First Busey Corp. (NASDAQ:BUSE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
According to Zacks, “First Busey Corporation is a financial holding company located in Urbana, Illinois. First Busey is engaged primarily in commercial, retail and correspondent banking and provides trust services, insurance services, and travel services. “
Separately, Keefe, Bruyette & Woods lifted their target price on First Busey Corp. from $22.00 to $23.00 and gave the company a “market perform” rating in a research report on Monday, August 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $22.83.
First Busey Corp. (NASDAQ:BUSE) traded down 2.96% during mid-day trading on Monday, hitting $21.93. The stock had a trading volume of 159,958 shares. The stock has a market capitalization of $837.81 million, a P/E ratio of 15.24 and a beta of 0.92. The company’s 50 day moving average is $23.27 and its 200-day moving average is $21.85. First Busey Corp. has a 52 week low of $17.68 and a 52 week high of $24.02.
First Busey Corp. (NASDAQ:BUSE) last announced its earnings results on Thursday, July 28th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.02. First Busey Corp. had a net margin of 22.23% and a return on equity of 10.66%. On average, analysts expect that First Busey Corp. will post $1.52 EPS for the current fiscal year.
In other news, Director Stanley J. Bradshaw bought 1,603 shares of the stock in a transaction on Friday, July 29th. The shares were purchased at an average cost of $22.97 per share, for a total transaction of $36,820.91. Following the completion of the purchase, the director now directly owns 1,250 shares in the company, valued at approximately $28,712.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 11.50% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of BUSE. Royal Bank of Canada raised its stake in shares of First Busey Corp. by 455.5% in the second quarter. Royal Bank of Canada now owns 8,210 shares of the company’s stock valued at $176,000 after buying an additional 6,732 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of First Busey Corp. by 24.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 106,366 shares of the company’s stock valued at $2,276,000 after buying an additional 21,152 shares during the last quarter. American Century Companies Inc. raised its stake in shares of First Busey Corp. by 47.7% in the second quarter. American Century Companies Inc. now owns 73,254 shares of the company’s stock valued at $1,567,000 after buying an additional 23,658 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in shares of First Busey Corp. by 25.7% in the second quarter. Metropolitan Life Insurance Co. NY now owns 22,996 shares of the company’s stock valued at $492,000 after buying an additional 4,706 shares during the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in shares of First Busey Corp. during the second quarter valued at about $242,000. Hedge funds and other institutional investors own 46.21% of the company’s stock.
First Busey Corp. Company Profile
First Busey Corporation (First Busey) is a financial holding company. The Company offers a range of financial services through its banking and non-banking subsidiaries at multiple locations in Illinois, Florida, Indiana and Missouri. First Busey has a bank subsidiary, Busey Bank (the Bank). It operates through three segments: Banking, Remittance Processing and Wealth Management.
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