First Busey (NASDAQ:BUSE) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

First Busey (NASDAQ:BUSE) announced its earnings results on Tuesday. The bank reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07, FiscalAI reports. The company had revenue of $201.78 million for the quarter, compared to analysts’ expectations of $197.70 million. First Busey had a return on equity of 9.05% and a net margin of 11.00%.

First Busey Trading Up 1.3%

BUSE stock traded up $0.33 during midday trading on Tuesday, reaching $25.05. 598,922 shares of the company traded hands, compared to its average volume of 520,565. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of 21.78 and a beta of 0.79. First Busey has a 52-week low of $18.40 and a 52-week high of $26.08. The business has a 50 day moving average of $24.22 and a 200-day moving average of $23.75. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Friday, January 23rd will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 4.2%. This is a boost from First Busey’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, January 23rd. First Busey’s dividend payout ratio (DPR) is currently 90.43%.

Insider Activity at First Busey

In related news, President Mike Maddox purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were bought at an average price of $25.52 per share, for a total transaction of $25,520.00. Following the acquisition, the president owned 40,280 shares of the company’s stock, valued at approximately $1,027,945.60. This represents a 2.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Scott A. Phillips acquired 1,350 shares of the company’s stock in a transaction on Friday, October 31st. The shares were purchased at an average cost of $25.64 per share, with a total value of $34,614.00. Following the completion of the purchase, the chief accounting officer directly owned 2,350 shares of the company’s stock, valued at $60,254. This trade represents a 135.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have sold 2,250 shares of company stock worth $54,398. Corporate insiders own 3.85% of the company’s stock.

Institutional Investors Weigh In On First Busey

Several hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada grew its position in First Busey by 95.9% in the 1st quarter. Royal Bank of Canada now owns 18,143 shares of the bank’s stock valued at $392,000 after acquiring an additional 8,884 shares during the last quarter. AQR Capital Management LLC increased its stake in First Busey by 16.8% in the 1st quarter. AQR Capital Management LLC now owns 198,945 shares of the bank’s stock worth $4,297,000 after buying an additional 28,605 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in First Busey by 64.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,724 shares of the bank’s stock valued at $1,074,000 after buying an additional 19,431 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in First Busey by 9.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 469,310 shares of the bank’s stock valued at $10,137,000 after buying an additional 38,773 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in First Busey by 78.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 222,048 shares of the bank’s stock valued at $4,796,000 after buying an additional 97,560 shares during the period. 56.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BUSE has been the subject of a number of analyst reports. Piper Sandler reduced their price target on First Busey from $30.00 to $26.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Weiss Ratings restated a “hold (c+)” rating on shares of First Busey in a research note on Monday, December 29th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $26.00 price target (down previously from $28.00) on shares of First Busey in a report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, First Busey has an average rating of “Hold” and a consensus price target of $26.33.

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.