Midwest Trust Co Purchases New Position in First Busey Corporation $BUSE

Midwest Trust Co purchased a new stake in First Busey Corporation (NASDAQ:BUSE) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 29,963 shares of the bank’s stock, valued at approximately $686,000.

A number of other institutional investors also recently made changes to their positions in BUSE. PNC Financial Services Group Inc. increased its stake in shares of First Busey by 56.4% during the first quarter. PNC Financial Services Group Inc. now owns 2,251 shares of the bank’s stock worth $49,000 after purchasing an additional 812 shares during the period. Geneos Wealth Management Inc. grew its holdings in First Busey by 726.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock valued at $49,000 after buying an additional 2,004 shares in the last quarter. Signaturefd LLC increased its position in First Busey by 23.7% during the 1st quarter. Signaturefd LLC now owns 2,524 shares of the bank’s stock worth $55,000 after buying an additional 483 shares during the period. CWM LLC lifted its holdings in shares of First Busey by 103.8% during the first quarter. CWM LLC now owns 5,322 shares of the bank’s stock worth $115,000 after buying an additional 2,711 shares in the last quarter. Finally, Financial Partners Group Inc bought a new stake in shares of First Busey in the first quarter valued at about $231,000. Institutional investors own 56.49% of the company’s stock.

Insider Activity

In related news, Director Karen M. Jensen acquired 3,000 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was acquired at an average cost of $24.60 per share, for a total transaction of $73,800.00. Following the transaction, the director directly owned 86,798 shares in the company, valued at $2,135,230.80. This trade represents a 3.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Scott A. Phillips bought 1,350 shares of the business’s stock in a transaction on Friday, October 31st. The stock was bought at an average price of $25.64 per share, for a total transaction of $34,614.00. Following the transaction, the chief accounting officer directly owned 2,350 shares of the company’s stock, valued at approximately $60,254. This represents a 135.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 5,350 shares of company stock valued at $133,664. Insiders own 3.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BUSE. DA Davidson lifted their price objective on shares of First Busey from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of First Busey in a research report on Wednesday, November 5th. Keefe, Bruyette & Woods cut their price target on First Busey from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Thursday, July 24th. Piper Sandler lowered their price objective on First Busey from $30.00 to $26.00 and set an “overweight” rating on the stock in a research note on Friday, October 31st. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $26.00 price objective (down from $28.00) on shares of First Busey in a report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, First Busey presently has an average rating of “Hold” and a consensus price target of $26.33.

First Busey Stock Performance

Shares of NASDAQ:BUSE opened at $23.03 on Wednesday. First Busey Corporation has a 1 year low of $18.40 and a 1 year high of $28.30. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of 20.03 and a beta of 0.82. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.90 and a quick ratio of 0.90. The company’s 50 day simple moving average is $23.56 and its 200 day simple moving average is $23.15.

First Busey (NASDAQ:BUSE) last issued its earnings results on Friday, May 20th. The bank reported $0.69 earnings per share for the quarter. First Busey had a return on equity of 9.56% and a net margin of 11.00%.The firm had revenue of $63.34 million for the quarter. As a group, research analysts predict that First Busey Corporation will post 2.61 EPS for the current fiscal year.

First Busey Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 31st. Shareholders of record on Friday, October 24th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Friday, October 24th. First Busey’s payout ratio is currently 86.96%.

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.