Insider Selling: First Busey (NASDAQ:BUSE) Director Sells $19,582.50 in Stock

First Busey Corporation (NASDAQ:BUSE) Director Michael David Cassens sold 750 shares of First Busey stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $26.11, for a total value of $19,582.50. Following the completion of the sale, the director owned 140,392 shares of the company’s stock, valued at approximately $3,665,635.12. The trade was a 0.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, April 15th, Michael David Cassens sold 750 shares of First Busey stock. The stock was sold at an average price of $26.75, for a total value of $20,062.50.
• On Tuesday, February 17th, Michael David Cassens sold 750 shares of First Busey stock. The stock was sold at an average price of $26.61, for a total value of $19,957.50.

First Busey Price Performance

First Busey stock opened at $26.79 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $2.27 billion, a P/E ratio of 11.91 and a beta of 0.72. The business has a 50-day moving average of $25.84 and a 200-day moving average of $25.02. First Busey Corporation has a 1 year low of $21.41 and a 1 year high of $27.65.

First Busey (NASDAQ:BUSE) last announced its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The company had revenue of $197.17 million during the quarter, compared to analysts’ expectations of $197.15 million. First Busey had a return on equity of 10.19% and a net margin of 19.16%. On average, equities analysts anticipate that First Busey Corporation will post 2.57 EPS for the current year.

First Busey Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Friday, April 24th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, April 24th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.9%. First Busey’s dividend payout ratio is 46.22%.

Hedge Funds Weigh In On First Busey

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE grew its position in shares of First Busey by 37.0% in the 1st quarter. Bank of America Corp DE now owns 169,641 shares of the bank’s stock valued at $4,287,000 after purchasing an additional 45,793 shares during the period. Amundi acquired a new position in shares of First Busey in the 1st quarter valued at approximately $611,000. California State Teachers Retirement System grew its position in shares of First Busey by 13.1% in the 1st quarter. California State Teachers Retirement System now owns 95,005 shares of the bank’s stock valued at $2,401,000 after purchasing an additional 11,029 shares during the period. Royal Bank of Canada grew its position in shares of First Busey by 13.1% in the 1st quarter. Royal Bank of Canada now owns 8,373 shares of the bank’s stock valued at $212,000 after purchasing an additional 971 shares during the period. Finally, Rhino Investment Partners Inc grew its position in shares of First Busey by 101.3% in the 1st quarter. Rhino Investment Partners Inc now owns 492,113 shares of the bank’s stock valued at $12,436,000 after purchasing an additional 247,589 shares during the period. 56.49% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BUSE has been the subject of a number of recent analyst reports. Stephens upped their price target on First Busey from $27.00 to $28.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Piper Sandler upped their price target on First Busey from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Weiss Ratings raised First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $27.00 price target on shares of First Busey in a research note on Thursday, January 29th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.50.

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.