Wellington Management Group LLP Sells 2,112,966 Shares of First Busey Corporation $BUSE

Key Points

• Wellington Management reduced its First Busey stake by 30.3%, selling 2.11 million shares and retaining 4.87 million shares valued at approximately $143.5 million. Institutional investors and hedge funds collectively own 56.49% of the company.
• First Busey reported quarterly earnings of $0.69 per share, exceeding analysts’ $0.63 consensus estimate, while revenue of $194.27 million fell slightly short of expectations. The company maintains a quarterly dividend of $0.26 per share, equivalent to a 3.5% annualized yield.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $32.00; recent target increases range as high as $35.00.

Wellington Management Group LLP lowered its stake in First Busey Corporation (NASDAQ:BUSE - Free Report) by 30.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,866,039 shares of the bank's stock after selling 2,112,966 shares during the quarter. Wellington Management Group LLP owned approximately 5.89% of First Busey worth $143,548,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of BUSE. Northwestern Mutual Wealth Management Co. grew 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. Quantinno Capital Management LP raised its position in First Busey by 45.5% during the first quarter. Quantinno Capital Management LP now owns 142,447 shares of the bank's stock worth $3,600,000 after acquiring an additional 44,551 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in First Busey in the first quarter valued at $1,743,000. Empowered Funds LLC lifted its stake in First Busey by 16.0% in the first quarter. Empowered Funds LLC now owns 475,547 shares of the bank's stock valued at $12,017,000 after acquiring an additional 65,745 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of First Busey in the 2nd quarter valued at about $32,712,000. 56.49% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Michael David Cassens sold 1,441 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $31.08, for a total value of $44,786.28. Following the completion of the sale, the director owned 131,453 shares of the company's stock, valued at approximately $4,085,559.24. The trade was a 1.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.77% of the company's stock.

First Busey Price Performance

First Busey stock opened at $30.10 on Tuesday. First Busey Corporation has a 12 month low of $22.00 and a 12 month high of $31.70. The stock's 50 day moving average is $30.13 and its 200-day moving average is $27.67. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of 12.44 and a beta of 0.72.

First Busey (NASDAQ:BUSE - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The bank reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. First Busey had a return on equity of 10.48% and a net margin of 21.00%.The business had revenue of $194.27 million during the quarter, compared to analysts' expectations of $197.59 million. Equities research analysts expect that First Busey Corporation will post 2.67 EPS for the current year.

First Busey Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 24th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, July 24th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.5%. First Busey's dividend payout ratio (DPR) is currently 42.98%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of First Busey in a research note on Friday, August 7th. Raymond James Financial upped their price objective on First Busey from $28.00 to $32.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Zacks Research cut First Busey from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 21st. Piper Sandler lifted their target price on First Busey from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods boosted their target price on First Busey from $32.00 to $34.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.00.

About First Busey

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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