Arrowstreet Capital Limited Partnership Sells 126,564 Shares of First Busey Corporation $BUSE

Key Points

• Arrowstreet Capital reduced its First Busey stake by 14.9%, selling 126,564 shares and retaining 721,421 shares valued at approximately $18.2 million. Institutional investors collectively own 56.49% of the company.
• Analyst sentiment remains positive overall, with First Busey carrying a “Moderate Buy” consensus rating and an average price target of $31.50, while individual targets range as high as $35.
• First Busey reported quarterly EPS of $0.69, exceeding the $0.63 consensus estimate, and declared a quarterly dividend of $0.26 per share, representing a 3.3% annualized yield.

Arrowstreet Capital Limited Partnership trimmed its holdings in First Busey Corporation (NASDAQ:BUSE - Free Report) by 14.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 721,421 shares of the bank's stock after selling 126,564 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.85% of First Busey worth $18,230,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sei Investments Co. lifted its position in First Busey by 13.6% in the 1st quarter. Sei Investments Co. now owns 301,323 shares of the bank's stock valued at $7,614,000 after acquiring an additional 36,140 shares in the last quarter. First Trust Advisors LP increased its holdings in First Busey by 3.0% during the 1st quarter. First Trust Advisors LP now owns 157,376 shares of the bank's stock worth $3,977,000 after purchasing an additional 4,639 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of First Busey by 4.0% in the first quarter. Dimensional Fund Advisors LP now owns 5,067,210 shares of the bank's stock worth $128,046,000 after purchasing an additional 194,343 shares during the last quarter. Fifth Third Bancorp purchased a new stake in shares of First Busey in the first quarter worth approximately $124,000. Finally, Hsbc Holdings PLC bought a new position in shares of First Busey in the first quarter valued at approximately $628,000. 56.49% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on BUSE shares. Raymond James Financial raised their price objective on First Busey from $28.00 to $32.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Wall Street Zen lowered shares of First Busey from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. 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 research report on Thursday. Piper Sandler increased their price objective on shares of First Busey from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, Stephens lifted their target price on shares of First Busey from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $31.50.

Insider Buying and Selling at First Busey

In other First Busey news, CAO Scott A. Phillips purchased 5,000 shares of the stock in a transaction dated Monday, May 4th. The shares were bought at an average price 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 in the company, valued at approximately $216,265. This trade represents a 149.25% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.77% of the stock is owned by insiders.

First Busey Trading Up 1.8%

Shares of BUSE stock opened at $31.28 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The firm has a market cap of $2.65 billion, a P/E ratio of 12.93 and a beta of 0.72. The company has a 50 day moving average of $28.83 and a 200-day moving average of $26.81. First Busey Corporation has a 12-month low of $21.63 and a 12-month high of $31.34.

First Busey (NASDAQ:BUSE - Get Free Report) last issued its earnings results on Tuesday, July 28th. The bank reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.06. The firm had revenue of $194.27 million for the quarter, compared to analyst estimates of $197.59 million. First Busey had a return on equity of 10.42% and a net margin of 21.00%. Sell-side analysts anticipate that First Busey Corporation will post 2.6 earnings per share for the current year.

First Busey Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 24th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Friday, July 24th. First Busey's dividend payout ratio (DPR) is currently 46.22%.

First Busey 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.

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