First Busey (NASDAQ:BUSE) Reaches New 52-Week High – Here’s Why

First Busey Corporation (NASDAQ:BUSE) hit a new 52-week high during trading on Thursday . The stock traded as high as $28.60 and last traded at $28.33, with a volume of 772849 shares changing hands. The stock had previously closed at $28.21.

Analyst Upgrades and Downgrades

BUSE has been the subject of several recent research reports. Weiss Ratings raised First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Stephens boosted 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. Finally, Piper Sandler boosted 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. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, First Busey presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

First Busey Trading Up 0.4%

The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 12.59 and a beta of 0.72. 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 company has a fifty day moving average of $26.63 and a two-hundred day moving average of $25.52.

First Busey (NASDAQ:BUSE) last announced its earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The firm 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, research analysts expect that First Busey Corporation will post 2.57 EPS for the current year.

First Busey Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 24th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, April 24th. This represents a $1.04 dividend on an annualized basis and a yield of 3.7%. First Busey’s dividend payout ratio is presently 46.22%.

Insider Transactions at First Busey

In related news, CAO Scott A. Phillips bought 5,000 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was purchased at an average price of $25.90 per share, with a total value of $129,500.00. Following the completion of the transaction, the chief accounting officer directly owned 8,350 shares of the company’s stock, valued at $216,265. This trade represents a 149.25% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.77% of the stock is owned by insiders.

Institutional Investors Weigh In On First Busey

A number of large investors have recently added to or reduced their stakes in the stock. MPS Loria Financial Planners LLC boosted its position in First Busey by 1.1% during the fourth quarter. MPS Loria Financial Planners LLC now owns 36,803 shares of the bank’s stock worth $876,000 after purchasing an additional 405 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in First Busey by 5.1% during the second quarter. CANADA LIFE ASSURANCE Co now owns 13,237 shares of the bank’s stock worth $303,000 after purchasing an additional 640 shares during the period. Legal & General Group Plc boosted its position in First Busey by 0.7% during the third quarter. Legal & General Group Plc now owns 91,585 shares of the bank’s stock worth $2,120,000 after purchasing an additional 646 shares during the period. Inspire Investing LLC boosted its position in First Busey by 3.7% during the first quarter. Inspire Investing LLC now owns 20,335 shares of the bank’s stock worth $514,000 after purchasing an additional 725 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of First Busey by 0.8% during the fourth quarter. Russell Investments Group Ltd. now owns 91,534 shares of the bank’s stock worth $2,178,000 after buying an additional 758 shares during 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.