First Busey (NASDAQ:BUSE) Releases Earnings Results, Beats Estimates By $0.10 EPS

Key Points

• $0.67 EPS for the quarter beat analysts' estimate by $0.10 while revenue was essentially flat at $197.17 million versus a $197.47 million estimate; the bank reported a 9.46% return on equity and a 12.96% net margin.
• Dividend announced: a $0.26 quarterly payout (annualized $1.04) yields 4.0% with an ex-dividend date of April 24 and a payment date of May 1, and the payout ratio is about 80.6%.
• Shares traded down to $26.00 after the release; First Busey has a $2.22 billion market cap and a 20.14 P/E, and analysts hold a consensus "Moderate Buy" with an average target of $27.17 (some firms raised targets to $29).

First Busey (NASDAQ:BUSE - Get Free Report) issued its quarterly earnings results on Tuesday. The bank reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.10, Zacks reports. First Busey had a return on equity of 9.46% and a net margin of 12.96%.The company had revenue of $197.17 million during the quarter, compared to analyst estimates of $197.47 million.

First Busey Stock Performance

Shares of BUSE traded down $0.53 on Wednesday, reaching $26.00. 319,095 shares of the stock traded hands, compared to its average volume of 617,679. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 20.14 and a beta of 0.72. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.91. First Busey has a 12 month low of $20.46 and a 12 month high of $27.65. The stock's 50-day moving average price is $25.68 and its 200-day moving average price is $24.70.

First Busey Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Friday, April 24th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, April 24th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.0%. First Busey's payout ratio is currently 80.62%.

Wall Street Analyst Weigh In

BUSE has been the subject of a number of research analyst reports. Piper Sandler upped their price target on First Busey from $26.00 to $29.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. Stephens assumed coverage on First Busey in a report on Friday, March 27th. They set an "equal weight" rating and a $27.00 price target for the company. Weiss Ratings upgraded First Busey from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, March 3rd. Finally, DA Davidson restated a "neutral" rating and set a $27.00 price objective on shares of First Busey in a research report on Thursday, January 29th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $27.17.

Institutional Trading of First Busey

A number of large investors have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co grew its position in First Busey by 5.1% in the second 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 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 acquiring an additional 646 shares during the period. Russell Investments Group Ltd. grew its position in First Busey by 0.8% in the fourth quarter. Russell Investments Group Ltd. now owns 91,534 shares of the bank's stock valued at $2,178,000 after acquiring an additional 758 shares during the period. Focus Partners Wealth grew its position in First Busey by 6.2% in the third quarter. Focus Partners Wealth now owns 17,043 shares of the bank's stock valued at $394,000 after acquiring an additional 998 shares during the period. Finally, Raymond James Financial Inc. grew its position in First Busey by 10.4% in the third quarter. Raymond James Financial Inc. now owns 11,515 shares of the bank's stock valued at $267,000 after acquiring an additional 1,088 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.