Cozad Asset Management Inc. Trims Stake in First Busey Corporation $BUSE

Key Points

• Cozad Asset Management cut its First Busey stake by 44.7% in the first quarter, selling 110,761 shares and retaining 137,179 shares valued at approximately $3.47 million. Institutional investors collectively own 56.49% of BUSE.
• First Busey reported quarterly EPS of $0.69, exceeding analyst estimates of $0.63, although revenue of $194.27 million fell short of expectations. The bank also maintains a quarterly dividend of $0.26, representing a 3.4% yield.
• Analyst sentiment remains favorable, with an overall “Moderate Buy” rating and an average price target of $32.00, compared with the stock’s reported price of $30.86.

Cozad Asset Management Inc. reduced its holdings in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) by 44.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 137,179 shares of the bank's stock after selling 110,761 shares during the period. Cozad Asset Management Inc. owned about 0.16% of First Busey worth $3,467,000 at the end of the most recent quarter.

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

First Busey Trading Down 1.3%

Shares of First Busey stock opened at $30.86 on Friday. First Busey Corporation has a fifty-two week low of $21.63 and a fifty-two week high of $31.43. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $2.61 billion, a P/E ratio of 12.75 and a beta of 0.72. The company has a fifty day moving average of $28.90 and a 200 day moving average of $26.84.

First Busey (NASDAQ:BUSE - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The bank reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.06. First Busey had a return on equity of 10.42% and a net margin of 21.00%.The business had revenue of $194.27 million for the quarter, compared to analysts' expectations of $197.59 million. On average, sell-side analysts anticipate that First Busey Corporation will post 2.67 earnings per share for the current fiscal year.

First Busey Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have commented on BUSE shares. Weiss Ratings upgraded First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Zacks Research raised First Busey from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. Stephens lifted their price objective 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. Keefe, Bruyette & Woods boosted their price objective on First Busey from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Friday. Finally, DA Davidson increased their target price on shares of First Busey from $30.00 to $31.00 and gave the stock a "neutral" rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $32.00.

Insider Transactions at First Busey

In related news, CAO Scott A. Phillips acquired 5,000 shares of the business's stock in a transaction on Monday, May 4th. The stock was acquired at an average cost of $25.90 per share, with a total value of $129,500.00. Following the acquisition, the chief accounting officer directly owned 8,350 shares in the company, valued at $216,265. This represents a 149.25% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.77% of the stock is currently owned by company insiders.

About First Busey

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.