First Busey’s (BUSE) “Neutral” Rating Reiterated at DA Davidson

DA Davidson reissued their neutral rating on shares of First Busey (NASDAQ:BUSE) in a report published on Thursday,Benzinga reports. The firm currently has a $27.00 target price on the bank’s stock.

Several other equities analysts have also recently commented on BUSE. Raymond James Financial reaffirmed an “outperform” rating and set a $26.00 price target (down previously from $28.00) on shares of First Busey in a research report on Thursday, October 30th. Piper Sandler dropped their target price on First Busey from $30.00 to $26.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of First Busey in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $27.00.

First Busey Trading Down 0.1%

BUSE opened at $24.65 on Thursday. The firm’s 50 day moving average is $24.38 and its 200-day moving average is $23.77. The firm has a market capitalization of $2.18 billion, a P/E ratio of 19.11 and a beta of 0.79. First Busey has a 52-week low of $18.40 and a 52-week high of $26.08. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.11.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings data on Tuesday, January 27th. The bank reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The firm had revenue of $201.78 million for the quarter, compared to analyst estimates of $197.70 million. First Busey had a net margin of 12.96% and a return on equity of 9.59%. Analysts expect that First Busey will post 2.61 EPS for the current fiscal year.

First Busey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 23rd were issued a dividend of $0.26 per share. This is a positive change from First Busey’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, January 23rd. First Busey’s dividend payout ratio (DPR) is currently 80.62%.

Insider Buying and Selling

In other news, President Mike Maddox acquired 1,000 shares of First Busey stock in a transaction on Wednesday, December 3rd. The stock was bought at an average cost of $25.52 per share, with a total value of $25,520.00. Following the completion of the purchase, the president owned 40,280 shares of the company’s stock, valued at $1,027,945.60. This represents a 2.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 2,250 shares of company stock worth $54,398 over the last ninety days. 3.85% of the stock is currently owned by corporate insiders.

Institutional Trading of First Busey

Hedge funds have recently modified their holdings of the business. Torren Management LLC acquired a new stake in shares of First Busey during the 4th quarter valued at about $40,000. Geneos Wealth Management Inc. grew its holdings in First Busey by 726.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock valued at $49,000 after buying an additional 2,004 shares during the last quarter. Signaturefd LLC grew its stake in shares of First Busey by 34.3% in the second quarter. Signaturefd LLC now owns 3,389 shares of the bank’s stock worth $78,000 after acquiring an additional 865 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in First Busey in the 3rd quarter worth $86,000. Finally, CIBC Private Wealth Group LLC grew its position in First Busey by 111.9% during the third quarter. CIBC Private Wealth Group LLC now owns 3,920 shares of the bank’s stock worth $91,000 after buying an additional 2,070 shares in the last quarter. 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.