First Busey (NASDAQ:BUSE) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded First Busey from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $32.00.
• First Busey reported quarterly EPS of $0.69, beating the $0.63 consensus estimate, although revenue of $194.27 million came in below expectations.
• Shares opened at $30.86, near their 12-month high of $31.43, while insiders and institutional investors showed buying activity; institutions currently own 56.49% of the stock.

First Busey (NASDAQ:BUSE - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday.

Other research analysts have also recently issued research reports about the company. Weiss Ratings upgraded First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Keefe, Bruyette & Woods increased their price objective on First Busey from $32.00 to $34.00 and gave the stock an "outperform" rating in a report on Friday. Piper Sandler raised their price objective on First Busey from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Thursday. DA Davidson boosted their target price on shares of First Busey from $30.00 to $31.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Zacks Research raised shares of First Busey from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $32.00.

First Busey Price Performance

Shares of First Busey stock opened at $30.86 on Friday. The firm has a market cap of $2.61 billion, a PE ratio of 12.75 and a beta of 0.72. First Busey has a 12-month low of $21.63 and a 12-month high of $31.43. 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's fifty day simple moving average is $28.90 and its two-hundred day simple moving average is $26.84.

First Busey (NASDAQ:BUSE - Get Free Report) last posted its earnings results on Tuesday, July 28th. The bank reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.06. The company had revenue of $194.27 million for the quarter, compared to analysts' expectations of $197.59 million. First Busey had a return on equity of 10.42% and a net margin of 21.00%. As a group, equities analysts expect that First Busey will post 2.64 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BUSE. Parkside Financial Bank & Trust purchased a new stake in First Busey in the 4th quarter valued at about $28,000. Litman Gregory Wealth Management LLC purchased a new position in shares of First Busey during the fourth quarter worth approximately $30,000. Allworth Financial LP raised its stake in shares of First Busey by 127.8% during the fourth quarter. Allworth Financial LP now owns 1,583 shares of the bank's stock valued at $38,000 after acquiring an additional 888 shares in the last quarter. Torren Management LLC purchased a new stake in shares of First Busey in the fourth quarter valued at approximately $40,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of First Busey by 726.1% in the first quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank's stock valued at $49,000 after purchasing an additional 2,004 shares during the period. 56.49% of the stock is currently owned by institutional investors.

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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