Hovde Group Initiates Coverage on First Busey (NASDAQ:BUSE)

Equities research analysts at Hovde Group initiated coverage on shares of First Busey (NASDAQ:BUSE - Get Free Report) in a report released on Monday, MarketBeat reports. The firm set a "market perform" rating and a $25.00 price target on the bank's stock. Hovde Group's price objective would indicate a potential upside of 3.99% from the company's previous close.

A number of other analysts have also recently issued reports on the company. Raymond James Financial lowered their price objective on First Busey from $29.00 to $27.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 2nd. Wall Street Zen upgraded shares of First Busey from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Stephens reissued an "equal weight" rating and issued a $26.00 price target on shares of First Busey in a report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $27.67.

First Busey Stock Performance

Shares of BUSE stock traded up $0.15 during trading hours on Monday, reaching $24.04. 525,138 shares of the company's stock were exchanged, compared to its average volume of 405,549. First Busey has a fifty-two week low of $18.40 and a fifty-two week high of $28.97. 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 stock has a market capitalization of $2.15 billion, a P/E ratio of 22.47 and a beta of 0.77. The business has a fifty day moving average price of $22.27 and a 200-day moving average price of $22.58.

First Busey (NASDAQ:BUSE - Get Free Report) last released its earnings results on Tuesday, April 22nd. The bank reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.04. First Busey had a return on equity of 8.46% and a net margin of 8.32%. The business had revenue of $140.72 million for the quarter, compared to the consensus estimate of $140.15 million. Analysts predict that First Busey will post 2.61 EPS for the current fiscal year.

Insider Transactions at First Busey

In other news, Director Karen M. Jensen acquired 5,500 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was bought at an average price of $21.70 per share, with a total value of $119,350.00. Following the completion of the acquisition, the director owned 72,068 shares in the company, valued at approximately $1,563,875.60. This represents a 8.26% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven W. Caple purchased 1,175 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were acquired at an average price of $21.60 per share, for a total transaction of $25,380.00. Following the completion of the transaction, the director owned 4,509 shares in the company, valued at $97,394.40. The trade was a 35.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 13,125 shares of company stock worth $286,148. Company insiders own 3.85% of the company's stock.

Institutional Trading of First Busey

Hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its holdings in First Busey by 1,173.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,439 shares of the bank's stock worth $34,000 after acquiring an additional 1,326 shares during the last quarter. Meeder Asset Management Inc. lifted its position in shares of First Busey by 161.1% during the fourth quarter. Meeder Asset Management Inc. now owns 1,697 shares of the bank's stock worth $40,000 after purchasing an additional 1,047 shares in the last quarter. Sterling Capital Management LLC grew its stake in shares of First Busey by 822.7% during the fourth quarter. Sterling Capital Management LLC now owns 1,707 shares of the bank's stock valued at $40,000 after purchasing an additional 1,522 shares during the last quarter. Quarry LP grew its stake in shares of First Busey by 507.5% during the fourth quarter. Quarry LP now owns 1,786 shares of the bank's stock valued at $42,000 after purchasing an additional 1,492 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in shares of First Busey in the first quarter valued at approximately $43,000. 56.49% of the stock is currently owned by institutional investors and hedge funds.

About First Busey

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.