First Busey (NASDAQ:BUSE) Reaches New 52-Week High – Still a Buy?

First Busey Corporation (NASDAQ:BUSE)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $26.06 and last traded at $26.0250, with a volume of 100407 shares. The stock had previously closed at $25.49.

Wall Street Analyst Weigh In

BUSE has been the subject of a number of research analyst reports. Piper Sandler lowered their price objective on shares of First Busey from $30.00 to $26.00 and set an “overweight” rating for the company in a research report on Friday, October 31st. Weiss Ratings restated a “hold (c+)” rating on shares of First Busey in a research report on Monday, December 29th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $26.00 target price (down previously from $28.00) on shares of First Busey in a research note on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $26.33.

First Busey Price Performance

The company has a market capitalization of $2.18 billion, a P/E ratio of 21.40 and a beta of 0.79. The business’s 50-day moving average price is $24.17 and its 200 day moving average price is $23.76. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.11.

First Busey (NASDAQ:BUSE) last released its quarterly earnings results on Tuesday, October 28th. The bank reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. The business had revenue of $197.46 million during the quarter, compared to analysts’ expectations of $196.07 million. First Busey had a net margin of 11.00% and a return on equity of 9.05%. Analysts anticipate that First Busey Corporation will post 2.61 EPS for the current fiscal year.

First Busey Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Friday, January 23rd will be issued a $0.26 dividend. This is an increase from First Busey’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, January 23rd. This represents a $1.04 annualized dividend and a yield of 4.2%. First Busey’s dividend payout ratio (DPR) is 86.96%.

Insiders Place Their Bets

In other First Busey news, CAO Scott A. Phillips bought 1,350 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were purchased at an average price of $25.64 per share, for a total transaction of $34,614.00. Following the acquisition, the chief accounting officer owned 2,350 shares in the company, valued at approximately $60,254. This represents a 135.00% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Mike Maddox purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was acquired at an average price of $25.52 per share, with a total value of $25,520.00. Following the completion of the purchase, the president owned 40,280 shares in the company, valued at $1,027,945.60. This represents a 2.55% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have sold 2,250 shares of company stock worth $54,398. Insiders own 3.85% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Wellington Management Group LLP boosted its position in First Busey by 94.4% in the third quarter. Wellington Management Group LLP now owns 7,135,906 shares of the bank’s stock worth $165,196,000 after purchasing an additional 3,464,965 shares during the last quarter. Mirabella Financial Services LLP purchased a new stake in shares of First Busey during the 2nd quarter worth approximately $20,113,000. Bank of New York Mellon Corp lifted its holdings in shares of First Busey by 99.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 933,467 shares of the bank’s stock valued at $21,362,000 after acquiring an additional 464,859 shares during the last quarter. Stieven Capital Advisors L.P. bought a new position in shares of First Busey during the 3rd quarter valued at approximately $9,607,000. Finally, Loomis Sayles & Co. L P bought a new stake in First Busey in the second quarter worth $8,343,000. Hedge funds and other institutional investors own 56.49% of the company’s stock.

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.