Insider Buying: First Busey Corporation (NASDAQ:BUSE) Director Acquires 2,500 Shares of Stock

Key Points

• Director Purchase: First Busey Corporation Director Karen M. Jensen bought 2,500 shares for $58,125, increasing her stake by 3.08% to a total of 83,568 shares valued at nearly $1.94 million.
• Dividends and Earnings: The firm announced a quarterly dividend of $0.25, reflecting a 4.39% yield, and reported Q2 earnings of $0.63 EPS, surpassing estimates.
• Analyst Ratings: Equity analysts maintain a consensus "Hold" rating on First Busey shares, with a price target averaging $27.17, with some firms suggesting potential upside to $30.00.

First Busey Corporation (NASDAQ:BUSE - Get Free Report) Director Karen M. Jensen purchased 2,500 shares of the firm's stock in a transaction on Friday, July 25th. The shares were purchased at an average price of $23.25 per share, with a total value 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. This trade represents a 3.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

First Busey Stock Performance

BUSE traded down $0.19 during trading on Friday, reaching $22.13. 702,635 shares of the company's stock were exchanged, compared to its average volume of 517,426. The company has a market capitalization of $1.98 billion, a P/E ratio of 19.76 and a beta of 0.81. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.18. The business has a 50 day moving average price of $23.13 and a 200 day moving average price of $22.59. First Busey Corporation has a fifty-two week low of $18.40 and a fifty-two week 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 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.02. The company had revenue of $192.05 million during the quarter, compared to the consensus estimate of $193.91 million. First Busey had a net margin of 9.48% and a return on equity of 9.76%. As a group, analysts predict that First Busey Corporation will post 2.61 earnings per share for the current fiscal year.

First Busey Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Friday, July 18th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Friday, July 18th. First Busey's dividend payout ratio is currently 89.29%.

Analysts Set New Price Targets

Several research firms recently weighed in on BUSE. Wall Street Zen raised First Busey from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Stephens reiterated an "equal weight" rating and set a $26.00 price target on shares of First Busey in a report on Wednesday, April 23rd. Keefe, Bruyette & Woods reduced their price objective on First Busey from $30.00 to $29.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Raymond James Financial upped their target price on shares of First Busey from $25.00 to $27.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Piper Sandler began coverage on shares of First Busey in a research report on Tuesday, July 1st. They issued an "overweight" rating and a $30.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $27.17.

Hedge Funds Weigh In On First Busey

A number of hedge funds have recently modified their holdings of BUSE. Signaturefd LLC grew its position in First Busey by 23.7% in the first quarter. Signaturefd LLC now owns 2,524 shares of the bank's stock valued at $55,000 after acquiring an additional 483 shares during the period. M&T Bank Corp lifted its holdings in First Busey by 2.6% during the 1st quarter. M&T Bank Corp now owns 21,069 shares of the bank's stock valued at $455,000 after purchasing an additional 528 shares during the last quarter. Cresset Asset Management LLC boosted its position in First Busey by 2.7% in the first quarter. Cresset Asset Management LLC now owns 20,633 shares of the bank's stock valued at $446,000 after buying an additional 538 shares in the last quarter. Teacher Retirement System of Texas boosted its position in First Busey by 4.6% in the second quarter. Teacher Retirement System of Texas now owns 12,965 shares of the bank's stock valued at $297,000 after buying an additional 572 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its stake 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 during the last quarter. 56.49% of the stock is owned by institutional investors and hedge funds.

First Busey Company 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.