Brokerages Set First Busey Corporation (NASDAQ:BUSE) Price Target at $27.33

Key Points

• First Busey Corporation has received an average rating of "Moderate Buy" from six analysts, with three recommending a hold and three a buy.
• The company's recent quarterly earnings beat expectations, with an EPS of $0.63, and a revenue of $192.05 million.
• First Busey announced a quarterly dividend of $0.25, yielding 4.0%, with a payout ratio of 89.29%.

Shares of First Busey Corporation (NASDAQ:BUSE - Get Free Report) have been given an average rating of "Moderate Buy" by the six research firms that are covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $27.3333.

Several brokerages have recently weighed in on BUSE. DA Davidson boosted their target price on First Busey from $23.00 to $26.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Wall Street Zen upgraded First Busey from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Piper Sandler began coverage on First Busey in a report on Tuesday, July 1st. They set an "overweight" rating and a $30.00 target price on the stock. Keefe, Bruyette & Woods decreased their price objective on First Busey from $30.00 to $29.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Finally, Hovde Group began coverage on First Busey in a report on Monday, June 30th. They issued a "market perform" rating and a $25.00 price objective on the stock.

Insider Buying and Selling

In other First Busey news, Director Karen M. Jensen acquired 2,500 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were purchased at an average cost of $23.25 per share, for a total transaction of $58,125.00. Following the completion of the acquisition, the director owned 83,568 shares of the company's stock, valued at approximately $1,942,956. The trade was a 3.08% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Scott A. Phillips acquired 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was acquired at an average price of $25.25 per share, for a total transaction of $25,250.00. Following the completion of the acquisition, the chief financial officer directly owned 1,000 shares of the company's stock, valued at $25,250. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.85% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in First Busey by 121.0% during the fourth quarter. Millennium Management LLC now owns 565,001 shares of the bank's stock worth $13,317,000 after purchasing an additional 309,301 shares in the last quarter. Amalgamated Bank lifted its stake in First Busey by 59.3% during the first quarter. Amalgamated Bank now owns 2,881 shares of the bank's stock worth $62,000 after purchasing an additional 1,073 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in First Busey during the first quarter worth $263,000. Cambridge Investment Research Advisors Inc. acquired a new position in First Busey during the first quarter worth $372,000. Finally, Rosenthal Henry Capital Advisors Inc. purchased a new stake in shares of First Busey during the first quarter worth $1,081,000. 56.49% of the stock is currently owned by institutional investors and hedge funds.

First Busey Price Performance

NASDAQ:BUSE traded up $0.35 during trading hours on Friday, hitting $24.77. 319,249 shares of the stock were exchanged, compared to its average volume of 452,535. First Busey has a 52-week low of $18.40 and a 52-week high of $28.30. The firm's fifty day moving average price is $23.62 and its 200 day moving average price is $22.52. 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 cap of $2.21 billion, a P/E ratio of 22.12 and a beta of 0.82.

First Busey (NASDAQ:BUSE - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.02. The business had revenue of $192.05 million for the quarter, compared to analysts' expectations of $193.91 million. First Busey had a return on equity of 8.76% and a net margin of 9.48%. As a group, equities research analysts anticipate that First Busey will post 2.61 EPS for the current fiscal year.

First Busey Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 18th were issued a $0.25 dividend. The ex-dividend date was Friday, July 18th. This represents a $1.00 dividend on an annualized basis and a yield of 4.0%. First Busey's dividend payout ratio is currently 89.29%.

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.