King Luther Capital Management Corp Sells 270,513 Shares of First Busey Corporation $BUSE

Key Points

• King Luther Capital Management sharply reduced its First Busey stake in the fourth quarter, selling 270,513 shares and cutting its position by 96.3% to 10,414 shares worth about $248,000.
• First Busey reported better-than-expected earnings for the quarter, with EPS of $0.67 versus the $0.57 estimate, while revenue came in essentially in line with forecasts.
• The bank also paid a quarterly dividend of $0.26 per share, and analysts currently hold a Moderate Buy consensus rating with an average price target of $27.50.

King Luther Capital Management Corp lowered its stake in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) by 96.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,414 shares of the bank's stock after selling 270,513 shares during the quarter. King Luther Capital Management Corp's holdings in First Busey were worth $248,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BUSE. Royal Bank of Canada increased its position in First Busey by 95.9% during the first quarter. Royal Bank of Canada now owns 18,143 shares of the bank's stock worth $392,000 after acquiring an additional 8,884 shares during the period. AQR Capital Management LLC boosted its stake in First Busey by 16.8% during the first quarter. AQR Capital Management LLC now owns 198,945 shares of the bank's stock worth $4,297,000 after buying an additional 28,605 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in First Busey by 64.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,724 shares of the bank's stock worth $1,074,000 after buying an additional 19,431 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in First Busey by 9.0% during the first quarter. Goldman Sachs Group Inc. now owns 469,310 shares of the bank's stock worth $10,137,000 after buying an additional 38,773 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in First Busey by 78.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 222,048 shares of the bank's stock worth $4,796,000 after buying an additional 97,560 shares in the last quarter. Institutional investors own 56.49% of the company's stock.

Insider Activity at First Busey

In other news, CAO Scott A. Phillips bought 5,000 shares of First Busey stock in a transaction dated 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 purchase, the chief accounting officer owned 8,350 shares of the company's stock, valued at approximately $216,265. This trade represents a 149.25% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.77% of the company's stock.

First Busey Stock Up 0.4%

BUSE opened at $27.37 on Friday. First Busey Corporation has a fifty-two week low of $21.63 and a fifty-two week high of $27.78. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.90 and a quick ratio of 0.90. The firm's fifty day moving average price is $26.18 and its two-hundred day moving average price is $25.23. The company has a market capitalization of $2.31 billion, a P/E ratio of 12.16 and a beta of 0.72.

First Busey (NASDAQ:BUSE - Get Free Report) last issued its earnings results on Tuesday, April 28th. The bank reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. First Busey had a net margin of 19.16% and a return on equity of 10.19%. The company had revenue of $197.17 million for the quarter, compared to the consensus estimate of $197.15 million. On average, analysts anticipate that First Busey Corporation will post 2.57 EPS for the current year.

First Busey Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Friday, April 24th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Friday, April 24th. First Busey's payout ratio is currently 46.22%.

Wall Street Analysts Forecast Growth

BUSE has been the topic of a number of recent research reports. Piper Sandler lifted their price target on shares of First Busey from $29.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Weiss Ratings upgraded shares of First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Finally, Stephens lifted their price target on shares of First Busey from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $27.50.

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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