First Busey (NASDAQ:BUSE) Cut to “Equal Weight” at Stephens

Stephens lowered shares of First Busey (NASDAQ:BUSE) from an overweight rating to an equal weight rating in a research report released on Tuesday morning, Briefing.com Automated Import reports. The firm currently has $29.00 price objective on the bank’s stock, down from their previous price objective of $30.00.

A number of other analysts have also recently issued reports on BUSE. B. Riley reissued a neutral rating on shares of New York Community Bancorp in a research report on Wednesday, April 10th. Zacks Investment Research raised Flagstar Bancorp from a hold rating to a buy rating and set a $38.00 target price for the company in a research report on Monday, July 8th. Finally, BidaskClub raised Northrim BanCorp from a sell rating to a hold rating in a research report on Tuesday, May 7th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $30.50.

BUSE opened at $26.52 on Tuesday. First Busey has a one year low of $23.13 and a one year high of $32.89. The stock has a market cap of $1.48 billion, a P/E ratio of 12.63, a P/E/G ratio of 2.07 and a beta of 0.99. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.23. The firm has a 50-day simple moving average of $25.69.

First Busey (NASDAQ:BUSE) last released its quarterly earnings data 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 net margin of 25.94% and a return on equity of 10.23%. The business had revenue of $94.33 million during the quarter, compared to analysts’ expectations of $96.24 million. Analysts forecast that First Busey will post 2.12 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 19th will be given a $0.21 dividend. The ex-dividend date is Thursday, July 18th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.17%. First Busey’s dividend payout ratio (DPR) is presently 40.00%.

In related news, Director Stanley J. Bradshaw acquired 3,680 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was bought at an average cost of $25.69 per share, with a total value of $94,539.20. Following the transaction, the director now owns 4,195 shares of the company’s stock, valued at $107,769.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas G. Sloan acquired 8,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were bought at an average cost of $25.91 per share, with a total value of $207,280.00. Following the completion of the transaction, the director now directly owns 231,471 shares in the company, valued at approximately $5,997,413.61. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 69,955 shares of company stock valued at $1,859,546. Insiders own 7.50% of the company’s stock.

A number of institutional investors have recently bought and sold shares of BUSE. Great West Life Assurance Co. Can lifted its position in First Busey by 137.7% during the 4th quarter. Great West Life Assurance Co. Can now owns 4,636 shares of the bank’s stock worth $110,000 after acquiring an additional 2,686 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new stake in First Busey during the 4th quarter worth approximately $120,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of First Busey by 474.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 6,960 shares of the bank’s stock worth $170,000 after buying an additional 5,749 shares in the last quarter. Legal & General Group Plc raised its stake in shares of First Busey by 10.3% during the 4th quarter. Legal & General Group Plc now owns 7,893 shares of the bank’s stock worth $194,000 after buying an additional 738 shares in the last quarter. Finally, Centric Wealth Management purchased a new position in shares of First Busey during the 2nd quarter worth approximately $206,000. 45.88% of the stock is owned by institutional investors.

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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