First Busey Co. (NASDAQ:BUSE) Plans $0.24 Quarterly Dividend

First Busey Co. (NASDAQ:BUSE) declared a quarterly dividend on Tuesday, April 9th, Zacks reports. Investors of record on Friday, April 19th will be paid a dividend of 0.24 per share by the bank on Friday, April 26th. This represents a $0.96 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend is Thursday, April 18th.

First Busey has raised its dividend by an average of 2.9% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. First Busey has a payout ratio of 41.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect First Busey to earn $2.32 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 41.4%.

First Busey Price Performance

Shares of First Busey stock opened at $22.16 on Tuesday. First Busey has a one year low of $16.26 and a one year high of $25.80. The stock’s fifty day moving average is $23.12 and its 200 day moving average is $22.49. The stock has a market cap of $1.22 billion, a P/E ratio of 10.21 and a beta of 0.85. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.79 and a current ratio of 0.79.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. First Busey had a return on equity of 10.38% and a net margin of 20.37%. The business had revenue of $108.65 million during the quarter, compared to analyst estimates of $107.74 million. Sell-side analysts anticipate that First Busey will post 2.14 earnings per share for the current year.

Insider Activity

In other news, Director Michael David Cassens sold 2,300 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $23.02, for a total transaction of $52,946.00. Following the completion of the transaction, the director now owns 141,278 shares in the company, valued at $3,252,219.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Karen M. Jensen purchased 2,500 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was bought at an average price of $24.40 per share, for a total transaction of $61,000.00. Following the completion of the transaction, the director now owns 45,585 shares in the company, valued at approximately $1,112,274. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael David Cassens sold 2,300 shares of First Busey stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $23.02, for a total value of $52,946.00. Following the completion of the transaction, the director now owns 141,278 shares of the company’s stock, valued at approximately $3,252,219.56. The disclosure for this sale can be found here. Insiders bought a total of 4,917 shares of company stock worth $117,215 over the last 90 days. Corporate insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its position in First Busey by 237.9% in the first quarter. Tower Research Capital LLC TRC now owns 1,409 shares of the bank’s stock worth $29,000 after acquiring an additional 992 shares in the last quarter. Studio Investment Management LLC purchased a new position in First Busey in the fourth quarter worth about $30,000. Lazard Asset Management LLC bought a new stake in First Busey in the second quarter worth about $34,000. Point72 Hong Kong Ltd bought a new stake in First Busey in the first quarter worth about $36,000. Finally, FMR LLC lifted its stake in First Busey by 36.8% in the second quarter. FMR LLC now owns 2,120 shares of the bank’s stock worth $49,000 after purchasing an additional 570 shares during the last quarter. Hedge funds and other institutional investors own 56.49% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded First Busey from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, First Busey currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

First Busey Company Profile

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.