First Busey Corporation (NASDAQ:BUSE) to Issue Quarterly Dividend of $0.26

First Busey Corporation (NASDAQ:BUSE) declared a quarterly dividend on Tuesday, October 13th. Shareholders of record on Friday, October 23rd will be paid a dividend of $0.26 per share by the bank on Friday, October 30th. This represents a $1.04 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Friday, October 23rd.

First Busey has a dividend payout ratio of 38.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect First Busey to earn $2.74 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 38.0%.

First Busey Stock Performance

BUSE traded down $0.12 during trading hours on Wednesday, hitting $29.00. 326,994 shares of the stock were exchanged, compared to its average volume of 707,631. The stock has a 50-day simple moving average of $30.19 and a 200-day simple moving average of $28.64. First Busey has a 12 month low of $22.00 and a 12 month high of $31.70. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 11.99 and a beta of 0.75. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.90 and a quick ratio of 0.90.

First Busey (NASDAQ:BUSE) last issued its earnings results on Tuesday, July 28th. The bank reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. First Busey had a net margin of 21.00% and a return on equity of 10.48%. The firm had revenue of $194.27 million for the quarter, compared to analysts’ expectations of $197.59 million. Analysts anticipate that First Busey will post 2.68 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Piper Sandler cut shares of First Busey from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $35.00 to $30.00 in a report on Friday, October 2nd. Keefe, Bruyette & Woods boosted their target price on shares of First Busey from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. DA Davidson upped their target price on shares of First Busey from $30.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Zacks Research lowered shares of First Busey from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 21st. Finally, Raymond James Financial raised their price target on shares of First Busey from $28.00 to $32.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $31.00.

First Busey Company Profile

First Busey Corporation is a financial holding company headquartered in Champaign, Illinois. Its principal subsidiary, Busey Bank, provides banking and financial services to individuals, families, businesses, institutions and municipalities.

Busey Bank offers consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, treasury management, trust services and other financial solutions. Through Busey Wealth Management, the company also provides investment management, financial planning, private banking and fiduciary services.