First Busey (NASDAQ:BUSE) Reaches New 12-Month High – What’s Next?
by Doug Wharley · The Cerbat GemShares of First Busey Corporation (NASDAQ:BUSE – Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $26.06 and last traded at $26.0250, with a volume of 100407 shares. The stock had previously closed at $25.49.
Wall Street Analyst Weigh In
BUSE has been the subject of several research reports. Raymond James Financial reiterated an “outperform” rating and issued a $26.00 target price (down previously from $28.00) on shares of First Busey in a report on Thursday, October 30th. Piper Sandler lowered their price target on First Busey from $30.00 to $26.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of First Busey in a report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, First Busey presently has a consensus rating of “Hold” and a consensus target price of $26.33.
Check Out Our Latest Stock Report on BUSE
First Busey Trading Up 1.9%
The company’s 50 day simple moving average is $24.08 and its 200 day simple moving average is $23.74. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of 22.59 and a beta of 0.79.
First Busey (NASDAQ:BUSE – Get Free Report) last released its earnings results on Tuesday, October 28th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. First Busey had a return on equity of 9.05% and a net margin of 11.00%.The firm had revenue of $197.46 million during the quarter, compared to analyst estimates of $196.07 million. As a group, research analysts expect that First Busey Corporation will post 2.61 earnings per share for the current fiscal year.
First Busey Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 23rd will be given a dividend of $0.26 per share. This is a boost from First Busey’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, January 23rd. First Busey’s dividend payout ratio is presently 86.96%.
Insider Buying and Selling
In other news, CAO Scott A. Phillips bought 1,350 shares of First Busey stock in a transaction that occurred on Friday, October 31st. The shares were purchased at an average price of $25.64 per share, with a total value of $34,614.00. Following the completion of the acquisition, the chief accounting officer directly owned 2,350 shares in the company, valued at $60,254. The trade was a 135.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Mike Maddox purchased 1,000 shares of the stock in a transaction on Wednesday, December 3rd. The shares were purchased at an average price of $25.52 per share, with a total value of $25,520.00. Following the acquisition, the president directly owned 40,280 shares in the company, valued at $1,027,945.60. This represents a 2.55% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 2,250 shares of company stock worth $54,398 over the last 90 days. Insiders own 3.85% of the company’s stock.
Institutional Trading of First Busey
A number of institutional investors have recently bought and sold shares of BUSE. Royal Bank of Canada increased its holdings in shares of First Busey by 95.9% in the 1st quarter. Royal Bank of Canada now owns 18,143 shares of the bank’s stock valued at $392,000 after acquiring an additional 8,884 shares during the last quarter. AQR Capital Management LLC boosted its holdings in First Busey by 16.8% in the first quarter. AQR Capital Management LLC now owns 198,945 shares of the bank’s stock valued at $4,297,000 after purchasing an additional 28,605 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in First Busey by 64.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,724 shares of the bank’s stock worth $1,074,000 after purchasing an additional 19,431 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in First Busey by 9.0% during the first quarter. Goldman Sachs Group Inc. now owns 469,310 shares of the bank’s stock worth $10,137,000 after purchasing an additional 38,773 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of First Busey by 78.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 222,048 shares of the bank’s stock worth $4,796,000 after buying an additional 97,560 shares during the last quarter. 56.49% of the stock is owned by hedge funds and other institutional investors.
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.