TrueMark Investments LLC Buys New Shares in First Busey Corporation (NASDAQ:BUSE)

TrueMark Investments LLC bought a new stake in First Busey Corporation (NASDAQ:BUSE) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 238,960 shares of the bank’s stock, valued at approximately $5,162,000. First Busey accounts for about 1.4% of TrueMark Investments LLC’s portfolio, making the stock its 25th largest position. TrueMark Investments LLC owned 0.42% of First Busey as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in shares of First Busey by 1,173.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,439 shares of the bank’s stock valued at $34,000 after acquiring an additional 1,326 shares during the period. Meeder Asset Management Inc. grew its position in First Busey by 161.1% during the 4th quarter. Meeder Asset Management Inc. now owns 1,697 shares of the bank’s stock worth $40,000 after purchasing an additional 1,047 shares during the period. Sterling Capital Management LLC grew its position in First Busey by 822.7% during the 4th quarter. Sterling Capital Management LLC now owns 1,707 shares of the bank’s stock worth $40,000 after purchasing an additional 1,522 shares during the period. Quarry LP grew its position in First Busey by 507.5% during the 4th quarter. Quarry LP now owns 1,786 shares of the bank’s stock worth $42,000 after purchasing an additional 1,492 shares during the period. Finally, GAMMA Investing LLC grew its position in First Busey by 3,182.9% during the 1st quarter. GAMMA Investing LLC now owns 4,990 shares of the bank’s stock worth $108,000 after purchasing an additional 4,838 shares during the period. 56.49% of the stock is owned by institutional investors and hedge funds.

First Busey Price Performance

NASDAQ:BUSE opened at $22.36 on Monday. First Busey Corporation has a 52 week low of $18.40 and a 52 week high of $28.97. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $2.00 billion, a PE ratio of 20.90 and a beta of 0.78. The stock’s 50-day moving average price is $21.75 and its 200-day moving average price is $22.71.

First Busey (NASDAQ:BUSE) last posted its earnings results on Tuesday, April 22nd. The bank reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.04. First Busey had a return on equity of 8.46% and a net margin of 8.32%. The firm had revenue of $140.72 million for the quarter, compared to analysts’ expectations of $140.15 million. As a group, equities analysts expect that First Busey Corporation will post 2.61 EPS for the current fiscal year.

First Busey Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 25th. Investors of record on Friday, April 18th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 4.47%. The ex-dividend date was Thursday, April 17th. First Busey’s payout ratio is 93.46%.

Insider Buying and Selling

In other news, Director Karen M. Jensen acquired 5,500 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average cost of $21.70 per share, for a total transaction of $119,350.00. Following the acquisition, the director now owns 72,068 shares in the company, valued at approximately $1,563,875.60. This represents a 8.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven W. Caple acquired 1,175 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average price of $21.60 per share, for a total transaction of $25,380.00. Following the completion of the acquisition, the director now owns 4,509 shares in the company, valued at $97,394.40. The trade was a 35.24% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 13,125 shares of company stock worth $286,148. Insiders own 3.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BUSE. DA Davidson reaffirmed a “neutral” rating and set a $25.00 price target on shares of First Busey in a research report on Tuesday, February 25th. Stephens reaffirmed an “equal weight” rating and set a $26.00 price target on shares of First Busey in a research report on Wednesday, April 23rd. Wall Street Zen raised First Busey from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Finally, Raymond James Financial cut their price target on First Busey from $29.00 to $27.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 2nd. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, First Busey presently has a consensus rating of “Moderate Buy” and an average price target of $27.80.

First Busey Profile

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.