First Busey (NASDAQ:BUSE) Sets New 52-Week High – What’s Next?

Shares of First Busey Corporation (NASDAQ:BUSE) hit a new 52-week high during trading on Wednesday . The company traded as high as $26.43 and last traded at $26.3590, with a volume of 100102 shares trading hands. The stock had previously closed at $25.74.

Analyst Upgrades and Downgrades

BUSE has been the subject of a number of research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Busey in a research report on Monday, December 29th. Raymond James Financial restated an “outperform” rating and set a $26.00 price objective (down previously from $28.00) on shares of First Busey in a research note on Thursday, October 30th. DA Davidson reaffirmed a “neutral” rating and issued a $27.00 target price on shares of First Busey in a research report on Thursday, January 29th. Finally, Piper Sandler raised their target price on First Busey from $26.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $27.00.

First Busey Stock Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a 50-day moving average price of $24.64 and a 200-day moving average price of $23.85. The firm has a market capitalization of $2.41 billion, a PE ratio of 21.14 and a beta of 0.78.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings data on Tuesday, January 27th. The bank reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.07. First Busey had a return on equity of 9.59% and a net margin of 12.96%.The firm had revenue of $201.78 million during the quarter, compared to analyst estimates of $197.70 million. On average, research analysts expect that First Busey Corporation will post 2.61 EPS for the current fiscal year.

First Busey Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 23rd were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.8%. This is a boost from First Busey’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, January 23rd. First Busey’s payout ratio is presently 80.62%.

Insider Buying and Selling

In related news, President Mike Maddox acquired 1,000 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was bought at an average cost of $25.52 per share, with a total value of $25,520.00. Following the acquisition, the president directly owned 40,280 shares in the company, valued at approximately $1,027,945.60. The trade was a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 2,250 shares of company stock worth $54,398. Corporate insiders own 3.85% of the company’s stock.

Hedge Funds Weigh In On First Busey

A number of hedge funds have recently bought and sold shares of BUSE. LSV Asset Management increased its holdings in First Busey by 8.0% in the fourth quarter. LSV Asset Management now owns 1,384,661 shares of the bank’s stock valued at $32,941,000 after buying an additional 102,904 shares during the last quarter. Global Retirement Partners LLC acquired a new position in shares of First Busey in the 4th quarter worth approximately $236,000. GSA Capital Partners LLP bought a new stake in shares of First Busey in the 4th quarter valued at approximately $821,000. Northwestern Mutual Wealth Management Co. raised its position in shares of First Busey by 36,664.6% during 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. Finally, Thrivent Financial for Lutherans lifted its stake in First Busey by 3.8% during the fourth quarter. Thrivent Financial for Lutherans now owns 126,479 shares of the bank’s stock worth $3,009,000 after purchasing an additional 4,678 shares during the last quarter. 56.49% of the stock is currently owned by institutional investors and hedge funds.

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.