First Busey (NASDAQ:BUSE) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of First Busey Corporation (NASDAQ:BUSE) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $23.69 and traded as high as $24.66. First Busey shares last traded at $24.07, with a volume of 335,710 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of First Busey in a research note on Monday, December 29th. Raymond James Financial restated an “outperform” rating and set a $26.00 price target (down from $28.00) on shares of First Busey in a research report on Thursday, October 30th. Finally, Piper Sandler decreased their price objective on shares of First Busey from $30.00 to $26.00 and set an “overweight” rating for the company in a report on Friday, October 31st. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, First Busey presently has an average rating of “Hold” and an average price target of $26.33.

First Busey Trading Down 1.9%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market capitalization of $2.13 billion, a P/E ratio of 20.93 and a beta of 0.79. The firm has a 50 day moving average price of $23.84 and a two-hundred day moving average price of $23.69.

First Busey (NASDAQ:BUSE) last announced its earnings results on Friday, May 20th. The bank reported $0.69 EPS for the quarter. The business had revenue of $63.34 million during the quarter. First Busey had a return on equity of 9.05% and a net margin of 11.00%. On average, equities research analysts expect that First Busey Corporation will post 2.61 EPS for the current fiscal year.

First Busey Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Friday, October 24th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, October 24th. First Busey’s dividend payout ratio is 86.96%.

Insider Activity at First Busey

In other news, CAO Scott A. Phillips bought 1,350 shares of the business’s stock in a transaction on Friday, October 31st. The shares were bought at an average cost of $25.64 per share, with a total value of $34,614.00. Following the purchase, the chief accounting officer directly owned 2,350 shares in the company, valued at $60,254. This trade represents a 135.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Mike Maddox purchased 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were acquired at an average cost of $25.52 per share, for a total transaction of $25,520.00. Following the completion of the transaction, the president directly owned 40,280 shares of the company’s stock, valued at $1,027,945.60. This trade represents a 2.55% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 3.85% of the company’s stock.

Hedge Funds Weigh In On First Busey

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. lifted its position in First Busey by 726.1% in the first quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock worth $49,000 after purchasing an additional 2,004 shares during the period. Signaturefd LLC raised its holdings in shares of First Busey by 34.3% in the 2nd quarter. Signaturefd LLC now owns 3,389 shares of the bank’s stock worth $78,000 after buying an additional 865 shares in the last quarter. State of Alaska Department of Revenue bought a new position in shares of First Busey during the 3rd quarter worth approximately $86,000. CIBC Private Wealth Group LLC lifted its position in shares of First Busey by 111.9% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,920 shares of the bank’s stock worth $91,000 after buying an additional 2,070 shares during the period. Finally, Argent Trust Co acquired a new stake in First Busey in the 3rd quarter valued at $200,000. Institutional investors own 56.49% of the company’s stock.

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.