First Busey (NASDAQ:BUSE) Hits New 1-Year High – Here’s Why
by Michael Walen · The Markets DailyFirst Busey Corporation (NASDAQ:BUSE – Get Free Report) shares reached a new 52-week high on Friday . The stock traded as high as $27.79 and last traded at $27.6950, with a volume of 175474 shares traded. The stock had previously closed at $27.44.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on BUSE shares. Piper Sandler boosted their target price on First Busey from $29.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Weiss Ratings upgraded 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 stock an “equal weight” rating in a report on Thursday, April 30th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.50.
View Our Latest Report on First Busey
First Busey Trading Up 1.4%
The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. The company has a fifty day moving average of $26.38 and a two-hundred day moving average of $25.36. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 12.38 and a beta of 0.72.
First Busey (NASDAQ:BUSE – Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 EPS for the quarter, topping the consensus estimate of $0.57 by $0.10. The company had revenue of $197.17 million for the quarter, compared to the consensus estimate of $197.15 million. First Busey had a return on equity of 10.19% and a net margin of 19.16%. On average, research analysts expect that First Busey Corporation will post 2.57 EPS for the current year.
First Busey Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 24th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Friday, April 24th. First Busey’s payout ratio is currently 46.22%.
Insider Buying and Selling
In other First Busey news, CAO Scott A. Phillips purchased 5,000 shares of the company’s stock in a transaction on Monday, May 4th. The shares were bought at an average cost of $25.90 per share, with a total value of $129,500.00. Following the transaction, the chief accounting officer directly owned 8,350 shares in the company, valued at approximately $216,265. This represents a 149.25% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.77% of the stock is currently owned by corporate insiders.
Institutional Trading of First Busey
A number of institutional investors and hedge funds have recently modified their holdings of BUSE. Parkside Financial Bank & Trust bought a new stake in shares of First Busey during the fourth quarter valued at approximately $28,000. Litman Gregory Wealth Management LLC bought a new stake in shares of First Busey during the fourth quarter valued at approximately $30,000. Allworth Financial LP increased its position in shares of First Busey by 127.8% during the fourth quarter. Allworth Financial LP now owns 1,583 shares of the bank’s stock valued at $38,000 after purchasing an additional 888 shares during the period. Torren Management LLC bought a new stake in shares of First Busey during the fourth quarter valued at approximately $40,000. Finally, Geneos Wealth Management Inc. increased 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 purchasing an additional 2,004 shares during the period. 56.49% of the stock is currently owned by 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.