First Busey (NASDAQ:BUSE) Hits New 12-Month High – Should You Buy?

First Busey Corporation (NASDAQ:BUSE) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $29.21 and last traded at $28.9780, with a volume of 313 shares changing hands. The stock had previously closed at $28.88.

Analyst Ratings Changes

Several research firms have recently weighed in on BUSE. Piper Sandler increased their price objective on First Busey from $29.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Stephens upped their price target 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. Finally, Weiss Ratings upgraded shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, First Busey has an average rating of “Moderate Buy” and a consensus price target of $27.50.

First Busey Stock Performance

The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The stock has a fifty day moving average price of $27.06 and a 200-day moving average price of $25.82. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 12.86 and a beta of 0.72.

First Busey (NASDAQ:BUSE) last announced its quarterly earnings data on Tuesday, April 28th. The bank reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. First Busey had a net margin of 19.16% and a return on equity of 10.19%. The company had revenue of $197.17 million for the quarter, compared to analysts’ expectations of $197.15 million. On average, analysts expect that First Busey Corporation will post 2.57 earnings per share for the current fiscal year.

First Busey Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Friday, April 24th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Friday, April 24th. First Busey’s dividend payout ratio is presently 46.22%.

Insider Buying and Selling at First Busey

In related news, CAO Scott A. Phillips purchased 5,000 shares of the company’s stock in a transaction on Monday, May 4th. The stock was bought at an average price of $25.90 per share, with a total value of $129,500.00. Following the completion of the transaction, the chief accounting officer owned 8,350 shares of the company’s stock, valued at approximately $216,265. This represents a 149.25% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.77% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Busey

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in shares of First Busey by 37.0% in the 1st quarter. Bank of America Corp DE now owns 169,641 shares of the bank’s stock valued at $4,287,000 after purchasing an additional 45,793 shares in the last quarter. Amundi acquired a new stake in First Busey in the first quarter valued at $611,000. California State Teachers Retirement System boosted its stake in First Busey by 13.1% during the 1st quarter. California State Teachers Retirement System now owns 95,005 shares of the bank’s stock valued at $2,401,000 after acquiring an additional 11,029 shares during the last quarter. Royal Bank of Canada grew its stake in First Busey by 13.1% in the first quarter. Royal Bank of Canada now owns 8,373 shares of the bank’s stock worth $212,000 after purchasing an additional 971 shares in the last quarter. Finally, Rhino Investment Partners Inc lifted its holdings in First Busey by 101.3% during the 1st quarter. Rhino Investment Partners Inc now owns 492,113 shares of the bank’s stock worth $12,436,000 after buying an additional 247,589 shares during 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.