Northern Trust Corp Raises Stock Holdings in First Busey Corporation $BUSE

Northern Trust Corp lifted its holdings in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) by 42.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 918,177 shares of the bank's stock after purchasing an additional 275,780 shares during the period. Northern Trust Corp owned about 1.61% of First Busey worth $19,833,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in shares of First Busey during the 1st quarter worth $43,000. PNC Financial Services Group Inc. raised its stake in First Busey by 56.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,251 shares of the bank's stock valued at $49,000 after acquiring an additional 812 shares during the period. Signaturefd LLC raised its stake in First Busey by 23.7% in the 1st quarter. Signaturefd LLC now owns 2,524 shares of the bank's stock valued at $55,000 after acquiring an additional 483 shares during the period. Amalgamated Bank raised its stake in First Busey by 59.3% in the 1st quarter. Amalgamated Bank now owns 2,881 shares of the bank's stock valued at $62,000 after acquiring an additional 1,073 shares during the period. Finally, KBC Group NV bought a new stake in First Busey in the 1st quarter valued at about $80,000. 56.49% of the stock is currently owned by institutional investors.

Insider Activity

In other First Busey news, CFO Scott A. Phillips acquired 1,000 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was bought at an average price of $25.25 per share, with a total value of $25,250.00. Following the completion of the acquisition, the chief financial officer owned 1,000 shares of the company's stock, valued at $25,250. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Karen M. Jensen acquired 2,500 shares of the business's stock in a transaction dated Friday, July 25th. The shares were acquired 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 of the company's stock, valued at $1,942,956. This represents a 3.08% increase in their position. The disclosure for this purchase can be found here. 3.85% of the stock is currently owned by insiders.

First Busey Price Performance

BUSE stock traded down $0.09 during mid-day trading on Friday, reaching $24.68. 373,562 shares of the company traded hands, compared to its average volume of 441,584. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $2.20 billion, a P/E ratio of 22.04 and a beta of 0.82. First Busey Corporation has a 52-week low of $18.40 and a 52-week high of $28.30. The company has a fifty day moving average price of $23.65 and a 200-day moving average price of $22.51.

First Busey (NASDAQ:BUSE - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The bank reported $0.63 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.02. The business had revenue of $192.05 million during the quarter, compared to analyst estimates of $193.91 million. First Busey had a return on equity of 8.76% and a net margin of 9.48%. As a group, analysts anticipate 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 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 equities research analysts recently issued reports on the company. Wall Street Zen upgraded First Busey from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Keefe, Bruyette & Woods lowered their price objective 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. Raymond James Financial restated an "outperform" rating and issued a $28.00 price objective (up from $27.00) on shares of First Busey in a research note on Friday, August 29th. Piper Sandler assumed coverage on First Busey in a research note on Tuesday, July 1st. They issued an "overweight" rating and a $30.00 price objective on the stock. Finally, DA Davidson boosted their price objective on First Busey from $23.00 to $26.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.33.

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.