Analysts Set First Busey Corporation (NASDAQ:BUSE) Target Price at $27.00

Shares of First Busey Corporation (NASDAQ:BUSE) have been assigned a consensus rating of “Hold” from the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $27.00.

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

First Busey Trading Down 4.0%

NASDAQ BUSE opened at $25.38 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.91. First Busey has a one year low of $18.40 and a one year high of $27.65. The company has a 50-day simple moving average of $25.11 and a 200-day simple moving average of $24.14. The firm has a market capitalization of $2.24 billion, a PE ratio of 19.67 and a beta of 0.78.

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

First Busey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 23rd were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.1%. 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. First Busey’s dividend payout ratio is presently 80.62%.

Insider Activity

In other First Busey news, President Mike Maddox acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was acquired at an average cost of $25.52 per share, with a total value of $25,520.00. Following the acquisition, the president directly owned 40,280 shares of the company’s stock, valued at $1,027,945.60. This represents a 2.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 2,250 shares of company stock worth $57,165 in the last three months. Insiders own 3.85% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. MPS Loria Financial Planners LLC grew its position in First Busey by 1.1% in the 4th quarter. MPS Loria Financial Planners LLC now owns 36,803 shares of the bank’s stock valued at $876,000 after buying an additional 405 shares in the last quarter. Teacher Retirement System of Texas lifted its stake in shares of First Busey by 4.6% in the 2nd quarter. Teacher Retirement System of Texas now owns 12,965 shares of the bank’s stock worth $297,000 after acquiring an additional 572 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of First Busey by 5.1% in the second quarter. CANADA LIFE ASSURANCE Co now owns 13,237 shares of the bank’s stock valued at $303,000 after acquiring an additional 640 shares in the last quarter. Legal & General Group Plc increased its stake in shares of First Busey by 0.7% during the third quarter. Legal & General Group Plc now owns 91,585 shares of the bank’s stock valued at $2,120,000 after acquiring an additional 646 shares during the period. Finally, Ameritas Investment Partners Inc. raised its holdings in First Busey by 8.0% during the second quarter. Ameritas Investment Partners Inc. now owns 8,745 shares of the bank’s stock worth $200,000 after purchasing an additional 648 shares in the last quarter. 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.