The Manufacturers Life Insurance Company Has $5.89 Million Holdings in First Busey Corporation $BUSE

Key Points

• The Manufacturers Life Insurance Company increased its First Busey stake by 453.5% to 233,061 shares valued at $5.89 million. Institutional investors and hedge funds collectively own 56.49% of BUSE.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $32.00; recent upgrades included Raymond James, DA Davidson, and Zacks Research.
• First Busey reported quarterly EPS of $0.69, beating estimates of $0.63, and pays a quarterly dividend of $0.26, equivalent to a 3.3% annual yield.

The Manufacturers Life Insurance Company increased its holdings in shares of First Busey Corporation (NASDAQ:BUSE - Free Report) by 453.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 233,061 shares of the bank's stock after acquiring an additional 190,957 shares during the period. The Manufacturers Life Insurance Company owned about 0.28% of First Busey worth $5,889,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BUSE. Northwestern Mutual Wealth Management Co. increased its stake in shares of First Busey by 36,664.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank's stock valued at $74,510,000 after buying an additional 3,123,454 shares in the last quarter. Sunesis Advisors LLC acquired a new position in First Busey during the 4th quarter worth about $3,732,000. Assenagon Asset Management S.A. bought a new stake in First Busey during the 1st quarter worth about $1,743,000. LSV Asset Management grew its holdings in First Busey by 8.0% during the 4th quarter. LSV Asset Management now owns 1,384,661 shares of the bank's stock worth $32,941,000 after acquiring an additional 102,904 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its position in First Busey by 33.0% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 204,447 shares of the bank's stock valued at $4,864,000 after acquiring an additional 50,685 shares in the last quarter. 56.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BUSE has been the subject of a number of research analyst reports. Raymond James Financial boosted 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. DA Davidson increased their price target on shares of First Busey from $30.00 to $31.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Weiss Ratings raised shares of First Busey from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 11th. Stephens boosted their price objective on shares of First Busey from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 30th. Finally, Zacks Research raised First Busey from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $32.00.

First Busey Stock Performance

First Busey stock opened at $31.37 on Thursday. The company has a market cap of $2.65 billion, a PE ratio of 12.96 and a beta of 0.72. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. First Busey Corporation has a 1 year low of $21.96 and a 1 year high of $31.70. The company's 50-day moving average is $29.15 and its two-hundred day moving average is $27.01.

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

First Busey Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 24th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Friday, July 24th. First Busey's payout ratio is presently 42.98%.

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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