First Busey (NASDAQ:BUSE) Hits New 1-Year High – Here’s What Happened

First Busey Corporation (NASDAQ:BUSE)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $29.21 and last traded at $28.9780, with a volume of 313 shares. The stock had previously closed at $28.88.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BUSE shares. Weiss Ratings upgraded shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Piper Sandler increased their price target on First Busey from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Finally, Stephens raised their price target on First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, First Busey currently has an average rating of “Moderate Buy” and an average target price of $27.50.

First Busey Stock Up 0.1%

The firm’s 50 day simple moving average is $27.06 and its 200 day simple moving average is $25.82. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 12.86 and a beta of 0.72. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings data on Tuesday, April 28th. The bank reported $0.67 earnings per share (EPS) for the quarter, topping 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 business had revenue of $197.17 million during the quarter, compared to the consensus estimate of $197.15 million. Sell-side analysts anticipate that First Busey Corporation will post 2.57 EPS for the current fiscal year.

First Busey Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Friday, April 24th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Friday, April 24th. First Busey’s dividend payout ratio (DPR) is 46.22%.

Insider Buying and Selling at First Busey

In related news, CAO Scott A. Phillips bought 5,000 shares of the firm’s 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 transaction, the chief accounting officer directly owned 8,350 shares of the company’s stock, valued at approximately $216,265. This represents a 149.25% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 3.77% of the stock is currently owned by corporate insiders.

Institutional Trading of First Busey

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE raised its holdings in shares of First Busey by 37.0% in the 1st quarter. Bank of America Corp DE now owns 169,641 shares of the bank’s stock worth $4,287,000 after purchasing an additional 45,793 shares in the last quarter. Amundi bought a new position in shares of First Busey in the first quarter valued at $611,000. California State Teachers Retirement System lifted its position in shares of First Busey by 13.1% during the 1st quarter. California State Teachers Retirement System now owns 95,005 shares of the bank’s stock valued at $2,401,000 after acquiring an additional 11,029 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of First Busey by 13.1% during the 1st quarter. Royal Bank of Canada now owns 8,373 shares of the bank’s stock worth $212,000 after acquiring an additional 971 shares in the last quarter. Finally, Rhino Investment Partners Inc boosted its stake in shares of First Busey by 101.3% during the 1st quarter. Rhino Investment Partners Inc now owns 492,113 shares of the bank’s stock worth $12,436,000 after acquiring an additional 247,589 shares in the last quarter. 56.49% of the stock is currently owned by institutional investors.

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.