First Busey Corporation (NASDAQ:BUSE) Receives $27.50 Average Price Target from Analysts

First Busey Corporation (NASDAQ:BUSE) has received a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $27.50.

Several research analysts have weighed in on BUSE shares. Weiss Ratings raised shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Stephens raised their target price on shares of First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Finally, Piper Sandler lifted their price target on shares of First Busey from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th.

Insider Activity

In other news, CAO Scott A. Phillips purchased 5,000 shares of First Busey stock in a transaction that occurred on Monday, May 4th. The shares were acquired at an average price of $25.90 per share, for a total transaction of $129,500.00. Following the transaction, the chief accounting officer owned 8,350 shares of the company’s stock, valued at approximately $216,265. The trade was a 149.25% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 3.77% of the company’s stock.

Institutional Investors Weigh In On First Busey

Several institutional investors and hedge funds have recently added to or reduced their stakes in BUSE. Parkside Financial Bank & Trust bought a new stake in First Busey during the fourth quarter worth $28,000. Litman Gregory Wealth Management LLC bought a new stake in First Busey during the fourth quarter worth $30,000. Allworth Financial LP lifted its stake in First Busey by 127.8% during the fourth quarter. Allworth Financial LP now owns 1,583 shares of the bank’s stock worth $38,000 after purchasing an additional 888 shares during the last quarter. Torren Management LLC bought a new stake in First Busey during the fourth quarter worth $40,000. Finally, Geneos Wealth Management Inc. lifted its stake in First Busey by 726.1% during 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 last quarter. 56.49% of the stock is currently owned by institutional investors.

First Busey Price Performance

First Busey stock opened at $27.58 on Monday. The stock has a market cap of $2.33 billion, a P/E ratio of 12.26 and a beta of 0.72. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. First Busey has a twelve month low of $21.63 and a twelve month high of $27.88. The company’s 50-day moving average price is $26.43 and its two-hundred day moving average price is $25.40.

First Busey (NASDAQ:BUSE) last released its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share for the quarter, beating the consensus estimate 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%. As a group, analysts expect that First Busey will post 2.57 EPS for the current year.

First Busey Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Friday, April 24th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, April 24th. First Busey’s dividend payout ratio is presently 46.22%.

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.