First Busey Corporation (NASDAQ:BUSE) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• First Busey Corporation has a consensus analyst rating of “Moderate Buy” from six analysts, with an average 12-month price target of $29.60.
• The company recently beat quarterly earnings expectations, reporting $0.67 EPS versus the $0.57 estimate, while revenue came in essentially in line with forecasts at $197.17 million.
• First Busey also announced a quarterly dividend of $0.26 per share, equal to an annualized yield of 3.5%, and the payout is scheduled for July 31.

First Busey Corporation (NASDAQ:BUSE - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the six analysts that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $29.60.

A number of research analysts have recently issued reports on BUSE shares. Stephens upped their price target on First Busey from $27.00 to $28.00 and gave the company an "equal weight" rating in a report on Thursday, April 30th. Raymond James Financial lifted their price objective on First Busey from $28.00 to $32.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Wall Street Zen cut shares of First Busey from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Weiss Ratings raised shares of First Busey from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 11th. Finally, Piper Sandler lifted their price target on shares of First Busey from $30.00 to $32.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th.

First Busey Stock Performance

First Busey stock opened at $29.69 on Tuesday. First Busey has a twelve month low of $21.63 and a twelve month high of $30.51. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $2.51 billion, a P/E ratio of 13.20 and a beta of 0.72. The stock's 50 day moving average is $28.21 and its 200 day moving average is $26.47.

First Busey (NASDAQ:BUSE - Get Free Report) last issued its earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. The business had revenue of $197.17 million during the quarter, compared to analysts' expectations of $197.15 million. First Busey had a net margin of 19.16% and a return on equity of 10.19%. On average, equities research analysts predict that First Busey will post 2.6 earnings per share for the current fiscal year.

First Busey Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 24th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Friday, July 24th. First Busey's payout ratio is 46.22%.

Insiders Place Their Bets

In related news, CAO Scott A. Phillips bought 5,000 shares of the firm's stock in a transaction on Monday, May 4th. The stock was acquired at an average cost of $25.90 per share, for a total transaction of $129,500.00. Following the purchase, the chief accounting officer owned 8,350 shares in the company, valued at approximately $216,265. This represents a 149.25% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.77% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP grew its position in First Busey by 94.4% during the third quarter. Wellington Management Group LLP now owns 7,135,906 shares of the bank's stock valued at $165,196,000 after buying an additional 3,464,965 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in First Busey by 36,664.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank's stock worth $74,510,000 after acquiring an additional 3,123,454 shares during the period. Rhino Investment Partners Inc boosted its stake in shares of First Busey by 101.3% during the 1st quarter. Rhino Investment Partners Inc now owns 492,113 shares of the bank's stock worth $12,436,000 after acquiring an additional 247,589 shares during the last quarter. Verition Fund Management LLC boosted its stake in shares of First Busey by 69.1% during the 4th quarter. Verition Fund Management LLC now owns 601,355 shares of the bank's stock worth $14,306,000 after acquiring an additional 245,832 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of First Busey by 57.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 552,410 shares of the bank's stock valued at $13,142,000 after acquiring an additional 201,807 shares during the period. Institutional investors own 56.49% of the company's stock.

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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