First Busey Corporation (NASDAQ:BUSE) Short Interest Update

First Busey Corporation (NASDAQ:BUSE) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totaling 1,554,738 shares, a decrease of 17.1% from the December 15th total of 1,876,004 shares. Based on an average daily trading volume, of 459,727 shares, the short-interest ratio is currently 3.4 days. Approximately 1.8% of the company’s shares are short sold. Approximately 1.8% of the company’s shares are short sold. Based on an average daily trading volume, of 459,727 shares, the short-interest ratio is currently 3.4 days.

First Busey Stock Performance

Shares of BUSE stock opened at $24.38 on Wednesday. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 21.20 and a beta of 0.79. The stock has a fifty day moving average of $24.04 and a 200 day moving average of $23.73. First Busey has a 52 week low of $18.40 and a 52 week high of $25.62. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.11.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings data on Tuesday, October 28th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. First Busey had a net margin of 11.00% and a return on equity of 9.05%. The business had revenue of $197.46 million for the quarter, compared to the consensus estimate of $196.07 million. As a group, research analysts expect 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 will be paid on Friday, January 30th. Shareholders of record on Friday, January 23rd will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.3%. This is a boost from First Busey’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, January 23rd. First Busey’s dividend payout ratio (DPR) is 86.96%.

Analysts Set New Price Targets

Several research analysts recently commented on BUSE shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Busey in a research note on Monday, December 29th. Raymond James Financial reissued an “outperform” rating and issued a $26.00 price target (down previously from $28.00) on shares of First Busey in a report on Thursday, October 30th. Finally, Piper Sandler decreased their price objective on shares of First Busey from $30.00 to $26.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $26.33.

Insider Transactions at First Busey

In related news, CAO Scott A. Phillips acquired 1,350 shares of First Busey stock in a transaction dated Friday, October 31st. The shares were purchased at an average cost of $25.64 per share, with a total value of $34,614.00. Following the completion of the purchase, the chief accounting officer owned 2,350 shares of the company’s stock, valued at $60,254. This represents a 135.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Mike Maddox bought 1,000 shares of the stock in a transaction dated Wednesday, December 3rd. The stock was bought at an average cost of $25.52 per share, with a total value of $25,520.00. Following the purchase, the president owned 40,280 shares in the company, valued at $1,027,945.60. The trade was a 2.55% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold 2,250 shares of company stock worth $54,398 over the last ninety days. Insiders own 3.85% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BUSE. Mirabella Financial Services LLP purchased a new stake in shares of First Busey during the second quarter valued at approximately $20,113,000. Bayview Asset Management LLC raised its holdings in First Busey by 173.9% in the 2nd quarter. Bayview Asset Management LLC now owns 64,385 shares of the bank’s stock worth $1,473,000 after acquiring an additional 40,876 shares during the last quarter. Loomis Sayles & Co. L P purchased a new position in First Busey in the 2nd quarter worth approximately $8,343,000. Bank of New York Mellon Corp lifted its position in First Busey by 99.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 933,467 shares of the bank’s stock valued at $21,362,000 after acquiring an additional 464,859 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in First Busey by 8.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,160,189 shares of the bank’s stock valued at $26,551,000 after purchasing an additional 87,524 shares during the last quarter. Hedge funds and other institutional investors own 56.49% of the company’s stock.

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.