Brokerages Set First Busey Corporation (NASDAQ:BUSE) PT at $27.50

Shares of First Busey Corporation (NASDAQ:BUSE) have earned a consensus recommendation of “Moderate Buy” from the six brokerages that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $28.40.

Several analysts have recently weighed in on BUSE shares. Piper Sandler boosted their target price on First Busey from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Weiss Ratings raised First Busey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, Stephens boosted their target price on First Busey from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Thursday, April 30th.

First Busey Trading Down 0.1%

NASDAQ:BUSE opened at $29.50 on Friday. The stock has a 50-day simple moving average of $27.35 and a 200-day simple moving average of $26.00. The stock has a market cap of $2.50 billion, a P/E ratio of 13.11 and a beta of 0.72. First Busey has a 1 year low of $21.63 and a 1 year high of $30.05. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.90.

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

First Busey Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Friday, April 24th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, April 24th. First Busey’s payout ratio is presently 46.22%.

Insider Buying and Selling

In related news, CAO Scott A. Phillips acquired 5,000 shares of First Busey stock in a transaction on Monday, May 4th. The stock was purchased at an average cost of $25.90 per share, with a total value of $129,500.00. Following the purchase, the chief accounting officer directly owned 8,350 shares in the company, valued at approximately $216,265. The trade was a 149.25% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.77% of the stock is currently owned by corporate insiders.

Institutional Trading of First Busey

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirabella Financial Services LLP raised its stake in First Busey by 23.2% during the 3rd quarter. Mirabella Financial Services LLP now owns 1,082,338 shares of the bank’s stock valued at $25,056,000 after acquiring an additional 203,464 shares during the last quarter. Stieven Capital Advisors L.P. purchased a new position in shares of First Busey during the 3rd quarter worth approximately $9,607,000. Members Trust Co purchased a new position in shares of First Busey during the 3rd quarter worth approximately $1,736,000. Savvy Advisors Inc. purchased a new position in shares of First Busey during the 4th quarter worth approximately $2,905,000. Finally, Canvas Wealth Advisors LLC purchased a new position in shares of First Busey during the 4th quarter worth approximately $1,702,000. 56.49% of the stock is owned by hedge funds and other institutional investors.

About First Busey

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.