First Busey (NASDAQ:BUSE) Now Covered by Analysts at Stephens

Stephens initiated coverage on shares of First Busey (NASDAQ:BUSE) in a research note released on Friday morning, Marketbeat Ratings reports. The firm issued an equal weight rating and a $27.00 price objective on the bank’s stock.

BUSE has been the subject of a number of other research reports. Weiss Ratings upgraded First Busey from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 3rd. Piper Sandler boosted their price objective on First Busey from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Finally, DA Davidson reissued a “neutral” rating and issued a $27.00 target price on shares of First Busey in a report on Thursday, January 29th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.17.

First Busey Trading Down 1.4%

Shares of BUSE stock opened at $24.62 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $2.12 billion, a price-to-earnings ratio of 19.09 and a beta of 0.76. First Busey has a 1 year low of $18.40 and a 1 year high of $27.65. The firm has a fifty day moving average price of $25.46 and a 200-day moving average price of $24.34.

First Busey (NASDAQ:BUSE) last announced its earnings results on Tuesday, January 27th. The bank reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. The company had revenue of $201.78 million for the quarter, compared to analysts’ expectations of $197.70 million. First Busey had a return on equity of 9.46% and a net margin of 12.96%. As a group, equities analysts predict that First Busey will post 2.61 earnings per share for the current year.

First Busey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 23rd were issued 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 yield of 4.2%. The ex-dividend date of this dividend was Friday, January 23rd. First Busey’s payout ratio is 80.62%.

Hedge Funds Weigh In On First Busey

A number of hedge funds have recently made changes to their positions in the business. Parkside Financial Bank & Trust bought a new stake in First Busey during the 4th quarter valued at approximately $28,000. Litman Gregory Wealth Management LLC bought a new position in First Busey in the 4th quarter worth approximately $30,000. Allworth Financial LP grew its holdings in First Busey by 127.8% during the 4th quarter. Allworth Financial LP now owns 1,583 shares of the bank’s stock valued at $38,000 after buying an additional 888 shares in the last quarter. Torren Management LLC purchased a new stake in First Busey during the 4th quarter valued at approximately $40,000. Finally, Geneos Wealth Management Inc. raised its position in shares of First Busey by 726.1% during the first 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. 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.