First Busey Corporation Declares Quarterly Dividend of $0.26 (NASDAQ:BUSE)

Key Points

• First Busey Corporation declared a quarterly dividend of $0.26 per share, payable on July 31 to shareholders of record on July 24. The stock’s dividend yield is about 3.5%.
• The bank has raised its dividend every year for the past 10 years, and its payout ratio of 38.1% suggests the dividend is well covered by earnings. Analysts expect it to continue covering the annual payout going forward.
• First Busey recently posted better-than-expected quarterly earnings, with EPS of $0.67 versus a $0.57 estimate, and analysts currently have a Moderate Buy consensus with an average price target of $29.60.

First Busey Corporation (NASDAQ:BUSE - Get Free Report) declared a quarterly dividend on Tuesday, July 14th. Investors of record on Friday, July 24th will be given a dividend of 0.26 per share by the bank on Friday, July 31st. This represents a c) annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Friday, July 24th.

First Busey has raised its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 10 years. First Busey has a dividend payout ratio of 38.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect First Busey to earn $2.67 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 39.0%.

First Busey Price Performance

Shares of First Busey stock traded up $0.06 during trading hours on Wednesday, reaching $29.37. The stock had a trading volume of 1,197,449 shares, compared to its average volume of 683,061. The stock's 50 day moving average is $27.94 and its 200 day moving average is $26.31. The firm has a market capitalization of $2.48 billion, a PE ratio of 13.05 and a beta of 0.72. First Busey has a twelve month low of $21.63 and a twelve month high of $30.51. 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 (NASDAQ:BUSE - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The bank reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. First Busey had a return on equity of 10.19% and a net margin of 19.16%.The company had revenue of $197.17 million for the quarter, compared to analyst estimates of $197.15 million. Equities analysts expect that First Busey will post 2.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

BUSE has been the subject of several research reports. Weiss Ratings upgraded First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Stephens upped their price objective on shares of First Busey from $27.00 to $28.00 and gave the company an "equal weight" rating in a report on Thursday, April 30th. Piper Sandler increased their price objective on First Busey from $30.00 to $32.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Raymond James Financial increased their price objective on shares of First Busey from $28.00 to $32.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Finally, Wall Street Zen lowered shares of First Busey from a "hold" rating to a "sell" rating in a research note on Sunday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $29.60.

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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