Assenagon Asset Management S.A. Takes Position in First Busey Corporation $BUSE

Key Points

• Assenagon Asset Management opened a new position in First Busey, buying 68,974 shares valued at about $1.74 million in the first quarter.
• First Busey reported better-than-expected quarterly earnings of $0.67 per share, topping estimates of $0.57, while revenue came in essentially in line with expectations.
• The bank also highlighted shareholder returns and sentiment support, including a quarterly dividend of $0.26 per share and recent analyst target increases, with several firms maintaining Buy-type ratings.

Assenagon Asset Management S.A. acquired a new position in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 68,974 shares of the bank's stock, valued at approximately $1,743,000. Assenagon Asset Management S.A. owned about 0.08% of First Busey at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Royal Bank of Canada grew its position in First Busey by 95.9% in the first quarter. Royal Bank of Canada now owns 18,143 shares of the bank's stock worth $392,000 after acquiring an additional 8,884 shares during the period. AQR Capital Management LLC increased its position in shares of First Busey by 16.8% during the 1st quarter. AQR Capital Management LLC now owns 198,945 shares of the bank's stock worth $4,297,000 after purchasing an additional 28,605 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in First Busey by 64.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,724 shares of the bank's stock valued at $1,074,000 after buying an additional 19,431 shares during the period. Goldman Sachs Group Inc. raised its holdings in First Busey by 9.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 469,310 shares of the bank's stock valued at $10,137,000 after buying an additional 38,773 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Busey by 78.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 222,048 shares of the bank's stock valued at $4,796,000 after buying an additional 97,560 shares during the last quarter. 56.49% of the stock is currently owned by institutional investors and hedge funds.

First Busey Stock Up 2.3%

Shares of First Busey stock opened at $30.17 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. First Busey Corporation has a 52-week low of $21.63 and a 52-week high of $30.26. The company has a market capitalization of $2.55 billion, a P/E ratio of 13.41 and a beta of 0.72. The company has a 50 day moving average of $27.42 and a 200 day moving average of $26.04.

First Busey (NASDAQ:BUSE - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The bank reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.10. The business had revenue of $197.17 million for the quarter, compared to analyst estimates of $197.15 million. First Busey had a net margin of 19.16% and a return on equity of 10.19%. As a group, research analysts forecast that First Busey Corporation will post 2.57 EPS for the current fiscal year.

First Busey Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 24th were 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 was Friday, April 24th. First Busey's payout ratio is 46.22%.

Insider Transactions at First Busey

In other First Busey news, CAO Scott A. Phillips bought 5,000 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The stock was purchased at an average price of $25.90 per share, for a total transaction of $129,500.00. Following the completion of the purchase, the chief accounting officer directly owned 8,350 shares in the company, valued at $216,265. This trade represents a 149.25% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.77% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have weighed in on BUSE. 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 note on Wednesday. Stephens upped their price objective on shares of First Busey from $27.00 to $28.00 and gave the stock an "equal weight" rating in a report on Thursday, April 30th. Weiss Ratings raised shares of First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Finally, Piper Sandler lifted their target price on shares of First Busey from $30.00 to $32.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $29.60.

First Busey Company 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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