First Busey (NASDAQ:BUSE) Hits New 12-Month High Following Strong Earnings

First Busey Corporation (NASDAQ:BUSE)’s stock price hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $30.52 and last traded at $30.5030, with a volume of 82728 shares traded. The stock had previously closed at $30.23.

The bank reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.06. The company had revenue of $194.27 million during the quarter, compared to the consensus estimate of $197.59 million. First Busey had a return on equity of 10.19% and a net margin of 19.16%.

First Busey Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 24th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, July 24th. This represents a $1.04 dividend on an annualized basis and a yield of 3.4%. First Busey’s dividend payout ratio is presently 46.22%.

Key First Busey News

Here are the key news stories impacting First Busey this week:

• Positive Sentiment: First Busey reported diluted EPS of $0.69, above analyst estimates ranging from $0.63 to $0.65 and up from $0.52 in both the prior quarter and year-ago period. Adjusted EPS also rose 9.5% year over year. First Busey Q2 Earnings Top Estimates
• Positive Sentiment: Profitability improved materially: net income increased to $63.2 million, adjusted return on average assets reached 1.43%, and the efficiency ratio improved to 54.0% from 55.3% a year earlier. Noninterest expense declined 11.9% year over year, reflecting continued cost discipline. First Busey Announces Second Quarter Earnings
• Positive Sentiment: Balance-sheet and fee-based businesses provided additional support. Deposits grew 11% on an annualized basis during the quarter, the Common Equity Tier 1 ratio rose to 12.53%, and wealth-management assets under care reached a record $16.51 billion. Busey also repurchased 2.34 million shares for $63.1 million and paid a $0.26 common dividend. First Busey Reports Higher Profitability and Deposit Growth
• Neutral Sentiment: Revenue of approximately $194.3 million was below the roughly $197.6 million consensus estimate. Net interest income also declined modestly from the first quarter as loan balances and purchase-accounting accretion decreased, despite year-over-year margin expansion. First Busey Reports Sales Below Estimates
• Negative Sentiment: Investors will monitor rising credit risk: nonperforming assets increased to $70.3 million, or 0.39% of total assets, from $49.9 million in the prior quarter. Classified assets also rose year over year, although net charge-offs declined and loss reserves remained substantial.

Wall Street Analyst Weigh In

BUSE has been the subject of several recent analyst reports. Weiss Ratings raised shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Zacks Research raised shares of First Busey from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Stephens upped 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. Raymond James Financial upped their price target on shares of First Busey from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Finally, Wall Street Zen lowered First Busey from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.75.

Insider Buying and Selling at First Busey

In related news, CAO Scott A. Phillips acquired 5,000 shares of the stock in a transaction dated 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 completion of the purchase, the chief accounting officer owned 8,350 shares in the company, 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 accessible through this hyperlink. Corporate insiders own 3.77% of the company’s stock.

Institutional Trading of First Busey

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its holdings in shares of First Busey by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 7,746,996 shares of the bank’s stock worth $184,301,000 after purchasing an additional 611,090 shares during the period. Dimensional Fund Advisors LP increased its stake in First Busey by 4.0% during the first quarter. Dimensional Fund Advisors LP now owns 5,067,210 shares of the bank’s stock valued at $128,046,000 after acquiring an additional 194,343 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in 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 acquiring an additional 3,123,454 shares in the last quarter. LSV Asset Management lifted its position in shares of First Busey by 8.0% in the 4th quarter. LSV Asset Management now owns 1,384,661 shares of the bank’s stock worth $32,941,000 after acquiring an additional 102,904 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of First Busey by 12.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,314,576 shares of the bank’s stock worth $31,274,000 after purchasing an additional 145,681 shares in the last quarter. 56.49% of the stock is currently owned by institutional investors and hedge funds.

First Busey Stock Up 1.4%

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 business has a 50 day moving average of $28.66 and a 200 day moving average of $26.72. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of 13.63 and a beta of 0.72.

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.