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

Key Points

• Quarterly dividend of $0.26 per share announced, payable May 1 to holders of record April 24, representing a 3.9% yield and $1.04 annualized.
• Dividend track record: the company has increased its dividend for 10 consecutive years and carries a payout ratio of ~38.1%, while analysts forecast $2.82 EPS next year (implied payout ~36.9%), suggesting the dividend is well covered.
• First Busey beat Q results with $0.68 EPS vs $0.61 expected and revenue above estimates; shares trade around $26.64 with a ~$2.28B market cap, and analysts have a "Moderate Buy" consensus with a $27.17 average price target.

First Busey Corporation (NASDAQ:BUSE - Get Free Report) announced a quarterly dividend on Tuesday, April 14th. Investors of record on Friday, April 24th will be paid a dividend of 0.26 per share by the bank on Friday, May 1st. This represents a c) annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, April 24th.

First Busey has raised its dividend payment by an average of 0.0%annually 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. Equities analysts expect First Busey to earn $2.82 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 36.9%.

First Busey Price Performance

Shares of BUSE traded down $0.17 during trading hours on Wednesday, hitting $26.64. 179,293 shares of the stock were exchanged, compared to its average volume of 632,617. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.91 and a current ratio of 0.91. First Busey has a 12-month low of $19.42 and a 12-month high of $27.65. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 20.65 and a beta of 0.72. The stock's 50-day moving average price is $25.72 and its two-hundred day moving average price is $24.47.

First Busey (NASDAQ:BUSE - Get Free Report) last issued its quarterly earnings results on Tuesday, January 27th. The bank reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. First Busey had a return on equity of 9.46% and a net margin of 12.96%.The firm had revenue of $201.78 million during the quarter, compared to analysts' expectations of $197.70 million. Research analysts expect that First Busey will post 2.61 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Weiss Ratings upgraded First Busey from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, March 3rd. Stephens assumed coverage on First Busey in a research report on Friday, March 27th. They set an "equal weight" rating and a $27.00 price target for the company. Piper Sandler boosted their price target on First Busey from $26.00 to $29.00 and gave the stock an "overweight" rating in a research report on Friday, January 30th. Finally, DA Davidson reissued a "neutral" rating and set a $27.00 price objective on shares of First Busey in a research note on Thursday, January 29th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $27.17.

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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