Bank of America Corp DE Raises Stake in First Busey Corporation $BUSE

Key Points

• Bank of America increased its First Busey stake by 37% in the first quarter, adding 45,793 shares to hold 169,641 shares worth approximately $4.29 million. Institutional investors collectively own 56.49% of BUSE.
• Analysts maintain a generally positive outlook, with four Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $32.00. Several firms recently raised their targets to between $31 and $35.
• First Busey exceeded quarterly EPS expectations, reporting $0.69 versus the $0.63 consensus estimate, and continues to offer a quarterly dividend of $0.26, equivalent to a 3.4% annualized yield.

Bank of America Corp DE increased its stake in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) by 37.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 169,641 shares of the bank's stock after buying an additional 45,793 shares during the period. Bank of America Corp DE owned about 0.20% of First Busey worth $4,287,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Parkside Financial Bank & Trust purchased a new position in shares of First Busey during the 4th quarter valued at $28,000. Litman Gregory Wealth Management LLC purchased a new stake in First Busey in the 4th quarter worth about $30,000. Allworth Financial LP raised its stake in First Busey by 127.8% in the 4th quarter. Allworth Financial LP now owns 1,583 shares of the bank's stock valued at $38,000 after acquiring an additional 888 shares during the period. Torren Management LLC bought a new stake in First Busey in the 4th quarter valued at about $40,000. Finally, Geneos Wealth Management Inc. lifted its holdings in First Busey by 726.1% during the first quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank's stock valued at $49,000 after purchasing an additional 2,004 shares during the last quarter. Institutional investors own 56.49% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BUSE shares. DA Davidson boosted their price target on shares of First Busey from $30.00 to $31.00 and gave the company a "neutral" rating in a research report on Thursday, July 30th. Zacks Research lowered shares of First Busey from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 21st. Raymond James Financial increased their target price on First Busey from $28.00 to $32.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Piper Sandler raised their price target on First Busey from $32.00 to $35.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. Finally, Keefe, Bruyette & Woods lifted their price target on First Busey from $32.00 to $34.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $32.00.

Insider Activity

In other First Busey news, Director Michael David Cassens sold 1,441 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $31.08, for a total value of $44,786.28. Following the sale, the director owned 131,453 shares in the company, valued at approximately $4,085,559.24. This represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.77% of the stock is currently owned by insiders.

First Busey Trading Up 0.3%

NASDAQ:BUSE opened at $30.29 on Friday. The company has a 50-day moving average price of $30.10 and a 200-day moving average price of $27.64. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of 12.52 and a beta of 0.72. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. First Busey Corporation has a 12 month low of $22.00 and a 12 month high of $31.70.

First Busey (NASDAQ:BUSE - Get Free Report) last announced its quarterly 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. First Busey had a net margin of 21.00% and a return on equity of 10.48%. The company had revenue of $194.27 million for the quarter, compared to analysts' expectations of $197.59 million. Equities analysts predict that First Busey Corporation will post 2.67 EPS for the current year.

First Busey Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 24th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, July 24th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.4%. First Busey's dividend payout ratio is currently 42.98%.

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.

Want to see what other hedge funds are holding BUSE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Busey Corporation (NASDAQ:BUSE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source