First Busey (BUSE) Raised to Hold at Zacks Investment Research

First Busey (NASDAQ:BUSE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “First Busey Corporation is a financial holding company located in Urbana, Illinois. First Busey is engaged primarily in commercial, retail and correspondent banking and provides trust services, insurance services, and travel services. “

Other equities analysts have also recently issued research reports about the stock. BidaskClub raised shares of First Busey from a “sell” rating to a “hold” rating in a research note on Tuesday, May 7th. B. Riley reaffirmed a “buy” rating on shares of First Busey in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. First Busey currently has an average rating of “Hold” and a consensus price target of $30.75.

Shares of BUSE stock traded down $0.41 during midday trading on Wednesday, reaching $25.56. 102,558 shares of the company were exchanged, compared to its average volume of 119,694. First Busey has a 12 month low of $23.13 and a 12 month high of $33.25. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 12.17, a price-to-earnings-growth ratio of 1.97 and a beta of 1.02. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.23.

First Busey (NASDAQ:BUSE) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.03). First Busey had a return on equity of 10.23% and a net margin of 25.94%. The company had revenue of $94.33 million for the quarter, compared to the consensus estimate of $96.24 million. On average, equities research analysts predict that First Busey will post 2.15 earnings per share for the current year.

In other news, Director Stephen V. King bought 48,910 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were acquired at an average cost of $26.83 per share, with a total value of $1,312,255.30. Following the completion of the transaction, the director now directly owns 7,357 shares in the company, valued at approximately $197,388.31. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stanley J. Bradshaw bought 3,680 shares of the company’s stock in a transaction dated Friday, April 26th. The stock was purchased at an average cost of $25.69 per share, for a total transaction of $94,539.20. Following the completion of the transaction, the director now owns 4,195 shares of the company’s stock, valued at $107,769.55. The disclosure for this purchase can be found here. Over the last three months, insiders bought 67,770 shares of company stock worth $1,804,991. 7.50% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of First Busey by 31.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,945 shares of the bank’s stock worth $72,000 after purchasing an additional 712 shares during the period. Great West Life Assurance Co. Can lifted its stake in First Busey by 137.7% in the fourth quarter. Great West Life Assurance Co. Can now owns 4,636 shares of the bank’s stock valued at $110,000 after acquiring an additional 2,686 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new stake in First Busey in the fourth quarter valued at approximately $120,000. Northwestern Mutual Wealth Management Co. lifted its stake in First Busey by 474.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 6,960 shares of the bank’s stock valued at $170,000 after acquiring an additional 5,749 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in First Busey by 80.6% in the fourth quarter. Bank of Montreal Can now owns 7,011 shares of the bank’s stock valued at $172,000 after acquiring an additional 3,129 shares during the last quarter. 44.98% of the stock is currently owned by institutional investors and hedge funds.

About First Busey

First Busey Corporation operates as the bank holding company for Busey Bank that provides retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. The company operates in three segments: Banking, Remittance Processing, and Wealth Management.

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