Keefe, Bruyette & Woods Issues Positive Forecast for First Busey (NASDAQ:BUSE) Stock Price

First Busey (NASDAQ:BUSE) had its price target lifted by Keefe, Bruyette & Woods from $32.00 to $34.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the bank’s stock.

A number of other research analysts have also recently commented on BUSE. Zacks Research raised shares of First Busey from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Raymond James Financial raised their price target on shares of First Busey from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Piper Sandler lifted their price target on shares of First Busey from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday. Weiss Ratings upgraded shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, DA Davidson upped their price objective on shares of First Busey from $30.00 to $31.00 and gave the company a “neutral” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, First Busey presently has an average rating of “Moderate Buy” and a consensus price target of $32.00.

First Busey Stock Performance

Shares of NASDAQ:BUSE opened at $30.86 on Friday. The company has a market cap of $2.61 billion, a P/E ratio of 12.75 and a beta of 0.72. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.90. First Busey has a one year low of $21.63 and a one year high of $31.43. The business’s 50-day simple moving average is $28.90 and its 200 day simple moving average is $26.84.

First Busey (NASDAQ:BUSE) last released its quarterly earnings results on Tuesday, July 28th. The bank reported $0.69 EPS for the quarter, topping the consensus estimate of $0.63 by $0.06. First Busey had a return on equity of 10.42% and a net margin of 21.00%.The firm had revenue of $194.27 million for the quarter, compared to analyst estimates of $197.59 million. On average, sell-side analysts forecast that First Busey will post 2.64 earnings per share for the current fiscal year.

First Busey Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 24th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Friday, July 24th. First Busey’s dividend payout ratio is 42.98%.

Insider Buying and Selling at First Busey

In related news, CAO Scott A. Phillips purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was acquired 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 owned 8,350 shares in the company, valued at approximately $216,265. This represents a 149.25% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.77% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its position in shares of First Busey by 94.4% in the 3rd quarter. Wellington Management Group LLP now owns 7,135,906 shares of the bank’s stock worth $165,196,000 after purchasing an additional 3,464,965 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of First Busey by 36,664.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank’s stock worth $74,510,000 after purchasing an additional 3,123,454 shares during the last quarter. Rhino Investment Partners Inc lifted its position in shares of First Busey by 101.3% during the first quarter. Rhino Investment Partners Inc now owns 492,113 shares of the bank’s stock worth $12,436,000 after purchasing an additional 247,589 shares during the last quarter. Verition Fund Management LLC grew its stake in First Busey by 69.1% in the fourth quarter. Verition Fund Management LLC now owns 601,355 shares of the bank’s stock worth $14,306,000 after purchasing an additional 245,832 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in First Busey by 57.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 552,410 shares of the bank’s stock worth $13,142,000 after purchasing an additional 201,807 shares in the last quarter. 56.49% of the stock is 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.