Rafferty Asset Management LLC Grows Stock Position in First Busey Co. (NASDAQ:BUSE)

Rafferty Asset Management LLC increased its holdings in shares of First Busey Co. (NASDAQ:BUSE) by 45.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 57,054 shares of the bank’s stock after buying an additional 17,778 shares during the quarter. Rafferty Asset Management LLC’s holdings in First Busey were worth $1,345,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in BUSE. Emerald Advisers LLC purchased a new position in First Busey during the fourth quarter worth about $9,115,000. Millennium Management LLC lifted its position in First Busey by 121.0% during the fourth quarter. Millennium Management LLC now owns 565,001 shares of the bank’s stock worth $13,317,000 after buying an additional 309,301 shares during the period. Peregrine Capital Management LLC purchased a new position in First Busey during the fourth quarter worth about $5,498,000. Emerald Mutual Fund Advisers Trust purchased a new position in First Busey during the fourth quarter worth about $4,850,000. Finally, JPMorgan Chase & Co. lifted its position in First Busey by 39.2% during the fourth quarter. JPMorgan Chase & Co. now owns 671,402 shares of the bank’s stock worth $15,825,000 after buying an additional 189,115 shares during the period. 56.49% of the stock is currently owned by hedge funds and other institutional investors.

First Busey Price Performance

BUSE stock opened at $21.86 on Thursday. First Busey Co. has a 1 year low of $18.40 and a 1 year high of $28.97. The stock has a 50-day simple moving average of $21.19 and a 200-day simple moving average of $23.41. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $1.96 billion, a P/E ratio of 11.10 and a beta of 0.75.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.04. First Busey had a return on equity of 8.94% and a net margin of 17.14%. The firm had revenue of $140.72 million during the quarter, compared to analyst estimates of $140.15 million. On average, equities analysts predict that First Busey Co. will post 2.61 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, April 25th. Shareholders of record on Friday, April 18th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, April 17th. This represents a $1.00 dividend on an annualized basis and a yield of 4.57%. First Busey’s dividend payout ratio (DPR) is presently 93.46%.

Analyst Ratings Changes

Several equities analysts recently weighed in on BUSE shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $33.00 target price (down from $34.00) on shares of First Busey in a research report on Thursday, January 30th. Piper Sandler cut their price objective on First Busey from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. StockNews.com downgraded First Busey from a “hold” rating to a “sell” rating in a report on Friday, April 25th. Raymond James cut their price objective on First Busey from $29.00 to $27.00 and set an “outperform” rating on the stock in a report on Wednesday, April 2nd. Finally, DA Davidson restated a “neutral” rating and issued a $25.00 price objective on shares of First Busey in a report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $27.80.

Insider Buying and Selling at First Busey

In other news, Director Stanley J. Bradshaw bought 1,700 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was bought at an average price of $21.70 per share, for a total transaction of $36,890.00. Following the transaction, the director now owns 482,143 shares in the company, valued at $10,462,503.10. The trade was a 0.35% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 7.10% of the stock is owned by insiders.

About First Busey

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.