First Busey (NASDAQ:BUSE) Rating Lowered to "Sell" at Wall Street Zen

First Busey (NASDAQ:BUSE - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Sunday.

Several other equities analysts have also recently issued reports on BUSE. Raymond James Financial boosted their price objective on shares of First Busey from $28.00 to $32.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Weiss Ratings upgraded shares of First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Piper Sandler lifted their target price on shares of First Busey from $30.00 to $32.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Finally, Stephens boosted their price target on shares of First Busey from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, First Busey presently has an average rating of "Moderate Buy" and a consensus target price of $29.60.

First Busey Stock Performance

BUSE traded up $0.34 on Friday, hitting $29.20. 490,112 shares of the company traded hands, compared to its average volume of 857,212. First Busey has a 12-month low of $21.63 and a 12-month high of $30.51. The company has a 50 day moving average of $27.83 and a 200-day moving average of $26.23. 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 stock has a market capitalization of $2.47 billion, a PE ratio of 12.98 and a beta of 0.72.

First Busey (NASDAQ:BUSE - Get Free Report) last announced its earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. First Busey had a return on equity of 10.19% and a net margin of 19.16%.The company had revenue of $197.17 million for the quarter, compared to the consensus estimate of $197.15 million. Sell-side analysts anticipate that First Busey will post 2.58 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of First Busey

A number of institutional investors have recently added to or reduced their stakes in BUSE. Everhart Financial Group Inc. grew its position in First Busey by 11.8% during the second quarter. Everhart Financial Group Inc. now owns 41,689 shares of the bank's stock worth $1,230,000 after buying an additional 4,409 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in shares of First Busey by 6.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 8,972 shares of the bank's stock valued at $265,000 after acquiring an additional 571 shares during the period. Lexington Hill Partners LLC purchased a new stake in shares of First Busey during the 2nd quarter worth approximately $335,000. Assenagon Asset Management S.A. boosted its stake in shares of First Busey by 37.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 94,464 shares of the bank's stock worth $2,787,000 after acquiring an additional 25,490 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of First Busey by 37.0% in the 1st quarter. Bank of America Corp DE now owns 169,641 shares of the bank's stock worth $4,287,000 after acquiring an additional 45,793 shares during the period. Hedge funds and other 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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