KLP Kapitalforvaltning AS Increases Stake in First Busey Corporation (NASDAQ:BUSE)

KLP Kapitalforvaltning AS grew its stake in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) by 106.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,506 shares of the bank's stock after acquiring an additional 11,106 shares during the quarter. KLP Kapitalforvaltning AS's holdings in First Busey were worth $465,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BUSE. Dimensional Fund Advisors LP raised its stake in shares of First Busey by 3.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,500,343 shares of the bank's stock worth $82,503,000 after purchasing an additional 110,895 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in First Busey by 39.2% in the 4th quarter. JPMorgan Chase & Co. now owns 671,402 shares of the bank's stock worth $15,825,000 after buying an additional 189,115 shares in the last quarter. Northern Trust Corp raised its position in First Busey by 6.0% in the 4th quarter. Northern Trust Corp now owns 642,397 shares of the bank's stock worth $15,141,000 after buying an additional 36,531 shares during the last quarter. Millennium Management LLC lifted its stake in First Busey by 121.0% during the 4th quarter. Millennium Management LLC now owns 565,001 shares of the bank's stock valued at $13,317,000 after acquiring an additional 309,301 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in First Busey by 29.5% during the 1st quarter. Bank of New York Mellon Corp now owns 468,608 shares of the bank's stock valued at $10,122,000 after acquiring an additional 106,806 shares during the period. Hedge funds and other institutional investors own 56.49% of the company's stock.

First Busey Stock Performance

Shares of First Busey stock traded down $0.19 on Friday, hitting $22.13. 702,635 shares of the company's stock were exchanged, compared to its average volume of 530,849. The company has a 50-day simple moving average of $23.12 and a 200-day simple moving average of $22.59. The stock has a market capitalization of $1.98 billion, a PE ratio of 19.76 and a beta of 0.77. First Busey Corporation has a 1 year low of $18.40 and a 1 year high of $28.30. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.90 and a current ratio of 0.90.

First Busey (NASDAQ:BUSE - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.02. First Busey had a net margin of 9.48% and a return on equity of 9.76%. The business had revenue of $192.05 million during the quarter, compared to analyst estimates of $193.91 million. As a group, equities analysts anticipate that First Busey Corporation will post 2.61 EPS 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 4.5%. The ex-dividend date was Friday, July 18th. First Busey's payout ratio is presently 89.29%.

Insider Transactions at First Busey

In related news, Director Karen M. Jensen acquired 5,500 shares of First Busey stock in a transaction dated Friday, May 23rd. The shares were purchased at an average price of $21.70 per share, for a total transaction of $119,350.00. Following the completion of the transaction, the director directly owned 72,068 shares in the company, valued at approximately $1,563,875.60. This represents a 8.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven W. Caple bought 1,175 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average price of $21.60 per share, with a total value of $25,380.00. Following the transaction, the director owned 4,509 shares of the company's stock, valued at $97,394.40. The trade was a 35.24% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 15,625 shares of company stock valued at $344,273. Corporate insiders own 3.85% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. DA Davidson lifted their price target on shares of First Busey from $23.00 to $26.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Piper Sandler began coverage on shares of First Busey in a report on Tuesday, July 1st. They issued an "overweight" rating and a $30.00 target price on the stock. Raymond James Financial boosted their target price on shares of First Busey from $25.00 to $27.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Hovde Group started coverage on First Busey in a report on Monday, June 30th. They set a "market perform" rating and a $25.00 price target on the stock. Finally, Stephens reaffirmed an "equal weight" rating and issued a $26.00 price objective on shares of First Busey in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $27.17.

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.