LSV Asset Management Sells 56,200 Shares of First Busey Corporation $BUSE

LSV Asset Management lowered its holdings in shares of First Busey Corporation (NASDAQ:BUSE) by 4.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,281,757 shares of the bank’s stock after selling 56,200 shares during the period. LSV Asset Management’s holdings in First Busey were worth $29,673,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in First Busey by 3.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,073,087 shares of the bank’s stock worth $47,448,000 after purchasing an additional 74,997 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of First Busey by 8.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,160,189 shares of the bank’s stock worth $26,551,000 after buying an additional 87,524 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of First Busey by 99.2% during the second quarter. Bank of New York Mellon Corp now owns 933,467 shares of the bank’s stock worth $21,362,000 after acquiring an additional 464,859 shares during the last quarter. Mirabella Financial Services LLP purchased a new position in First Busey during the second quarter valued at $20,113,000. Finally, ProShare Advisors LLC grew its stake in First Busey by 88.2% during the third quarter. ProShare Advisors LLC now owns 533,142 shares of the bank’s stock valued at $12,342,000 after acquiring an additional 249,908 shares in the last quarter. 56.49% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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. Insiders own 3.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Busey in a research note on Monday, December 29th. Piper Sandler boosted their target price on First Busey from $26.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. DA Davidson reissued a “neutral” rating and set a $27.00 price target on shares of First Busey in a research note on Thursday, January 29th. Finally, Raymond James Financial restated 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 stock. Based on data from MarketBeat, First Busey currently has a consensus rating of “Hold” and a consensus price target of $27.00.

First Busey Stock Up 0.4%

Shares of NASDAQ BUSE opened at $26.55 on Friday. The firm’s 50-day moving average price is $24.94 and its 200-day moving average price is $23.96. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 20.58 and a beta of 0.78. First Busey Corporation has a 12-month low of $18.40 and a 12-month high of $27.65.

First Busey (NASDAQ:BUSE) last released its quarterly earnings results on Tuesday, January 27th. The bank reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. First Busey had a return on equity of 9.59% and a net margin of 12.96%.The company had revenue of $201.78 million during the quarter, compared to analyst estimates of $197.70 million. On average, equities research analysts anticipate that First Busey Corporation will post 2.61 EPS for the current fiscal year.

First Busey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 23rd were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $1.04 annualized dividend and a dividend yield of 3.9%. This is an increase from First Busey’s previous quarterly dividend of $0.25. First Busey’s dividend payout ratio is presently 80.62%.

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.