First Busey (NASDAQ:BUSE) Issues Earnings Results, Beats Estimates By $0.02 EPS

First Busey (NASDAQ:BUSE - Get Free Report) posted its earnings results on Tuesday. The bank reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.02, Zacks reports. First Busey had a return on equity of 9.76% and a net margin of 9.48%. The company had revenue of $192.05 million for the quarter, compared to analysts' expectations of $193.91 million.

First Busey Stock Down 0.5%

NASDAQ BUSE traded down $0.11 during trading hours on Friday, reaching $23.22. 648,725 shares of the company's stock traded hands, compared to its average volume of 615,084. The firm has a market cap of $2.08 billion, a PE ratio of 20.73 and a beta of 0.77. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.90 and a quick ratio of 0.90. First Busey has a 52-week low of $18.40 and a 52-week high of $28.88. The firm has a 50-day simple moving average of $23.08 and a 200 day simple moving average of $22.58.

First Busey Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 18th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, July 18th. This represents a $1.00 annualized dividend and a dividend yield of 4.31%. First Busey's payout ratio is 89.29%.

Insider Transactions at First Busey

In related news, Director Karen M. Jensen bought 4,000 shares of the company's stock in a transaction on Friday, May 30th. The shares were acquired at an average cost of $22.00 per share, with a total value of $88,000.00. Following the completion of the acquisition, the director owned 76,068 shares of the company's stock, valued at $1,673,496. The trade was a 5.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven W. Caple bought 1,175 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was bought at an average cost of $21.60 per share, for a total transaction of $25,380.00. Following the completion of the purchase, the director owned 4,509 shares of the company's stock, valued at approximately $97,394.40. The trade was a 35.24% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 13,125 shares of company stock worth $286,148. Corporate insiders own 3.85% of the company's stock.

Hedge Funds Weigh In On First Busey

Several large investors have recently modified their holdings of BUSE. Royal Bank of Canada increased its stake in First Busey by 95.9% during the 1st quarter. Royal Bank of Canada now owns 18,143 shares of the bank's stock valued at $392,000 after purchasing an additional 8,884 shares in the last quarter. AQR Capital Management LLC increased its position in shares of First Busey by 16.8% during the first quarter. AQR Capital Management LLC now owns 198,945 shares of the bank's stock valued at $4,297,000 after acquiring an additional 28,605 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in First Busey by 64.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,724 shares of the bank's stock worth $1,074,000 after acquiring an additional 19,431 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in First Busey by 9.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 469,310 shares of the bank's stock worth $10,137,000 after acquiring an additional 38,773 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Busey by 78.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 222,048 shares of the bank's stock valued at $4,796,000 after acquiring an additional 97,560 shares in the last quarter. Hedge funds and other institutional investors own 56.49% of the company's stock.

Wall Street Analysts Forecast Growth

BUSE has been the subject of several research analyst reports. Hovde Group started coverage on First Busey in a report on Monday, June 30th. They issued a "market perform" rating and a $25.00 price objective for the company. Piper Sandler started coverage on First Busey in a research note on Tuesday, July 1st. They issued an "overweight" rating and a $30.00 price target for the company. DA Davidson boosted their price objective on shares of First Busey from $23.00 to $26.00 and gave the company a "neutral" rating in a research report on Thursday. Keefe, Bruyette & Woods dropped their target price on shares of First Busey from $30.00 to $29.00 and set an "outperform" rating for the company in a research report on Thursday. Finally, Raymond James Financial lifted their target price on shares of First Busey from $25.00 to $27.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, First Busey presently has an average rating of "Hold" and a consensus price target of $27.17.

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.