First Busey Corporation (NASDAQ:BUSE) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts give First Busey a “Moderate Buy” consensus: Four of seven analysts rate the stock a buy, while three recommend holding it. The average 12-month price target is $32.00, with recent targets ranging from $31 to $35.
• First Busey reported quarterly EPS of $0.69, exceeding the $0.63 consensus estimate, although revenue of $194.27 million fell short of expectations. The company posted a 21.0% net margin and 10.48% return on equity.
• The bank pays a quarterly dividend of $0.26, or $1.04 annually, representing a 3.4% yield and a 42.98% payout ratio. Its stock opened at $30.42, near its 52-week high of $31.70.

First Busey Corporation (NASDAQ:BUSE - Get Free Report) has earned an average rating of "Moderate Buy" from the seven ratings firms that are covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $32.00.

A number of research analysts have commented on BUSE shares. Weiss Ratings restated a "buy (b)" rating on shares of First Busey in a research note on Friday, August 7th. DA Davidson upped their price objective on First Busey from $30.00 to $31.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Piper Sandler raised their target price on First Busey from $32.00 to $35.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Raymond James Financial boosted their price target on First Busey from $28.00 to $32.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Finally, Wall Street Zen upgraded First Busey from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st.

First Busey Stock Down 0.8%

BUSE opened at $30.42 on Wednesday. The company has a market capitalization of $2.51 billion, a P/E ratio of 12.57 and a beta of 0.71. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.90 and a quick ratio of 0.90. The firm's fifty day moving average price is $30.26 and its two-hundred day moving average price is $27.84. First Busey has a fifty-two week low of $22.00 and a fifty-two week high of $31.70.

First Busey (NASDAQ:BUSE - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The bank reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.06. The company had revenue of $194.27 million during the quarter, compared to analysts' expectations of $197.59 million. First Busey had a net margin of 21.00% and a return on equity of 10.48%. On average, analysts anticipate that First Busey will post 2.67 EPS for the current year.

First Busey Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 24th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Friday, July 24th. First Busey's payout ratio is currently 42.98%.

Insider Buying and Selling at First Busey

In related news, Director Michael Cassens sold 1,441 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $31.08, for a total transaction of $44,786.28. Following the completion of the sale, the director owned 131,453 shares in the company, valued at $4,085,559.24. This trade represents a 1.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.77% of the company's stock.

Institutional Trading of First Busey

Several hedge funds have recently modified their holdings of the company. Allworth Financial LP raised its holdings in shares of First Busey by 61.4% in the second quarter. Allworth Financial LP now owns 881 shares of the bank's stock valued at $26,000 after buying an additional 335 shares during the last quarter. Parkside Financial Bank & Trust acquired a new stake in shares of First Busey in the fourth quarter valued at approximately $28,000. Public Employees Retirement System of Ohio acquired a new stake in shares of First Busey in the second quarter valued at approximately $29,000. Litman Gregory Wealth Management LLC bought a new position in First Busey in the 4th quarter worth approximately $30,000. Finally, Compass Financial Management LLC bought a new position in First Busey in the 2nd quarter worth approximately $45,000. Institutional investors and hedge funds own 56.49% of the company's stock.

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.

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