Renaissance Technologies LLC Trims Stock Holdings in First Busey Corporation $BUSE

Key Points

• Renaissance Technologies cut its First Busey stake by 9.1% in the first quarter, selling 37,400 shares and retaining 374,800 shares valued at approximately $9.47 million. Institutional investors collectively own 56.49% of the company.
• Analyst sentiment remains positive, with First Busey carrying a consensus “Moderate Buy” rating and a $32.00 average price target; recent target increases include Piper Sandler’s move to $35.00.
• First Busey reported quarterly EPS of $0.69, exceeding estimates by $0.06, and declared a quarterly dividend of $0.26, equivalent to a 3.4% annualized yield.

Renaissance Technologies LLC reduced its holdings in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) by 9.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 374,800 shares of the bank's stock after selling 37,400 shares during the period. Renaissance Technologies LLC owned about 0.44% of First Busey worth $9,471,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Wellington Management Group LLP grew its position in First Busey by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 7,746,996 shares of the bank's stock valued at $184,301,000 after acquiring an additional 611,090 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of First Busey by 4.0% during the first quarter. Dimensional Fund Advisors LP now owns 5,067,210 shares of the bank's stock worth $128,046,000 after purchasing an additional 194,343 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of First Busey by 36,664.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank's stock worth $74,510,000 after purchasing an additional 3,123,454 shares during the last quarter. LSV Asset Management boosted its stake in shares of First Busey by 8.0% during the fourth quarter. LSV Asset Management now owns 1,384,661 shares of the bank's stock valued at $32,941,000 after purchasing an additional 102,904 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of First Busey by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,314,576 shares of the bank's stock worth $31,274,000 after purchasing an additional 145,681 shares during the last quarter. Hedge funds and other institutional investors own 56.49% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BUSE shares. Zacks Research upgraded shares of First Busey from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Raymond James Financial upped their target price on shares of First Busey from $28.00 to $32.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Wall Street Zen upgraded First Busey from a "sell" rating to a "hold" rating in a report on Saturday. Stephens increased their price objective on First Busey from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. Finally, Piper Sandler lifted their target price on First Busey from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $32.00.

First Busey Stock Performance

Shares of BUSE stock opened at $30.86 on Monday. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 12.75 and a beta of 0.72. First Busey Corporation has a 52-week low of $21.63 and a 52-week high of $31.43. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The company's 50 day moving average is $28.90 and its 200 day moving average is $26.86.

First Busey (NASDAQ:BUSE - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The bank reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.06. The business had revenue of $194.27 million for the quarter, compared to the consensus estimate of $197.59 million. First Busey had a return on equity of 10.42% and a net margin of 21.00%. On average, sell-side analysts anticipate that First Busey Corporation will post 2.67 EPS for the current fiscal year.

First Busey Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 24th were issued a $0.26 dividend. The ex-dividend date was Friday, July 24th. This represents a $1.04 dividend on an annualized basis and a yield of 3.4%. First Busey's payout ratio is currently 42.98%.

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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