Wellington Management Group LLP Sells 62,377 Shares of First Busey Corporation $BUSE

Key Points

• Wellington Management Group LLP reduced its stake in First Busey Corporation by 3.6%, now holding approximately 1.66 million shares valued at about $35.87 million.
• Vanguard Group Inc. significantly increased its holdings in First Busey by 52.2%, now owning 4.71 million shares worth approximately $101.67 million.
• First Busey declared a quarterly dividend of $0.25 per share, with a dividend yield of 4.1%, and has a current payout ratio of 89.29%.

Wellington Management Group LLP decreased its holdings in First Busey Corporation (NASDAQ:BUSE - Free Report) by 3.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,660,728 shares of the bank's stock after selling 62,377 shares during the period. Wellington Management Group LLP owned about 2.92% of First Busey worth $35,872,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP boosted its stake in shares of First Busey by 507.5% in the 4th quarter. Quarry LP now owns 1,786 shares of the bank's stock worth $42,000 after buying an additional 1,492 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in shares of First Busey in the 1st quarter worth $43,000. PNC Financial Services Group Inc. boosted its stake in shares of First Busey by 56.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,251 shares of the bank's stock worth $49,000 after buying an additional 812 shares during the last quarter. Signaturefd LLC boosted its stake in shares of First Busey by 23.7% in the 1st quarter. Signaturefd LLC now owns 2,524 shares of the bank's stock worth $55,000 after buying an additional 483 shares during the last quarter. Finally, Amalgamated Bank boosted its stake in shares of First Busey by 59.3% in the 1st quarter. Amalgamated Bank now owns 2,881 shares of the bank's stock worth $62,000 after buying an additional 1,073 shares during the last quarter. 56.49% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other First Busey news, CFO Scott A. Phillips acquired 1,000 shares of the stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average cost of $25.25 per share, for a total transaction of $25,250.00. Following the completion of the transaction, the chief financial officer directly owned 1,000 shares of the company's stock, valued at approximately $25,250. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Karen M. Jensen acquired 2,500 shares of the stock in a transaction dated Friday, July 25th. The stock was acquired at an average price of $23.25 per share, for a total transaction of $58,125.00. Following the completion of the transaction, the director directly owned 83,568 shares of the company's stock, valued at approximately $1,942,956. This represents a 3.08% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 3,950 shares of company stock worth $93,163 over the last 90 days. Company insiders own 3.85% of the company's stock.

Analysts Set New Price Targets

BUSE has been the topic of a number of research reports. Wall Street Zen upgraded First Busey from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Raymond James Financial restated an "outperform" rating and issued a $28.00 price target (up from $27.00) on shares of First Busey in a research note on Friday. Keefe, Bruyette & Woods dropped their price target on First Busey from $30.00 to $29.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. DA Davidson raised their price target on First Busey from $23.00 to $26.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Finally, Piper Sandler initiated coverage on First Busey in a research report on Tuesday, July 1st. They set an "overweight" rating and a $30.00 target price on the stock. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $27.33.

First Busey Stock Performance

NASDAQ BUSE traded up $0.01 on Friday, hitting $24.70. 505,147 shares of the company traded hands, compared to its average volume of 473,278. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 22.05 and a beta of 0.81. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The business's 50 day moving average price is $23.50 and its 200-day moving average price is $22.51. 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 released its earnings results on Tuesday, July 22nd. The bank reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.02. The company had revenue of $192.05 million for the quarter, compared to the consensus estimate of $193.91 million. First Busey had a return on equity of 8.76% and a net margin of 9.48%. Equities analysts expect that First Busey Corporation will post 2.61 earnings per share for the current year.

First Busey Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Friday, July 18th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Friday, July 18th. First Busey's payout ratio is presently 89.29%.

First Busey 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.