First Busey (NASDAQ:BUSE) Rating Increased to Strong-Buy at Zacks Research

First Busey (NASDAQ:BUSE) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Several other analysts have also recently issued reports on BUSE. Raymond James Financial raised their target price on First Busey from $28.00 to $32.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Weiss Ratings raised First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Wall Street Zen cut First Busey from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Stephens lifted their price objective on First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Finally, Piper Sandler boosted their target price on First Busey from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, First Busey currently has an average rating of “Moderate Buy” and an average target price of $29.60.

First Busey Trading Down 1.0%

Shares of BUSE opened at $29.60 on Tuesday. The stock has a market capitalization of $2.50 billion, a P/E ratio of 13.16 and a beta of 0.72. First Busey has a twelve month low of $21.63 and a twelve month high of $30.51. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. The firm has a fifty day simple moving average of $28.36 and a two-hundred day simple moving average of $26.55.

First Busey (NASDAQ:BUSE) last released its quarterly earnings data on Tuesday, April 28th. The bank reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. The firm had revenue of $197.17 million for the quarter, compared to analysts’ expectations of $197.15 million. First Busey had a net margin of 19.16% and a return on equity of 10.19%. On average, research analysts anticipate that First Busey will post 2.6 EPS for the current year.

Insider Activity

In other news, CAO Scott A. Phillips bought 5,000 shares of the stock in a transaction dated Monday, May 4th. The stock was bought at an average price of $25.90 per share, for a total transaction of $129,500.00. Following the purchase, the chief accounting officer directly owned 8,350 shares in the company, valued at $216,265. This trade represents a 149.25% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.77% of the company’s stock.

Institutional Investors Weigh In On First Busey

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BUSE. Parkside Financial Bank & Trust bought a new position in First Busey in the fourth quarter worth $28,000. Litman Gregory Wealth Management LLC bought a new stake in shares of First Busey during the 4th quarter valued at $30,000. Allworth Financial LP boosted its holdings in shares of First Busey by 127.8% during the 4th quarter. Allworth Financial LP now owns 1,583 shares of the bank’s stock valued at $38,000 after buying an additional 888 shares in the last quarter. Torren Management LLC purchased a new stake in shares of First Busey in the 4th quarter worth about $40,000. Finally, Geneos Wealth Management Inc. grew its position in shares of First Busey by 726.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock worth $49,000 after buying an additional 2,004 shares during the period. 56.49% of the stock is owned by hedge funds and other institutional investors.

First Busey Company Profile

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.