First Busey (NASDAQ:BUSE) Stock Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• First Busey shares crossed above its 200‑day moving average
• Analysts are broadly positive — four Buy and three Hold ratings produce an average rating of Moderate Buy with an average target of $27.17, and Piper Sandler recently raised its target to $29.
• First Busey beat quarterly EPS estimates ($0.67 vs. $0.57) and declared a $0.26 quarterly dividend (annualized yield 3.9%) with a payout ratio around 80.6%.

First Busey Corporation (NASDAQ:BUSE - Get Free Report) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $24.70 and traded as high as $26.88. First Busey shares last traded at $26.53, with a volume of 607,036 shares traded.

Analysts Set New Price Targets

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

First Busey Trading Up 0.1%

The company has a market cap of $2.27 billion, a price-to-earnings ratio of 20.57 and a beta of 0.72. The business's fifty day moving average price is $25.68 and its 200 day moving average price is $24.70. 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 (NASDAQ:BUSE - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.10. The company had revenue of $197.17 million for the quarter, compared to analyst estimates of $197.47 million. First Busey had a net margin of 12.96% and a return on equity of 9.46%. Research analysts anticipate that First Busey Corporation will post 2.52 earnings per share for the current fiscal year.

First Busey Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Friday, April 24th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, April 24th. First Busey's payout ratio is 80.62%.

Hedge Funds Weigh In On First Busey

A number of hedge funds have recently modified their holdings of BUSE. Wellington Management Group LLP lifted its holdings in shares of First Busey by 94.4% during the third quarter. Wellington Management Group LLP now owns 7,135,906 shares of the bank's stock worth $165,196,000 after purchasing an additional 3,464,965 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of First Busey by 36,664.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank's stock worth $74,510,000 after purchasing an additional 3,123,454 shares during the period. Stieven Capital Advisors L.P. acquired a new position in shares of First Busey during the third quarter worth $9,607,000. ProShare Advisors LLC lifted its holdings in shares of First Busey by 88.2% during the third quarter. ProShare Advisors LLC now owns 533,142 shares of the bank's stock worth $12,342,000 after purchasing an additional 249,908 shares during the period. Finally, Verition Fund Management LLC lifted its holdings in shares of First Busey by 69.1% during the fourth quarter. Verition Fund Management LLC now owns 601,355 shares of the bank's stock worth $14,306,000 after purchasing an additional 245,832 shares during the period. Institutional investors and hedge funds own 56.49% of the company's stock.

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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