First Busey Corporation (NASDAQ:BUSE) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts rate First Busey “Moderate Buy,” with four buy ratings, one strong-buy, and two hold recommendations; the average 12-month price target is $32.00.
• Institutional investors own 56.49% of First Busey, with several funds adding to or initiating positions during the second quarter.
• First Busey exceeded quarterly EPS expectations, reporting $0.69 versus the $0.63 consensus estimate, and maintains a quarterly dividend of $0.26, yielding approximately 3.3% annually.

Shares of First Busey Corporation (NASDAQ:BUSE - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the seven ratings firms that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $32.00.

BUSE has been the topic of several recent research reports. Raymond James Financial boosted their price target on shares of First Busey from $28.00 to $32.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. Stephens lifted their target price on shares of First Busey from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. DA Davidson boosted their target price on shares of First Busey from $30.00 to $31.00 and gave the company a "neutral" rating in a report on Thursday, July 30th. Piper Sandler increased their price target on shares of First Busey from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. Finally, Zacks Research raised shares of First Busey from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st.

Institutional Investors Weigh In On First Busey

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Compass Financial Management LLC acquired a new position in shares of First Busey in the 2nd quarter valued at $45,000. Bank of New York Mellon Corp purchased a new position in shares of First Busey during the 2nd quarter worth $32,712,000. Everhart Financial Group Inc. increased its position in shares of First Busey by 11.8% during the 2nd quarter. Everhart Financial Group Inc. now owns 41,689 shares of the bank's stock worth $1,230,000 after purchasing an additional 4,409 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of First Busey by 6.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 8,972 shares of the bank's stock worth $265,000 after purchasing an additional 571 shares during the last quarter. Finally, Lexington Hill Partners LLC purchased a new stake in First Busey in the 2nd quarter valued at about $335,000. Institutional investors and hedge funds own 56.49% of the company's stock.

First Busey Trading Up 0.1%

BUSE opened at $31.23 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.90 and a quick ratio of 0.90. The company's 50 day simple moving average is $29.68 and its two-hundred day simple moving average is $27.30. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of 12.90 and a beta of 0.72. First Busey has a 1-year low of $22.00 and a 1-year high of $31.70.

First Busey (NASDAQ:BUSE - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The bank reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.06. First Busey had a return on equity of 10.48% and a net margin of 21.00%.The firm had revenue of $194.27 million for the quarter, compared to the consensus estimate of $197.59 million. Analysts expect that First Busey will post 2.67 EPS for the current fiscal year.

First Busey Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 24th were issued a $0.26 dividend. The ex-dividend date was Friday, July 24th. This represents a $1.04 dividend on an annualized basis and a yield of 3.3%. First Busey's dividend payout ratio is currently 42.98%.

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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