First Busey Corporation (NASDAQ:BUSE) Receives Consensus Rating of “Hold” from Analysts

First Busey Corporation (NASDAQ:BUSE) has been given an average recommendation of “Hold” by the seven analysts that are presently covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $27.00.

A number of research firms recently issued reports on BUSE. DA Davidson reissued a “neutral” rating and issued a $27.00 price objective on shares of First Busey in a report on Thursday. Weiss Ratings reissued a “hold (c+)” rating on shares of First Busey in a report on Monday, December 29th. Raymond James Financial reissued an “outperform” rating and set a $26.00 price objective (down previously from $28.00) on shares of First Busey in a report on Thursday, October 30th. Finally, Piper Sandler increased their target price on First Busey from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday.

Insiders Place Their Bets

In related news, President Mike Maddox purchased 1,000 shares of First Busey stock in a transaction that occurred on Wednesday, December 3rd. The shares were bought at an average price of $25.52 per share, with a total value of $25,520.00. Following the purchase, the president directly owned 40,280 shares of the company’s stock, valued at approximately $1,027,945.60. This represents a 2.55% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 2,250 shares of company stock valued at $54,398 in the last 90 days. Company insiders own 3.85% of the company’s stock.

Hedge Funds Weigh In On First Busey

A number of large investors have recently bought and sold shares of BUSE. State of New Jersey Common Pension Fund D lifted its position in First Busey by 5.2% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 96,504 shares of the bank’s stock valued at $2,296,000 after acquiring an additional 4,781 shares during the last quarter. Torren Management LLC acquired a new stake in shares of First Busey in the fourth quarter worth $40,000. Comerica Bank grew its position in First Busey by 1,167.4% during the 4th quarter. Comerica Bank now owns 4,892 shares of the bank’s stock worth $116,000 after purchasing an additional 4,506 shares during the period. Aprio Wealth Management LLC purchased a new position in First Busey during the fourth quarter valued at approximately $318,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of First Busey by 33.0% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 204,447 shares of the bank’s stock valued at $4,864,000 after purchasing an additional 50,685 shares in the last quarter. Institutional investors own 56.49% of the company’s stock.

First Busey Trading Down 0.1%

NASDAQ:BUSE opened at $24.65 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.91 and a quick ratio of 0.91. The company’s 50-day simple moving average is $24.38 and its 200 day simple moving average is $23.77. First Busey has a one year low of $18.40 and a one year high of $26.08. The firm has a market capitalization of $2.18 billion, a P/E ratio of 19.11 and a beta of 0.79.

First Busey (NASDAQ:BUSE) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. First Busey had a net margin of 12.96% and a return on equity of 9.59%. The business had revenue of $201.78 million during the quarter, compared to analyst estimates of $197.70 million. As a group, analysts forecast that First Busey will post 2.61 EPS for the current fiscal year.

First Busey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 23rd were given a $0.26 dividend. This is an increase from First Busey’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $1.04 dividend on an annualized basis and a yield of 4.2%. First Busey’s dividend payout ratio is currently 80.62%.

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.