Stieven Capital Advisors L.P. Acquires Shares of 415,000 First Busey Corporation $BUSE

Key Points

• Stieven Capital Advisors opened a new position in First Busey (NASDAQ:BUSE), acquiring 415,000 shares worth about $9.61 million, roughly 0.47% of the company and about 1.8% of Stieven’s holdings (its 24th-largest holding).
• First Busey beat expectations on its most recent quarterly results, reporting $0.68 EPS vs. $0.61 expected and $201.78M in revenue, and analysts hold a "Moderate Buy" consensus with an average price target of $27 and FY EPS around $2.61.
• Dividend increased to $0.26 per quarter (annualized $1.04) for a ~4.2% yield, with a dividend payout ratio near 80.6%.

Stieven Capital Advisors L.P. bought a new position in First Busey Corporation (NASDAQ:BUSE - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 415,000 shares of the bank's stock, valued at approximately $9,607,000. First Busey makes up about 1.8% of Stieven Capital Advisors L.P.'s holdings, making the stock its 24th biggest holding. Stieven Capital Advisors L.P. owned approximately 0.47% of First Busey at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. CANADA LIFE ASSURANCE Co increased its stake in shares of First Busey by 5.1% in the second quarter. CANADA LIFE ASSURANCE Co now owns 13,237 shares of the bank's stock worth $303,000 after acquiring an additional 640 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of 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 acquiring an additional 646 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in First Busey by 8.0% during the second quarter. Ameritas Investment Partners Inc. now owns 8,745 shares of the bank's stock valued at $200,000 after purchasing an additional 648 shares during the last quarter. California State Teachers Retirement System grew its stake in First Busey by 1.4% in the second quarter. California State Teachers Retirement System now owns 78,377 shares of the bank's stock valued at $1,794,000 after purchasing an additional 1,098 shares in the last quarter. Finally, M&T Bank Corp grew its stake in First Busey by 6.9% in the second quarter. M&T Bank Corp now owns 22,520 shares of the bank's stock valued at $516,000 after purchasing an additional 1,451 shares in the last quarter. Institutional investors and hedge funds own 56.49% of the company's stock.

First Busey Price Performance

NASDAQ BUSE opened at $24.68 on Friday. First Busey Corporation has a fifty-two week low of $18.40 and a fifty-two week high of $27.65. The stock's 50-day moving average is $25.35 and its two-hundred day moving average is $24.33. The firm has a market cap of $2.13 billion, a P/E ratio of 19.13 and a beta of 0.76. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.91.

First Busey (NASDAQ:BUSE - Get Free Report) last released its quarterly earnings results on Tuesday, January 27th. The bank reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. The company had revenue of $201.78 million during the quarter, compared to the consensus estimate of $197.70 million. First Busey had a return on equity of 9.46% and a net margin of 12.96%. On average, analysts anticipate that First Busey Corporation will post 2.61 earnings per share for the current fiscal year.

First Busey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 23rd were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, January 23rd. This is an increase from First Busey's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 4.2%. First Busey's dividend payout ratio (DPR) is currently 80.62%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Weiss Ratings raised First Busey from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, March 3rd. Piper Sandler boosted their price target on First Busey from $26.00 to $29.00 and gave the company an "overweight" rating in a research note on Friday, January 30th. Finally, DA Davidson restated a "neutral" rating and issued a $27.00 price objective on shares of First Busey in a report on Thursday, January 29th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $27.00.

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.

Want to see what other hedge funds are holding BUSE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Busey Corporation (NASDAQ:BUSE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.