First Busey Corporation (NASDAQ:BUSE) Given Average Rating of “Moderate Buy” by Brokerages

First Busey Corporation (NASDAQ:BUSE) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $29.75.

A number of research analysts recently commented on the company. Weiss Ratings raised First Busey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Zacks Research upgraded First Busey from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Raymond James Financial upped their target price on First Busey from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Stephens raised their price target on shares of First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Finally, Wall Street Zen downgraded shares of First Busey from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th.

First Busey Stock Performance

First Busey stock opened at $29.75 on Tuesday. First Busey has a 12-month low of $21.63 and a 12-month high of $30.51. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 13.22 and a beta of 0.72. The firm’s fifty day moving average price is $28.58 and its 200 day moving average price is $26.67.

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, beating analysts’ consensus estimates of $0.57 by $0.10. The company had revenue of $197.17 million during the quarter, compared to analysts’ expectations of $197.15 million. First Busey had a net margin of 19.16% and a return on equity of 10.19%. On average, research analysts forecast that First Busey will post 2.6 EPS for the current fiscal year.

First Busey Dividend Announcement

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

Insider Activity

In related news, CAO Scott A. Phillips purchased 5,000 shares of First Busey stock in a transaction dated Monday, May 4th. The shares were acquired at an average price of $25.90 per share, with a total value of $129,500.00. Following the completion of the transaction, the chief accounting officer owned 8,350 shares of the company’s stock, valued at approximately $216,265. This trade represents a 149.25% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.77% of the company’s stock.

Institutional Trading of First Busey

Several hedge funds and other institutional investors have recently bought and sold shares of BUSE. Everhart Financial Group Inc. lifted its holdings in First Busey by 11.8% during the 2nd quarter. Everhart Financial Group Inc. now owns 41,689 shares of the bank’s stock worth $1,230,000 after buying an additional 4,409 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of First Busey by 6.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 8,972 shares of the bank’s stock valued at $265,000 after acquiring an additional 571 shares during the last quarter. Lexington Hill Partners LLC acquired a new stake in shares of First Busey during the 2nd quarter valued at approximately $335,000. Assenagon Asset Management S.A. raised its position in shares of First Busey by 37.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 94,464 shares of the bank’s stock valued at $2,787,000 after acquiring an additional 25,490 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of 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. 56.49% of the stock is owned by institutional investors.

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.