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

Other large investors also recently added to or reduced their stakes in the company. Sterling Capital Management LLC raised its stake in First Busey by 822.7% during the 4th quarter. Sterling Capital Management LLC now owns 1,707 shares of the bank's stock valued at $40,000 after purchasing an additional 1,522 shares during the period. Quarry LP raised its stake in First Busey by 507.5% during the 4th quarter. Quarry LP now owns 1,786 shares of the bank's stock valued at $42,000 after purchasing an additional 1,492 shares during the period. Golden State Wealth Management LLC acquired a new stake in First Busey during the 1st quarter valued at $43,000. PNC Financial Services Group Inc. raised its stake in First Busey by 56.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,251 shares of the bank's stock valued at $49,000 after purchasing an additional 812 shares during the period. Finally, Signaturefd LLC raised its stake in First Busey by 23.7% during the 1st quarter. Signaturefd LLC now owns 2,524 shares of the bank's stock valued at $55,000 after purchasing an additional 483 shares during the period. 56.49% of the stock is owned by institutional investors and hedge funds.

First Busey Stock Up 0.2%

NASDAQ:BUSE traded up $0.04 during trading hours on Thursday, reaching $24.69. The company's stock had a trading volume of 456,431 shares, compared to its average volume of 468,505. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.90 and a quick ratio of 0.90. First Busey Corporation has a one year low of $18.40 and a one year high of $28.30. The business's 50-day moving average is $23.46 and its 200-day moving average is $22.53. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 22.04 and a beta of 0.81.

First Busey (NASDAQ:BUSE - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.02. First Busey had a net margin of 9.48% and a return on equity of 8.76%. The company had revenue of $192.05 million during the quarter, compared to analysts' expectations of $193.91 million. Equities research analysts predict that First Busey Corporation will post 2.61 EPS for the current year.

First Busey Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Friday, July 18th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, July 18th. First Busey's dividend payout ratio is 89.29%.

Insider Transactions at First Busey

In other news, Director Karen M. Jensen purchased 2,500 shares of the firm's stock in a transaction on Friday, July 25th. The stock was bought at an average cost of $23.25 per share, for a total transaction of $58,125.00. Following the completion of the acquisition, the director directly owned 83,568 shares of the company's stock, valued at approximately $1,942,956. The trade was a 3.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Scott A. Phillips bought 1,000 shares of First Busey stock in a transaction that occurred on Tuesday, August 19th. The stock was bought at an average price of $25.25 per share, with a total value of $25,250.00. Following the purchase, the chief financial officer owned 1,000 shares of the company's stock, valued at $25,250. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 7,950 shares of company stock valued at $181,163 over the last 90 days. Corporate insiders own 3.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BUSE shares. Raymond James Financial boosted their price target on shares of First Busey from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Piper Sandler started coverage on shares of First Busey in a report on Tuesday, July 1st. They set an "overweight" rating and a $30.00 price target on the stock. Wall Street Zen upgraded shares of First Busey from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Keefe, Bruyette & Woods lowered their price target on shares of First Busey from $30.00 to $29.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Finally, DA Davidson boosted their price target on shares of First Busey from $23.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $27.17.

About First Busey

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.