First Busey Corp. (BUSE) Stock Rating Upgraded by Zacks Investment Research
First Busey Corp. (NASDAQ:BUSE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm currently has a $30.00 price target on the stock. Zacks Investment Research’s price target indicates a potential upside of 8.15% from the stock’s previous close.
According to Zacks, “First Busey Corporation is a financial holding company located in Urbana, Illinois. First Busey is engaged primarily in commercial, retail and correspondent banking and provides trust services, insurance services, and travel services. “
Separately, Keefe, Bruyette & Woods lifted their target price on shares of First Busey Corp. from $22.00 to $23.00 and gave the company a “market perform” rating in a report on Monday, August 1st. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $23.67.
First Busey Corp. (NASDAQ:BUSE) opened at 27.74 on Monday. The firm has a 50-day moving average of $23.67 and a 200 day moving average of $22.71. First Busey Corp. has a 1-year low of $17.68 and a 1-year high of $27.76. The firm has a market cap of $1.06 billion, a P/E ratio of 18.74 and a beta of 0.75.
First Busey Corp. (NASDAQ:BUSE) last posted its earnings results on Tuesday, October 25th. The company reported $0.40 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. First Busey Corp. had a net margin of 22.15% and a return on equity of 10.42%. On average, analysts predict that First Busey Corp. will post $1.50 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 28th. Investors of record on Friday, October 21st were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.45%. The ex-dividend date was Wednesday, October 19th. First Busey Corp.’s dividend payout ratio (DPR) is 46.26%.
A number of large investors have recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can purchased a new stake in First Busey Corp. during the third quarter valued at about $109,000. Victory Capital Management Inc. purchased a new stake in First Busey Corp. during the third quarter valued at about $152,000. Royal Bank of Canada increased its stake in First Busey Corp. by 455.5% in the second quarter. Royal Bank of Canada now owns 8,210 shares of the company’s stock valued at $176,000 after buying an additional 6,732 shares during the period. BlackRock Inc. increased its stake in First Busey Corp. by 484.2% in the second quarter. BlackRock Inc. now owns 9,406 shares of the company’s stock valued at $201,000 after buying an additional 7,796 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in First Busey Corp. during the third quarter valued at about $212,000. 46.92% of the stock is currently owned by hedge funds and other institutional investors.
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About First Busey Corp.
First Busey Corporation (First Busey) is a financial holding company. The Company offers a range of financial services through its banking and non-banking subsidiaries at multiple locations in Illinois, Florida, Indiana and Missouri. First Busey has a bank subsidiary, Busey Bank (the Bank). It operates through three segments: Banking, Remittance Processing and Wealth Management.
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