Zacks Research Upgrades First Busey (NASDAQ:BUSE) to "Strong-Buy"

Key Points

• Zacks Research upgraded First Busey (NASDAQ: BUSE) from Hold to Strong-Buy, adding to a generally positive analyst backdrop for the stock.
• Despite one downgrade from Wall Street Zen, the broader consensus remains favorable: analysts currently view First Busey as a Moderate Buy with a consensus price target of $29.60.
• The bank recently posted solid results, with Q1 earnings of $0.67 per share beating estimates by $0.10, while the stock opened at $29.60, near its 52-week high of $30.51.

First Busey (NASDAQ:BUSE - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Tuesday,Zacks.com reports.

BUSE has been the subject of a number of other reports. Stephens raised their price objective on shares of First Busey from $27.00 to $28.00 and gave the company an "equal weight" rating in a research report on Thursday, April 30th. Wall Street Zen cut shares of First Busey from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Raymond James Financial increased their target price on shares of First Busey from $28.00 to $32.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. 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, Piper Sandler upped their price target on shares of First Busey from $30.00 to $32.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.60.

First Busey Stock Performance

Shares of BUSE opened at $29.60 on Tuesday. First Busey has a 52-week low of $21.63 and a 52-week high of $30.51. The stock's 50-day simple moving average is $28.36 and its 200 day simple moving average is $26.55. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of 13.16 and a beta of 0.72.

First Busey (NASDAQ:BUSE - Get Free Report) last posted its earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.10. First Busey had a return on equity of 10.19% and a net margin of 19.16%.The business had revenue of $197.17 million during the quarter, compared to analyst estimates of $197.15 million. Research analysts forecast that First Busey will post 2.6 EPS for the current fiscal year.

Insider Transactions at First Busey

In other news, CAO Scott A. Phillips acquired 5,000 shares of the business's stock in a transaction dated Monday, May 4th. The stock was purchased at an average cost of $25.90 per share, for a total transaction of $129,500.00. Following the acquisition, the chief accounting officer owned 8,350 shares of the company's stock, valued at $216,265. This trade represents a 149.25% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.77% of the stock is currently owned by company insiders.

Institutional Trading of First Busey

Hedge funds and other institutional investors have recently bought and sold shares of the company. Parkside Financial Bank & Trust bought a new stake in shares of First Busey in the 4th quarter worth approximately $28,000. Litman Gregory Wealth Management LLC bought a new stake in First Busey in the fourth quarter worth $30,000. Allworth Financial LP boosted its position in First Busey by 127.8% during the fourth quarter. Allworth Financial LP now owns 1,583 shares of the bank's stock valued at $38,000 after buying an additional 888 shares during the period. Torren Management LLC bought a new position in shares of First Busey during the fourth quarter valued at about $40,000. Finally, Geneos Wealth Management Inc. increased its holdings in shares of First Busey by 726.1% in the first quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank's stock worth $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.

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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