First Busey (NASDAQ:BUSE) Share Price Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• First Busey shares crossed above their 200-day moving average, reaching $30.37 and last trading near $29.99, compared with a 200-day average of $27.58.
• Analyst sentiment is favorable, with four Buy and three Hold ratings producing a “Moderate Buy” consensus and an average price target of $32.00; recent targets range as high as $35.00.
• The bank exceeded quarterly earnings expectations with EPS of $0.69 versus $0.63 expected, while maintaining a quarterly dividend of $0.26, equivalent to a 3.5% annualized yield.

First Busey Corporation (NASDAQ:BUSE - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $27.58 and traded as high as $30.37. First Busey shares last traded at $29.99, with a volume of 498,314 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on BUSE shares. 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. Raymond James Financial increased their price target on First Busey from $28.00 to $32.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Busey in a research report on Friday, August 7th. Piper Sandler lifted their price objective on shares of First Busey from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of First Busey from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $32.00.

First Busey Trading Down 1.0%

The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 12.39 and a beta of 0.72. The firm's 50-day moving average is $29.98 and its 200-day moving average is $27.58. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11.

First Busey (NASDAQ:BUSE - Get Free Report) last announced its earnings results on Tuesday, July 28th. The bank reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.06. First Busey had a return on equity of 10.48% and a net margin of 21.00%.The firm had revenue of $194.27 million for the quarter, compared to the consensus estimate of $197.59 million. As a group, sell-side analysts anticipate that First Busey Corporation will post 2.67 EPS for the current fiscal year.

First Busey Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 24th were paid a $0.26 dividend. The ex-dividend date was Friday, July 24th. This represents a $1.04 annualized dividend and a yield of 3.5%. First Busey's dividend payout ratio is presently 42.98%.

Insiders Place Their Bets

In other First Busey news, Director Michael David Cassens sold 1,441 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $31.08, for a total transaction of $44,786.28. Following the completion of the transaction, the director directly owned 131,453 shares of the company's stock, valued at approximately $4,085,559.24. This represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.77% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BUSE. Public Employees Retirement System of Ohio bought a new stake in First Busey in the 2nd quarter valued at about $29,000. Parkside Financial Bank & Trust purchased a new position in shares of First Busey in the fourth quarter worth about $28,000. Litman Gregory Wealth Management LLC purchased a new position in shares of First Busey in the fourth quarter worth about $30,000. Compass Financial Management LLC bought a new stake in shares of First Busey in the second quarter valued at approximately $45,000. Finally, Allworth Financial LP raised its position in shares of First Busey by 127.8% in the fourth quarter. Allworth Financial LP now owns 1,583 shares of the bank's stock valued at $38,000 after purchasing an additional 888 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.

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.

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