First Busey (NASDAQ:BUSE) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• First Busey exceeded earnings expectations, reporting quarterly EPS of $0.69 versus the $0.63 consensus estimate. Revenue totaled $194.27 million, slightly below analysts’ $197.59 million forecast.
• Shares rose to $30.23 in midday trading, near the company’s 12-month high of $30.51. The bank declared a quarterly dividend of $0.26, equivalent to $1.04 annually and a 3.4% yield.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $29.75; Raymond James and Piper Sandler recently raised their targets to $32.

First Busey (NASDAQ:BUSE - Get Free Report) posted its quarterly earnings results on Tuesday. The bank reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.06, FiscalAI reports. The firm had revenue of $194.27 million during the quarter, compared to the consensus estimate of $197.59 million. First Busey had a return on equity of 10.19% and a net margin of 19.16%.

First Busey Stock Performance

Shares of NASDAQ BUSE traded up $0.48 during midday trading on Tuesday, hitting $30.23. 1,030,634 shares of the company's stock were exchanged, compared to its average volume of 694,551. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. First Busey has a 12 month low of $21.63 and a 12 month high of $30.51. The company's 50 day moving average price is $28.58 and its 200 day moving average price is $26.67. The firm has a market capitalization of $2.56 billion, a PE ratio of 13.44 and a beta of 0.72.

First Busey Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders 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 dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, July 24th. First Busey's dividend payout ratio (DPR) is presently 46.22%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Raymond James Financial increased their price objective on First Busey from $28.00 to $32.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Zacks Research upgraded shares of First Busey from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Weiss Ratings raised shares of First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Piper Sandler increased their price target on shares of First Busey from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Finally, Stephens lifted their price objective on shares of First Busey from $27.00 to $28.00 and gave the company an "equal weight" rating in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, First Busey has an average rating of "Moderate Buy" and an average price target of $29.75.

Insiders Place Their Bets

In other First Busey news, CAO Scott A. Phillips purchased 5,000 shares of the business's stock in a transaction on Monday, May 4th. The stock was acquired at an average price of $25.90 per share, with a total value of $129,500.00. Following the acquisition, the chief accounting officer directly owned 8,350 shares of the company's stock, valued at $216,265. This trade represents a 149.25% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.77% of the company's stock.

Institutional Trading of First Busey

Hedge funds and other institutional investors have recently modified their holdings of the stock. CANADA LIFE ASSURANCE Co raised its holdings in First Busey by 5.1% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 13,237 shares of the bank's stock valued at $303,000 after acquiring an additional 640 shares during the period. Legal & General Group Plc grew its position in shares of First Busey by 0.7% in the third quarter. Legal & General Group Plc now owns 91,585 shares of the bank's stock valued at $2,120,000 after purchasing an additional 646 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of First Busey by 0.8% during the fourth quarter. Russell Investments Group Ltd. now owns 91,534 shares of the bank's stock worth $2,178,000 after purchasing an additional 758 shares during the period. Focus Partners Wealth increased its stake in shares of First Busey by 6.2% during the third quarter. Focus Partners Wealth now owns 17,043 shares of the bank's stock worth $394,000 after purchasing an additional 998 shares during the period. Finally, Raymond James Financial Inc. lifted its holdings in First Busey by 10.4% during the 3rd quarter. Raymond James Financial Inc. now owns 11,515 shares of the bank's stock worth $267,000 after purchasing an additional 1,088 shares during the last quarter. Institutional investors own 56.49% of the company's stock.

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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