Vanguard Group Inc. Boosts Holdings in First Busey Corporation $BUSE

Key Points

• Vanguard Group Inc. increased its ownership in First Busey Corporation by 52.2%, acquiring a total of approximately 4.7 million shares valued at $101.67 million.
• First Busey announced a quarterly dividend of $0.25 per share, yielding 4.1%, with a payout ratio of 89.29%.
• Analysts have generally rated First Busey shares positively, with an average target price of $27.17, amid several recent upgrades to price objectives.

Vanguard Group Inc. lifted its position in First Busey Corporation (NASDAQ:BUSE - Free Report) by 52.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,706,925 shares of the bank's stock after buying an additional 1,613,848 shares during the quarter. Vanguard Group Inc. owned approximately 8.26% of First Busey worth $101,670,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN boosted its holdings in First Busey by 6.4% in the 4th quarter. Wells Fargo & Company MN now owns 41,443 shares of the bank's stock valued at $977,000 after purchasing an additional 2,493 shares during the period. Sterling Capital Management LLC raised its position in shares of First Busey by 822.7% in the fourth quarter. Sterling Capital Management LLC now owns 1,707 shares of the bank's stock worth $40,000 after buying an additional 1,522 shares in the last quarter. Barclays PLC boosted its stake in First Busey by 15.9% during the fourth quarter. Barclays PLC now owns 156,570 shares of the bank's stock valued at $3,691,000 after buying an additional 21,501 shares during the period. CANADA LIFE ASSURANCE Co grew its position in First Busey by 10.3% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 7,396 shares of the bank's stock worth $174,000 after buying an additional 690 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in First Busey by 11.2% in the 4th quarter. First Trust Advisors LP now owns 149,813 shares of the bank's stock worth $3,531,000 after acquiring an additional 15,038 shares during the last quarter. Hedge funds and other institutional investors own 56.49% of the company's stock.

First Busey Trading Down 1.1%

BUSE traded down $0.26 on Monday, hitting $23.91. 265,710 shares of the company were exchanged, compared to its average volume of 464,438. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a fifty day simple moving average of $23.32 and a two-hundred day simple moving average of $22.50. The stock has a market capitalization of $2.13 billion, a PE ratio of 10.46 and a beta of 0.81. First Busey Corporation has a 12 month low of $18.40 and a 12 month high of $28.30.

First Busey (NASDAQ:BUSE - Get Free Report) last released its quarterly earnings data 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. First Busey had a return on equity of 8.76% and a net margin of 9.48%.The firm had revenue of $192.05 million during the quarter, compared to analyst estimates of $193.91 million. Sell-side analysts expect that First Busey Corporation will post 2.61 earnings per share for the current year.

First Busey Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 18th were given a $0.25 dividend. The ex-dividend date was Friday, July 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.2%. First Busey's payout ratio is presently 89.29%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BUSE shares. Wall Street Zen upgraded First Busey from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. DA Davidson lifted their target price on shares of First Busey from $23.00 to $26.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Hovde Group initiated coverage on shares of First Busey in a research note on Monday, June 30th. They issued a "market perform" rating and a $25.00 price target for the company. Piper Sandler assumed coverage on shares of First Busey in a report on Tuesday, July 1st. They issued an "overweight" rating and a $30.00 price target on the stock. Finally, Raymond James Financial lifted their price objective on shares of First Busey from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $27.17.

Insider Activity

In other news, CFO Scott A. Phillips bought 1,000 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was bought at an average cost of $25.25 per share, for a total transaction of $25,250.00. Following the completion of the acquisition, the chief financial officer owned 1,000 shares in the company, valued at approximately $25,250. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Karen M. Jensen purchased 4,000 shares of First Busey stock in a transaction that occurred on Friday, May 30th. The shares were acquired at an average price of $22.00 per share, for a total transaction of $88,000.00. Following the acquisition, the director owned 76,068 shares in the company, valued at $1,673,496. This trade represents a 5.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 8,950 shares of company stock valued at $203,163. Insiders own 3.85% of the company's stock.

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.