First Busey (NASDAQ:BUSE) Reaches New 12-Month High – Still a Buy?

First Busey Corporation (NASDAQ:BUSE)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.21 and last traded at $28.9780, with a volume of 313 shares. The stock had previously closed at $28.88.

Wall Street Analysts Forecast Growth

BUSE has been the topic of several research analyst reports. Weiss Ratings raised First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Piper Sandler increased their price target on shares of First Busey from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Finally, Stephens raised their price target on shares of First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, First Busey presently has an average rating of “Moderate Buy” and a consensus target price of $27.50.

First Busey Trading Up 0.5%

The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 13.07 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 price of $27.17 and a 200-day moving average price of $25.90.

First Busey (NASDAQ:BUSE) last released its quarterly earnings data on Tuesday, April 28th. The bank reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The firm had revenue of $197.17 million for the quarter, compared to the consensus estimate of $197.15 million. First Busey had a return on equity of 10.19% and a net margin of 19.16%. On average, equities research analysts predict that First Busey Corporation will post 2.57 EPS for the current year.

First Busey Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Friday, April 24th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, April 24th. First Busey’s payout ratio is presently 46.22%.

Insider Transactions at First Busey

In other First Busey news, CAO Scott A. Phillips bought 5,000 shares of the stock in a transaction on Monday, May 4th. The shares were purchased at an average cost 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 represents a 149.25% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.77% of the company’s stock.

Institutional Inflows and Outflows

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