Redmont Wealth Advisors LLC Invests $318,000 in First Busey Corporation (NASDAQ:BUSE)

Redmont Wealth Advisors LLC bought a new position in First Busey Corporation (NASDAQ:BUSE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 14,721 shares of the bank's stock, valued at approximately $318,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BUSE. Millennium Management LLC boosted its stake in shares of First Busey by 121.0% in the fourth quarter. Millennium Management LLC now owns 565,001 shares of the bank's stock worth $13,317,000 after acquiring an additional 309,301 shares during the period. JPMorgan Chase & Co. lifted its holdings in First Busey by 39.2% in the 4th quarter. JPMorgan Chase & Co. now owns 671,402 shares of the bank's stock worth $15,825,000 after purchasing an additional 189,115 shares in the last quarter. Swiss National Bank boosted its stake in First Busey by 0.9% in the 4th quarter. Swiss National Bank now owns 111,799 shares of the bank's stock worth $2,635,000 after purchasing an additional 1,000 shares during the period. Two Sigma Advisers LP grew its holdings in First Busey by 65.4% during the 4th quarter. Two Sigma Advisers LP now owns 114,808 shares of the bank's stock valued at $2,706,000 after buying an additional 45,400 shares in the last quarter. Finally, Deutsche Bank AG raised its position in shares of First Busey by 58.4% during the fourth quarter. Deutsche Bank AG now owns 45,976 shares of the bank's stock valued at $1,084,000 after buying an additional 16,954 shares during the last quarter. Institutional investors own 56.49% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BUSE. Piper Sandler began coverage on shares of First Busey in a research report on Tuesday. They set an "overweight" rating and a $30.00 target price for the company. Wall Street Zen raised shares of First Busey from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Raymond James Financial reduced their target price on First Busey from $29.00 to $27.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Stephens reiterated an "equal weight" rating and issued a $26.00 target price on shares of First Busey in a research report on Wednesday, April 23rd. Finally, Hovde Group initiated coverage on First Busey in a report on Monday. They set a "market perform" rating and a $25.00 price target for the company. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $27.67.

Insiders Place Their Bets

In other news, Director Steven W. Caple purchased 1,175 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average cost of $21.60 per share, for a total transaction of $25,380.00. Following the acquisition, the director owned 4,509 shares of the company's stock, valued at approximately $97,394.40. This trade represents a 35.24% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Karen M. Jensen acquired 4,000 shares of First Busey stock in a transaction that occurred on Friday, May 30th. The stock was purchased at an average cost of $22.00 per share, for a total transaction of $88,000.00. Following the completion of the transaction, the director directly owned 76,068 shares in the company, valued at $1,673,496. This trade represents a 5.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 13,125 shares of company stock valued at $286,148. 3.85% of the stock is owned by corporate insiders.

First Busey Price Performance

Shares of NASDAQ BUSE traded up $0.32 during mid-day trading on Friday, hitting $24.36. 364,133 shares of the company's stock traded hands, compared to its average volume of 406,761. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.90 and a quick ratio of 0.90. First Busey Corporation has a 1 year low of $18.40 and a 1 year high of $28.97. The company's 50-day moving average is $22.33 and its two-hundred day moving average is $22.57. The company has a market capitalization of $2.18 billion, a P/E ratio of 22.77 and a beta of 0.77.

First Busey (NASDAQ:BUSE - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.04. The company had revenue of $140.72 million for the quarter, compared to analysts' expectations of $140.15 million. First Busey had a return on equity of 8.46% and a net margin of 8.32%. On average, equities analysts anticipate that First Busey Corporation will post 2.61 EPS for the current fiscal year.

First Busey Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 25th. Investors of record on Friday, April 18th were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, April 17th. This represents a $1.00 annualized dividend and a yield of 4.11%. First Busey's payout ratio is presently 93.46%.

First Busey Profile

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.