First Busey (NASDAQ:BUSE) Stock Breaks Above 200-Day Moving Average - What's Next?

Key Points

• First Busey shares broke above their 200-day moving average, reaching $29.49 and last trading at $29.46 on volume of over 1 million shares.
• Analyst sentiment is broadly positive: four analysts rate the stock a Buy and three a Hold, producing a “Moderate Buy” consensus and an average price target of $32.00.
• The bank exceeded quarterly EPS expectations with $0.69 versus $0.63 forecast and maintains a quarterly dividend of $0.26 per share, equivalent to a 3.5% annual yield.

First Busey Corporation (NASDAQ:BUSE - Get Free Report) shares passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $28.38 and traded as high as $29.49. First Busey shares last traded at $29.46, with a volume of 1,022,243 shares.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BUSE shares. Piper Sandler boosted their target price on shares of First Busey from $32.00 to $35.00 and gave the company an "overweight" rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods increased their price target on shares of First Busey from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. Weiss Ratings reissued a "buy (b)" rating on shares of First Busey in a research report on Friday, August 7th. Wall Street Zen raised shares of First Busey from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Raymond James Financial upped their price objective on shares of First Busey from $28.00 to $32.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $32.00.

First Busey Stock Up 1.1%

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.11. The company has a fifty day simple moving average of $30.42 and a 200 day simple moving average of $28.38. The firm has a market capitalization of $2.43 billion, a P/E ratio of 12.17 and a beta of 0.75.

First Busey (NASDAQ:BUSE - Get Free Report) last released its earnings results on Tuesday, July 28th. The bank reported $0.69 EPS 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 analysts' expectations of $197.59 million. On average, equities analysts expect that First Busey Corporation will post 2.68 EPS for the current fiscal year.

First Busey Announces Dividend

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

Insider Buying and Selling

In other First Busey news, Director Michael Cassens sold 1,441 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $30.45, for a total transaction of $43,878.45. Following the completion of the sale, the director directly owned 130,012 shares in the company, valued at approximately $3,958,865.40. This trade represents a 1.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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

Several hedge funds and other institutional investors have recently made changes to their positions in BUSE. Allworth Financial LP raised its holdings in First Busey by 61.4% in the 2nd quarter. Allworth Financial LP now owns 881 shares of the bank's stock worth $26,000 after acquiring an additional 335 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in First Busey in the 2nd quarter valued at approximately $29,000. Integrated Wealth Concepts LLC purchased a new stake in First Busey during the 2nd quarter valued at $34,000. Compass Financial Management LLC purchased a new stake in First Busey during the 2nd quarter valued at $45,000. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of First Busey in the 4th quarter worth $110,000. Institutional investors own 56.49% of the company's stock.

About First Busey

First Busey Corporation is a financial holding company headquartered in Champaign, Illinois. Its principal subsidiary, Busey Bank, provides banking and financial services to individuals, families, businesses, institutions and municipalities.

Busey Bank offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, treasury management, trust services and other financial solutions. Through Busey Wealth Management, the company also provides investment management, financial planning, private banking and fiduciary services.

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.