $18.40 and a 1 year high of $27.65. The stock’s fifty day moving average is $25.46 and its 200 day moving average is $24.34.

First Busey (NASDAQ:BUSE) last released its earnings results on Tuesday, January 27th. The bank reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. First Busey had a return on equity of 9.46% and a net margin of 12.96%.The firm had revenue of $201.78 million during the quarter, compared to analyst estimates of $197.70 million. As a group, equities research analysts forecast that First Busey will post 2.61 earnings per share for the current year.

First Busey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 23rd were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Friday, January 23rd. This is a boost from First Busey’s previous quarterly dividend of $0.25. First Busey’s dividend payout ratio (DPR) is 80.62%.

Institutional Trading of First Busey

A number of large investors have recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in First Busey by 8.6% in the fourth quarter. Wellington Management Group LLP now owns 7,746,996 shares of the bank’s stock worth $184,301,000 after acquiring an additional 611,090 shares during the last quarter. Vanguard Group Inc. increased its position in shares of First Busey by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,078,833 shares of the bank’s stock valued at $117,575,000 after purchasing an additional 33,430 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of First Busey by 36,664.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank’s stock valued at $74,510,000 after purchasing an additional 3,123,454 shares in the last quarter. LSV Asset Management lifted its position in shares of First Busey by 8.0% during the 4th quarter. LSV Asset Management now owns 1,384,661 shares of the bank’s stock worth $32,941,000 after purchasing an additional 102,904 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of First Busey by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,314,576 shares of the bank’s stock worth $31,274,000 after purchasing an additional 145,681 shares in the last quarter. 56.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on BUSE shares. DA Davidson reaffirmed a “neutral” rating and issued a $27.00 target price on shares of First Busey in a research report on Thursday, January 29th. Piper Sandler lifted their target price on First Busey from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Weiss Ratings upgraded shares of First Busey from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 3rd. Finally, Stephens initiated coverage on shares of First Busey in a research report on Friday. They set an “equal weight” rating and a $27.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, First Busey presently has an average rating of “Moderate Buy” and a consensus target price of $27.17.

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.