Charles Schwab Investment Management Inc. Acquires 230,268 Shares of First Busey Corporation $BUSE

Key Points

• Charles Schwab Investment Management Inc. increased its stake in First Busey Corporation by 32.6%, now holding about 1.65% of the company's shares valued at approximately $20.25 million.
• The company recently declared a quarterly dividend of $0.25 per share, representing an annualized yield of 4.3% amid a dividend payout ratio of 89.29%.
• Analysts have set an average target price of $27.17 for First Busey stock, with recent upgrades from various firms, indicating a consensus rating of "Moderate Buy".

Charles Schwab Investment Management Inc. lifted its stake in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) by 32.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 937,591 shares of the bank's stock after acquiring an additional 230,268 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.65% of First Busey worth $20,252,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BUSE. Wells Fargo & Company MN grew its position in First Busey by 6.4% in the fourth quarter. Wells Fargo & Company MN now owns 41,443 shares of the bank's stock valued at $977,000 after purchasing an additional 2,493 shares in the last quarter. Sterling Capital Management LLC grew its position in First Busey by 822.7% in the fourth quarter. Sterling Capital Management LLC now owns 1,707 shares of the bank's stock valued at $40,000 after purchasing an additional 1,522 shares in the last quarter. Barclays PLC grew its position in First Busey by 15.9% in the fourth quarter. Barclays PLC now owns 156,570 shares of the bank's stock valued at $3,691,000 after purchasing an additional 21,501 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in First Busey by 10.3% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 7,396 shares of the bank's stock valued at $174,000 after purchasing an additional 690 shares in the last quarter. Finally, First Trust Advisors LP grew its position in First Busey by 11.2% in the fourth quarter. First Trust Advisors LP now owns 149,813 shares of the bank's stock valued at $3,531,000 after purchasing an additional 15,038 shares in the last quarter. Institutional investors own 56.49% of the company's stock.

First Busey Stock Performance

Shares of BUSE stock traded up $0.21 during midday trading on Wednesday, hitting $24.65. 504,524 shares of the company were exchanged, compared to its average volume of 464,082. The firm has a market capitalization of $2.20 billion, a P/E ratio of 22.01 and a beta of 0.81. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.90. The firm's 50 day moving average price is $23.41 and its two-hundred day moving average price is $22.53. First Busey Corporation has a 52 week low of $18.40 and a 52 week high of $28.30.

First Busey (NASDAQ:BUSE - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. The business had revenue of $192.05 million during the quarter, compared to the consensus estimate of $193.91 million. First Busey had a net margin of 9.48% and a return on equity of 8.76%. As a group, equities research analysts anticipate that First Busey Corporation will post 2.61 earnings per share for the current year.

First Busey Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 18th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, July 18th. This represents a $1.00 annualized dividend and a dividend yield of 4.1%. First Busey's payout ratio is presently 89.29%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on BUSE shares. Hovde Group started coverage on shares of First Busey in a research report on Monday, June 30th. They issued a "market perform" rating and a $25.00 target price for the company. Wall Street Zen raised shares of First Busey from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Raymond James Financial lifted their price objective on shares of First Busey from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Piper Sandler began coverage on shares of First Busey in a research report on Tuesday, July 1st. They issued an "overweight" rating and a $30.00 price objective for the company. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of First Busey from $30.00 to $29.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $27.17.

Insider Activity

In related news, CFO Scott A. Phillips bought 1,000 shares of First Busey stock in a transaction that occurred on Tuesday, August 19th. The stock was acquired at an average price of $25.25 per share, with a total value of $25,250.00. Following the acquisition, the chief financial officer owned 1,000 shares of the company's stock, valued at approximately $25,250. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen M. Jensen bought 2,500 shares of First Busey stock in a transaction that occurred on Friday, July 25th. The shares were bought at an average cost of $23.25 per share, with a total value of $58,125.00. Following the acquisition, the director directly owned 83,568 shares in the company, valued at $1,942,956. This trade represents a 3.08% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 8,950 shares of company stock valued at $203,163 in the last ninety days. 3.85% of the stock is currently owned by insiders.

First Busey Company Profile

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.