Brokerages Set First Busey Corporation (NASDAQ:BUSE) PT at $32.00

Shares of First Busey Corporation (NASDAQ:BUSE) have received an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $32.00.

Several equities research analysts have weighed in on the stock. Raymond James Financial increased their price target on shares of First Busey from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods increased their target price on shares of First Busey from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Zacks Research upgraded First Busey from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of First Busey in a research report on Friday, August 7th. Finally, Piper Sandler upped their target price on First Busey from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Thursday, July 30th.

Institutional Investors Weigh In On First Busey

Several hedge funds and other institutional investors have recently made changes to their positions in BUSE. Public Employees Retirement System of Ohio purchased a new position in shares of First Busey in the second quarter worth approximately $29,000. Compass Financial Management LLC purchased a new position in shares of First Busey during the 2nd quarter worth $45,000. Bank of New York Mellon Corp bought a new stake in shares of First Busey during the 2nd quarter valued at $32,712,000. Everhart Financial Group Inc. increased its stake in shares of First Busey by 11.8% in the 2nd quarter. Everhart Financial Group Inc. now owns 41,689 shares of the bank’s stock worth $1,230,000 after purchasing an additional 4,409 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in First Busey by 6.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 8,972 shares of the bank’s stock worth $265,000 after purchasing an additional 571 shares during the period. Hedge funds and other institutional investors own 56.49% of the company’s stock.

First Busey Price Performance

Shares of NASDAQ:BUSE opened at $31.08 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $2.57 billion, a PE ratio of 12.84 and a beta of 0.72. First Busey has a twelve month low of $22.00 and a twelve month high of $31.70. The company has a 50-day moving average price of $29.75 and a two-hundred day moving average price of $27.36.

First Busey (NASDAQ:BUSE) last released its quarterly earnings data on Tuesday, July 28th. The bank reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. First Busey had a return on equity of 10.48% and a net margin of 21.00%.The firm had revenue of $194.27 million during the quarter, compared to analyst estimates of $197.59 million. Equities analysts forecast that First Busey will post 2.67 EPS for the current year.

First Busey Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 24th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, July 24th. This represents a $1.04 dividend on an annualized basis and a yield of 3.3%. First Busey’s dividend payout ratio is currently 42.98%.

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.