Piper Sandler Raises First Busey (NASDAQ:BUSE) Price Target to $32.00

First Busey (NASDAQ:BUSE) had its price target boosted by research analysts at Piper Sandler from $30.00 to $32.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Piper Sandler’s price target indicates a potential upside of 8.36% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Stephens lifted their price target on shares of First Busey from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Thursday, April 30th. Weiss Ratings raised shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $27.83.

First Busey Price Performance

NASDAQ:BUSE traded up $0.12 during mid-day trading on Friday, reaching $29.53. The stock had a trading volume of 107,637 shares, compared to its average volume of 642,448. First Busey has a 12 month low of $21.63 and a 12 month high of $29.66. The stock has a market capitalization of $2.50 billion, a PE ratio of 13.12 and a beta of 0.72. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a 50-day simple moving average of $27.17 and a two-hundred day simple moving average of $25.90.

First Busey (NASDAQ:BUSE) last released its earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.10. The firm had revenue of $197.17 million during the quarter, compared to analysts’ expectations of $197.15 million. First Busey had a return on equity of 10.19% and a net margin of 19.16%. On average, equities analysts anticipate that First Busey will post 2.57 earnings per share for the current year.

Insider Transactions at First Busey

In other news, CAO Scott A. Phillips purchased 5,000 shares of the stock in a transaction on Monday, May 4th. The stock was purchased at an average price of $25.90 per share, for a total transaction of $129,500.00. Following the acquisition, the chief accounting officer owned 8,350 shares in the company, valued at $216,265. This trade represents a 149.25% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.77% of the company’s stock.

Institutional Investors Weigh In On First Busey

Large investors have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in First Busey by 94.4% during the third quarter. Wellington Management Group LLP now owns 7,135,906 shares of the bank’s stock worth $165,196,000 after buying an additional 3,464,965 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of First Busey by 36,664.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank’s stock valued at $74,510,000 after purchasing an additional 3,123,454 shares during the period. Stieven Capital Advisors L.P. acquired a new position in shares of First Busey in the 3rd quarter valued at about $9,607,000. Rhino Investment Partners Inc boosted its position in shares of First Busey by 101.3% during the 1st quarter. Rhino Investment Partners Inc now owns 492,113 shares of the bank’s stock valued at $12,436,000 after purchasing an additional 247,589 shares in the last quarter. Finally, Verition Fund Management LLC boosted its position in shares of First Busey by 69.1% during the 4th quarter. Verition Fund Management LLC now owns 601,355 shares of the bank’s stock valued at $14,306,000 after purchasing an additional 245,832 shares in the last quarter. 56.49% of the stock is currently owned by institutional investors and hedge funds.

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.