Scott Phillips Purchases 5,000 Shares of First Busey (NASDAQ:BUSE) Stock

Key Points

• Scott Phillips, First Busey’s CAO, bought 5,000 shares on May 4 at an average price of $25.90 for a total of $129,500, raising his holding to 8,350 shares (a 149.25% increase), as disclosed in an SEC filing.
• BUSE traded up 1.3% to $26.56; the company has a market cap of $2.27 billion, a P/E of 11.8, and recently beat quarterly EPS estimates ($0.67 vs. $0.57) with revenue essentially in line with expectations.
• First Busey pays a quarterly dividend of $0.26 ($1.04 annualized, yield 3.9%, DPR 46.22%), has a consensus analyst rating of "Moderate Buy" with an average target of $27.50, and institutions own about 56.5% of the stock.

First Busey Corporation (NASDAQ:BUSE - Get Free Report) CAO Scott Phillips purchased 5,000 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was bought at an average cost of $25.90 per share, with a total value of $129,500.00. Following the purchase, the chief accounting officer owned 8,350 shares of the company's stock, valued at approximately $216,265. This trade represents a 149.25% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

First Busey Trading Up 1.3%

Shares of BUSE stock traded up $0.33 on Tuesday, hitting $26.56. The company had a trading volume of 405,302 shares, compared to its average volume of 617,712. The firm has a market cap of $2.27 billion, a P/E ratio of 11.80 and a beta of 0.72. The stock's 50-day moving average is $25.67 and its two-hundred day moving average is $24.74. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.91 and a current ratio of 0.91. First Busey Corporation has a twelve month low of $20.91 and a twelve month high of $27.65.

First Busey (NASDAQ:BUSE - Get Free Report) last released its earnings results on Tuesday, April 28th. The bank reported $0.67 EPS for the quarter, topping the consensus estimate of $0.57 by $0.10. First Busey had a return on equity of 10.16% and a net margin of 19.16%.The business had revenue of $197.17 million during the quarter, compared to analysts' expectations of $197.15 million. On average, equities research analysts anticipate that First Busey Corporation will post 2.57 earnings per share for the current fiscal year.

First Busey Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Friday, April 24th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, April 24th. This represents a $1.04 annualized dividend and a yield of 3.9%. First Busey's dividend payout ratio (DPR) is currently 46.22%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Weiss Ratings raised First Busey from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, March 3rd. Piper Sandler raised their target price on First Busey from $29.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Stephens raised their target price on First Busey from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. Finally, DA Davidson reaffirmed a "neutral" rating and set a $27.00 target price on shares of First Busey in a research note on Thursday, January 29th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BUSE. Wellington Management Group LLP boosted its holdings in First Busey by 94.4% in the third quarter. Wellington Management Group LLP now owns 7,135,906 shares of the bank's stock worth $165,196,000 after acquiring an additional 3,464,965 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in First Busey by 36,664.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank's stock worth $74,510,000 after acquiring an additional 3,123,454 shares in the last quarter. Stieven Capital Advisors L.P. bought a new position in First Busey in the third quarter worth approximately $9,607,000. ProShare Advisors LLC boosted its holdings in First Busey by 88.2% in the third quarter. ProShare Advisors LLC now owns 533,142 shares of the bank's stock worth $12,342,000 after acquiring an additional 249,908 shares in the last quarter. Finally, Verition Fund Management LLC boosted its holdings in First Busey by 69.1% in the fourth quarter. Verition Fund Management LLC now owns 601,355 shares of the bank's stock worth $14,306,000 after acquiring an additional 245,832 shares in the last quarter. Institutional investors 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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