Bank of New York Mellon Corp Invests $32.71 Million in First Busey Corporation $BUSE

Key Points

• Bank of New York Mellon purchased 1.11 million First Busey shares worth approximately $32.7 million, giving it a 1.31% stake. Institutional investors collectively own 56.49% of the bank.
• First Busey reported quarterly EPS of $0.69, exceeding estimates of $0.63, while revenue of $194.27 million came in below expectations. The company also maintains a $0.26 quarterly dividend, representing a 3.4% annualized yield.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $32.00; recent targets range from $32 to $35 versus the stock’s $30.29 opening price.

Bank of New York Mellon Corp purchased a new stake in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,108,894 shares of the bank's stock, valued at approximately $32,712,000. Bank of New York Mellon Corp owned 1.31% of First Busey at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of BUSE. Northwestern Mutual Wealth Management Co. boosted its stake in First Busey by 36,664.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank's stock worth $74,510,000 after purchasing an additional 3,123,454 shares in the last quarter. Quantinno Capital Management LP raised its holdings in First Busey by 45.5% in the first quarter. Quantinno Capital Management LP now owns 142,447 shares of the bank's stock worth $3,600,000 after buying an additional 44,551 shares during the last quarter. Sunesis Advisors LLC purchased a new stake in shares of First Busey during the fourth quarter valued at approximately $3,732,000. Assenagon Asset Management S.A. bought a new stake in shares of First Busey during the first quarter valued at approximately $1,743,000. Finally, Empowered Funds LLC increased its position in shares of First Busey by 16.0% during the first quarter. Empowered Funds LLC now owns 475,547 shares of the bank's stock valued at $12,017,000 after acquiring an additional 65,745 shares in the last quarter. 56.49% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other First Busey news, Director Michael David Cassens sold 1,441 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $31.08, for a total transaction of $44,786.28. Following the completion of the sale, the director owned 131,453 shares of the company's stock, valued at approximately $4,085,559.24. The trade was a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.77% of the company's stock.

First Busey Stock Up 0.3%

Shares of BUSE stock opened at $30.29 on Friday. 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. The stock has a market cap of $2.50 billion, a P/E ratio of 12.52 and a beta of 0.72. The company has a 50 day simple moving average of $30.10 and a two-hundred day simple moving average of $27.64.

First Busey (NASDAQ:BUSE - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The bank reported $0.69 earnings per share for the quarter, topping 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 business had revenue of $194.27 million for the quarter, compared to analysts' expectations of $197.59 million. On average, research analysts expect that First Busey Corporation will post 2.67 earnings per share for the current year.

First Busey Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BUSE. Keefe, Bruyette & Woods upped their price objective on First Busey from $32.00 to $34.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Raymond James Financial increased their price objective on First Busey from $28.00 to $32.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. Zacks Research downgraded First Busey from a "strong-buy" rating to a "hold" rating in a report on Friday, August 21st. Weiss Ratings reissued a "buy (b)" rating on shares of First Busey in a research report on Friday, August 7th. Finally, Piper Sandler upped their target price on shares of First Busey from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, First Busey presently has a consensus rating of "Moderate Buy" and an average price target of $32.00.

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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