Insider Selling: First Busey (NASDAQ:BUSE) Director Sells $19,957.50 in Stock

First Busey Corporation (NASDAQ:BUSE) Director Michael David Cassens sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $26.61, for a total transaction of $19,957.50. Following the transaction, the director directly owned 139,523 shares of the company’s stock, valued at $3,712,707.03. This trade represents a 0.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Michael David Cassens also recently made the following trade(s):

• On Thursday, January 15th, Michael David Cassens sold 750 shares of First Busey stock. The shares were sold at an average price of $24.24, for a total transaction of $18,180.00.
• On Monday, December 15th, Michael David Cassens sold 750 shares of First Busey stock. The shares were sold at an average price of $25.37, for a total transaction of $19,027.50.

First Busey Trading Up 0.8%

BUSE stock opened at $26.43 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.11. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 20.49 and a beta of 0.78. The business has a fifty day simple moving average of $25.10 and a 200-day simple moving average of $24.11. First Busey Corporation has a 52 week low of $18.40 and a 52 week high of $27.65.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings results on Tuesday, January 27th. The bank reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. The firm had revenue of $201.78 million during the quarter, compared to the consensus estimate of $197.70 million. First Busey had a return on equity of 9.59% and a net margin of 12.96%. On average, equities research analysts expect that First Busey Corporation will post 2.61 EPS for the current year.

First Busey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 23rd were given a dividend of $0.26 per share. This is a boost 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 3.9%. First Busey’s dividend payout ratio is currently 80.62%.

Institutional Investors Weigh In On First Busey

A number of large investors have recently added to or reduced their stakes in BUSE. Wellington Management Group LLP lifted its holdings in 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 buying an additional 3,464,965 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of First Busey by 36,664.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank’s stock worth $74,510,000 after acquiring an additional 3,123,454 shares in the last quarter. Mirabella Financial Services LLP purchased a new position in First Busey in the second quarter valued at about $20,113,000. Bank of New York Mellon Corp boosted its holdings in First Busey by 99.2% in the second quarter. Bank of New York Mellon Corp now owns 933,467 shares of the bank’s stock valued at $21,362,000 after purchasing an additional 464,859 shares during the last quarter. Finally, Stieven Capital Advisors L.P. acquired a new stake in First Busey during the 3rd quarter valued at approximately $9,607,000. 56.49% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Piper Sandler boosted their price objective on shares of First Busey from $26.00 to $29.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Weiss Ratings restated a “hold (c+)” rating on shares of First Busey in a report on Monday, December 29th. Raymond James Financial reiterated an “outperform” rating and issued a $26.00 price target (down from $28.00) on shares of First Busey in a report on Thursday, October 30th. Finally, DA Davidson reissued a “neutral” rating and issued a $27.00 price objective on shares of First Busey in a research report on Thursday, January 29th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, First Busey has an average rating of “Hold” and a consensus price target of $27.00.

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.