Banc Funds Co. LLC Has $7.68 Million Holdings in First Busey Corporation $BUSE

Banc Funds Co. LLC decreased its position in shares of First Busey Corporation (NASDAQ:BUSE) by 18.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 331,729 shares of the bank’s stock after selling 74,200 shares during the quarter. First Busey comprises approximately 1.3% of Banc Funds Co. LLC’s investment portfolio, making the stock its 25th largest position. Banc Funds Co. LLC’s holdings in First Busey were worth $7,680,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alliancebernstein L.P. boosted its stake in shares of First Busey by 3.4% in the 3rd quarter. Alliancebernstein L.P. now owns 99,378 shares of the bank’s stock valued at $2,301,000 after purchasing an additional 3,300 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its position in shares of First Busey by 1.4% during the third quarter. Schonfeld Strategic Advisors LLC now owns 96,248 shares of the bank’s stock worth $2,228,000 after buying an additional 1,368 shares during the period. Creative Planning raised its stake in First Busey by 1.9% during the third quarter. Creative Planning now owns 239,363 shares of the bank’s stock worth $5,541,000 after buying an additional 4,375 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in First Busey by 10.4% in the third quarter. Raymond James Financial Inc. now owns 11,515 shares of the bank’s stock valued at $267,000 after buying an additional 1,088 shares during the period. Finally, Two Sigma Investments LP lifted its holdings in First Busey by 7.1% in the third quarter. Two Sigma Investments LP now owns 406,711 shares of the bank’s stock valued at $9,415,000 after buying an additional 26,914 shares during the period. Institutional investors and hedge funds own 56.49% of the company’s stock.

First Busey Stock Down 0.8%

First Busey stock opened at $24.68 on Friday. The company has a market capitalization of $2.13 billion, a PE ratio of 19.13 and a beta of 0.76. First Busey Corporation has a 12-month low of $18.40 and a 12-month high of $27.65. The firm’s fifty day moving average is $25.35 and its 200 day moving average is $24.33. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.12.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings results on Tuesday, January 27th. The bank reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. First Busey had a net margin of 12.96% and a return on equity of 9.46%. The business had revenue of $201.78 million during the quarter, compared to analysts’ expectations of $197.70 million. As a group, sell-side analysts predict that First Busey Corporation will post 2.61 EPS for the current fiscal year.

First Busey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 23rd were paid a $0.26 dividend. The ex-dividend date was Friday, January 23rd. This represents a $1.04 annualized dividend and a dividend yield of 4.2%. This is a boost from First Busey’s previous quarterly dividend of $0.25. First Busey’s dividend payout ratio (DPR) is 80.62%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BUSE. Weiss Ratings raised shares of First Busey from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 3rd. DA Davidson reissued a “neutral” rating and issued a $27.00 price objective on shares of First Busey in a research report on Thursday, January 29th. Finally, Piper Sandler upped their target price on First Busey from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $27.00.

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.