First Busey (NASDAQ:BUSE) Stock Rating Upgraded by Zacks Research

First Busey (NASDAQ:BUSE) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

A number of other equities analysts have also issued reports on the stock. Raymond James Financial raised their target price on shares of First Busey from $28.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Stephens increased their price target on shares of First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 30th. Weiss Ratings raised shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Wall Street Zen lowered shares of First Busey from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Finally, Piper Sandler lifted their price objective on shares of First Busey from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.60.

First Busey Trading Down 1.0%

NASDAQ:BUSE opened at $29.60 on Tuesday. The stock’s 50 day moving average price is $28.36 and its 200 day moving average price is $26.55. The company has a market capitalization of $2.50 billion, a PE ratio of 13.16 and a beta of 0.72. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. First Busey has a 52-week low of $21.63 and a 52-week high of $30.51.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings data on Tuesday, April 28th. The bank reported $0.67 earnings per share 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, research analysts anticipate that First Busey will post 2.6 EPS for the current year.

Insider Transactions at First Busey

In other news, CAO Scott A. Phillips acquired 5,000 shares of the company’s stock in a transaction on Monday, May 4th. The shares were bought at an average cost of $25.90 per share, with a total value of $129,500.00. Following the purchase, the chief accounting officer owned 8,350 shares of the company’s stock, valued at $216,265. This represents a 149.25% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.77% of the company’s stock.

Hedge Funds Weigh In On First Busey

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Savvy Advisors Inc. purchased a new position in shares of First Busey during the 4th quarter valued at approximately $2,905,000. Canvas Wealth Advisors LLC purchased a new stake in First Busey during the fourth quarter worth $1,702,000. Northwestern Mutual Wealth Management Co. grew its position in First Busey by 36,664.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank’s stock valued at $74,510,000 after buying an additional 3,123,454 shares during the period. Sunesis Advisors LLC acquired a new stake in First Busey during the fourth quarter valued at $3,732,000. Finally, Assenagon Asset Management S.A. purchased a new position in First Busey in the first quarter valued at $1,743,000. Institutional investors and hedge funds own 56.49% of the company’s stock.

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.