Allspring Global Investments Holdings LLC Invests $263,000 in First Busey Corporation (NASDAQ:BUSE)

Allspring Global Investments Holdings LLC purchased a new stake in First Busey Corporation (NASDAQ:BUSE - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 12,213 shares of the bank's stock, valued at approximately $263,000.

Other large investors have also made changes to their positions in the company. Emerald Advisers LLC bought a new stake in First Busey during the fourth quarter worth approximately $9,115,000. Millennium Management LLC boosted its position in First Busey by 121.0% during the fourth quarter. Millennium Management LLC now owns 565,001 shares of the bank's stock worth $13,317,000 after purchasing an additional 309,301 shares during the period. TrueMark Investments LLC bought a new stake in First Busey during the first quarter worth approximately $5,162,000. Emerald Mutual Fund Advisers Trust bought a new stake in First Busey during the fourth quarter worth approximately $4,850,000. Finally, JPMorgan Chase & Co. boosted its position in First Busey by 39.2% during the fourth 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 during the period. Institutional investors own 56.49% of the company's stock.

Insider Activity at First Busey

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

Analysts Set New Price Targets

A number of brokerages have issued reports on BUSE. Hovde Group started coverage on First Busey in a research report on Monday, June 30th. They set a "market perform" rating and a $25.00 target price for the company. Stephens reissued an "equal weight" rating and issued a $26.00 price objective on shares of First Busey in a research report on Wednesday, April 23rd. Piper Sandler started coverage on First Busey in a research report on Tuesday, July 1st. They issued an "overweight" rating and a $30.00 price objective for the company. Wall Street Zen raised First Busey from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Raymond James Financial increased their price objective on First Busey from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, First Busey presently has an average rating of "Hold" and a consensus price target of $27.67.

First Busey Stock Down 2.1%

BUSE traded down $0.52 during trading hours on Tuesday, hitting $23.90. 339,649 shares of the company's stock were exchanged, compared to its average volume of 413,575. First Busey Corporation has a 1-year low of $18.40 and a 1-year high of $28.97. The stock's 50-day moving average is $22.71 and its two-hundred day moving average is $22.53. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of 22.43 and a beta of 0.77. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.18.

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

First Busey Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Friday, July 18th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend is Friday, July 18th. First Busey's payout ratio is 93.46%.

About First Busey

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.