Bank of New York Mellon Corp Sells 203,473 Shares of First Busey Corporation $BUSE

Key Points

• Bank of New York Mellon reduced its First Busey stake by 15.5%, selling 203,473 shares and retaining 1.11 million shares valued at approximately $28.1 million. Institutional investors own 56.49% of BUSE.
• First Busey reported quarterly EPS of $0.67, exceeding the $0.57 analyst consensus, while revenue of $197.17 million was in line with estimates. The company also declared a quarterly dividend of $0.26 per share, representing a 3.5% yield.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $29.75, although ratings range from “sell” to “strong buy.” Shares recently traded at $29.75, near their 12-month high of $30.51.

Bank of New York Mellon Corp reduced its holdings in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) by 15.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,111,103 shares of the bank's stock after selling 203,473 shares during the period. Bank of New York Mellon Corp owned 1.30% of First Busey worth $28,078,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in BUSE. Parkside Financial Bank & Trust acquired a new stake in shares of First Busey during the 4th quarter worth approximately $28,000. Litman Gregory Wealth Management LLC acquired a new position in shares of First Busey during the 4th quarter valued at $30,000. Allworth Financial LP lifted its position in shares of First Busey by 127.8% during 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 position in First Busey during the fourth quarter worth $40,000. Finally, Geneos Wealth Management Inc. boosted its stake in First Busey by 726.1% during the first quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank's stock worth $49,000 after acquiring an additional 2,004 shares in the last quarter. 56.49% of the stock is owned by institutional investors.

First Busey Stock Performance

Shares of BUSE stock opened at $29.75 on Tuesday. The firm has a market capitalization of $2.52 billion, a PE ratio of 13.22 and a beta of 0.72. The firm has a fifty day simple moving average of $28.58 and a two-hundred day simple moving average of $26.67. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. First Busey Corporation has a 12 month low of $21.63 and a 12 month high of $30.51.

First Busey (NASDAQ:BUSE - Get Free Report) last released 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 firm 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%. Analysts forecast that First Busey Corporation will post 2.6 EPS for the current fiscal year.

First Busey Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 24th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, July 24th. This represents a $1.04 annualized dividend and a dividend yield of 3.5%. First Busey's payout ratio is presently 46.22%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wall Street Zen downgraded shares of First Busey from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Zacks Research raised shares of First Busey from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. Piper Sandler raised their target price on First Busey from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Stephens boosted their target price on First Busey from $27.00 to $28.00 and gave the company an "equal weight" rating in a research report on Thursday, April 30th. Finally, Weiss Ratings raised First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, First Busey has a consensus rating of "Moderate Buy" and an average price target of $29.75.

Insider Buying and Selling at First Busey

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

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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