Gamco Investors INC. ET AL Sells 65,986 Shares of First Busey Corporation $BUSE

Key Points

• Gamco Investors cut its First Busey position by 69.8%, selling 65,986 shares and retaining 28,500 shares valued at approximately $720,000. Institutional investors collectively own 56.49% of the stock.
• First Busey reported quarterly EPS of $0.69, above the $0.63 analyst consensus, while revenue of $194.27 million fell short of expectations. The bank also declared a quarterly dividend of $0.26 per share, equivalent to a 3.4% yield.
• BUSE shares recently traded near a 52-week high at $30.23, and analysts maintain a “Moderate Buy” consensus with an average price target of $29.75, despite mixed individual ratings.

Gamco Investors INC. ET AL lowered its position in First Busey Corporation (NASDAQ:BUSE - Free Report) by 69.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 28,500 shares of the bank's stock after selling 65,986 shares during the period. Gamco Investors INC. ET AL's holdings in First Busey were worth $720,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Parkside Financial Bank & Trust bought a new position in First Busey during the fourth quarter worth $28,000. Litman Gregory Wealth Management LLC acquired a new position in First Busey in the fourth quarter valued at $30,000. Allworth Financial LP boosted its position in First Busey by 127.8% during the fourth 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 last quarter. Torren Management LLC bought a new stake in First Busey during the fourth quarter valued at $40,000. Finally, Geneos Wealth Management Inc. grew its holdings in First Busey by 726.1% during the 1st 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 during the period. 56.49% of the stock is owned by institutional investors.

First Busey Trading Up 1.6%

BUSE opened at $30.23 on Wednesday. The company has a fifty day moving average price of $28.66 and a two-hundred day moving average price of $26.72. First Busey Corporation has a 1-year low of $21.63 and a 1-year high of $30.51. The company has a market cap of $2.56 billion, a P/E ratio of 13.44 and a beta of 0.72. 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 (NASDAQ:BUSE - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The bank reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.06. The company had revenue of $194.27 million for the quarter, compared to analysts' expectations of $197.59 million. First Busey had a net margin of 19.16% and a return on equity of 10.19%. Analysts predict that First Busey Corporation will post 2.6 EPS for the current fiscal year.

First Busey Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 24th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, July 24th. First Busey's dividend payout ratio is 46.22%.

Insider Transactions at First Busey

In other news, CAO Scott A. Phillips purchased 5,000 shares of the business's stock in a transaction on Monday, May 4th. The shares were acquired at an average price of $25.90 per share, for a total transaction of $129,500.00. Following the completion of the acquisition, the chief accounting officer owned 8,350 shares in the company, valued at approximately $216,265. The trade was a 149.25% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.77% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BUSE. Stephens lifted their price objective on First Busey from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 30th. Raymond James Financial raised their target price on First Busey from $28.00 to $32.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Piper Sandler lifted their target price on First Busey from $30.00 to $32.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Weiss Ratings raised First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Finally, Wall Street Zen lowered First Busey from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.75.

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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