ProShare Advisors LLC Sells 271,168 Shares of First Busey Corporation $BUSE

Key Points

• ProShare Advisors LLC cut its First Busey stake by 50.9% in the fourth quarter, selling 271,168 shares and ending with 261,974 shares valued at about $6.23 million.
• First Busey reported better-than-expected quarterly earnings, posting $0.67 EPS versus the $0.57 estimate, while revenue came in essentially in line with forecasts at $197.17 million.
• The bank also paid a quarterly dividend of $0.26 per share and has received mixed-but-constructive analyst coverage, with a consensus rating of “Moderate Buy” and an average price target of $27.50.

ProShare Advisors LLC lowered its stake in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) by 50.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 261,974 shares of the bank's stock after selling 271,168 shares during the quarter. ProShare Advisors LLC owned about 0.30% of First Busey worth $6,232,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. MPS Loria Financial Planners LLC boosted its position in First Busey by 1.1% during the fourth quarter. MPS Loria Financial Planners LLC now owns 36,803 shares of the bank's stock worth $876,000 after purchasing an additional 405 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in First Busey by 5.1% during the second quarter. CANADA LIFE ASSURANCE Co now owns 13,237 shares of the bank's stock worth $303,000 after purchasing an additional 640 shares during the period. Legal & General Group Plc boosted its position in First Busey by 0.7% during the third quarter. Legal & General Group Plc now owns 91,585 shares of the bank's stock worth $2,120,000 after purchasing an additional 646 shares during the period. 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 worth $38,000 after purchasing an additional 888 shares during the period. Finally, Focus Partners Wealth boosted its position in First Busey by 6.2% during the third quarter. Focus Partners Wealth now owns 17,043 shares of the bank's stock worth $394,000 after purchasing an additional 998 shares during the period. Institutional investors own 56.49% of the company's stock.

First Busey Stock Up 0.9%

Shares of BUSE stock opened at $27.08 on Friday. First Busey Corporation has a 12 month low of $21.41 and a 12 month high of $27.65. The firm has a market cap of $2.29 billion, a PE ratio of 12.04 and a beta of 0.72. The stock has a 50 day moving average of $25.92 and a 200-day moving average of $25.07. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12.

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

First Busey Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Stephens upped their target price 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. DA Davidson reaffirmed a "neutral" rating and set a $27.00 target price on shares of First Busey in a research report on Thursday, January 29th. Weiss Ratings raised First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Finally, Piper Sandler upped their target price on First Busey from $29.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, First Busey currently has an average rating of "Moderate Buy" and a consensus price target of $27.50.

Insider Activity at First Busey

In other news, CAO Scott A. Phillips bought 5,000 shares of the business's stock in a transaction that occurred on Monday, May 4th. The stock was acquired at an average cost of $25.90 per share, for a total transaction of $129,500.00. Following the completion of the purchase, the chief accounting officer owned 8,350 shares of the company's stock, valued at $216,265. This trade represents a 149.25% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.77% of the stock is currently owned by company insiders.

First Busey Company 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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