First Busey (NASDAQ:BUSE) Releases Quarterly Earnings Results

Key Points

• First Busey missed quarterly expectations: The bank reported EPS of $0.63, below the $0.67 consensus estimate, while revenue reached $194.25 million versus expectations of $195.77 million. Net margin was 21.00% and return on equity was 10.48%.
• The company declared a quarterly dividend of $0.26 per share, equivalent to $1.04 annually and a 3.4% yield. The dividend payout ratio is 42.98%.
• Analyst sentiment remains mixed: First Busey has an average “Hold” rating and a consensus price target of $31.00, while insiders sold 4,323 shares worth approximately $130,627 during the last quarter.

First Busey (NASDAQ:BUSE - Get Free Report) posted its quarterly earnings results on Tuesday. The bank reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.04), FiscalAI reports. First Busey had a net margin of 21.00% and a return on equity of 10.48%. The company had revenue of $194.25 million during the quarter, compared to the consensus estimate of $195.77 million.

First Busey Price Performance

Shares of First Busey stock traded down $0.20 during trading on Tuesday, reaching $30.18. The company's stock had a trading volume of 797,485 shares, compared to its average volume of 712,792. First Busey has a one year low of $22.12 and a one year high of $31.70. The stock has a 50-day moving average price of $29.96 and a two-hundred day moving average price of $27.79. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $2.49 billion, a P/E ratio of 12.47 and a beta of 0.75.

First Busey Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 23rd will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, October 23rd. First Busey's dividend payout ratio (DPR) is currently 42.98%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BUSE. Zacks Research downgraded shares of First Busey from a "strong-buy" rating to a "hold" rating in a report on Friday, August 21st. DA Davidson upped their price objective on shares of First Busey from $30.00 to $31.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods increased their target price on shares of First Busey from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Raymond James Financial increased their target price on shares of First Busey from $28.00 to $32.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Finally, Piper Sandler lowered First Busey from an "overweight" rating to a "neutral" rating and cut their target price for the company from $35.00 to $30.00 in a report on Friday, October 2nd. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $31.00.

Insider Activity

In related news, Director Michael Cassens sold 1,441 shares of the business's stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $29.12, for a total transaction of $41,961.92. Following the completion of the sale, the director directly owned 128,571 shares of the company's stock, valued at $3,743,987.52. The trade was a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 4,323 shares of company stock worth $130,627 over the last quarter. Corporate insiders own 3.77% of the company's stock.

About First Busey

First Busey Corporation is a financial holding company headquartered in Champaign, Illinois. Through its banking and wealth management businesses, the company serves individuals, families, businesses and institutions with a range of financial products and services.

Its principal banking subsidiary, Busey Bank, provides consumer and commercial checking and savings accounts, loans, mortgages, treasury management and other deposit and lending services. First Busey also offers investment management, trust, retirement planning, financial planning and brokerage services through its wealth management operations.

First Busey traces its banking roots to 1868 and primarily serves customers in Illinois, Indiana, Missouri and Florida, with additional markets following its combination with CrossFirst Bankshares.

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