First Busey (NASDAQ:BUSE) Sets New 1-Year High - Here's What Happened

Key Points

• First Busey shares reached a new 52-week high, trading as high as $31.44 and closing near $31.27, up from the prior close of $30.86.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and a $32 average price target, while Keefe, Bruyette & Woods raised its target to $34 with an “outperform” rating.
• First Busey exceeded quarterly earnings expectations with EPS of $0.69 versus a $0.63 estimate and maintains a quarterly dividend of $0.26 per share, equivalent to a 3.3% yield.

First Busey Corporation (NASDAQ:BUSE - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $31.44 and last traded at $31.27, with a volume of 867407 shares. The stock had previously closed at $30.86.

Analyst Upgrades and Downgrades

BUSE has been the topic of several research analyst reports. Keefe, Bruyette & Woods lifted their price target on First Busey from $32.00 to $34.00 and gave the company an "outperform" rating in a research report on Friday. Stephens lifted their target price on First Busey from $27.00 to $28.00 and gave the stock an "equal weight" rating in a report on Thursday, April 30th. Zacks Research raised shares of First Busey from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Weiss Ratings upgraded shares of First Busey from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Finally, Wall Street Zen upgraded shares of First Busey from a "sell" rating to a "hold" rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $32.00.

First Busey Stock Up 1.3%

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 has a market capitalization of $2.64 billion, a PE ratio of 12.92 and a beta of 0.72. The business's 50 day simple moving average is $28.99 and its 200 day simple moving average is $26.91.

First Busey (NASDAQ:BUSE - Get Free Report) last released its earnings results on Tuesday, July 28th. The bank reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. First Busey had a net margin of 21.00% and a return on equity of 10.42%. The business had revenue of $194.27 million for the quarter, compared to the consensus estimate of $197.59 million. As a group, analysts forecast that First Busey Corporation will post 2.67 EPS for the current year.

First Busey Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 24th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Friday, July 24th. First Busey's payout ratio is 42.98%.

Institutional Inflows and Outflows

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