First Busey (NASDAQ:BUSE) Hits New 52-Week High – Here’s What Happened

Shares of First Busey Corporation (NASDAQ:BUSE) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $27.65 and last traded at $27.41, with a volume of 671775 shares trading hands. The stock had previously closed at $27.27.

Analysts Set New Price Targets

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

First Busey Stock Performance

The firm has a market cap of $2.42 billion, a PE ratio of 21.25 and a beta of 0.78. 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 $24.72 and a 200 day moving average price of $23.87.

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

First Busey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 23rd were issued a $0.26 dividend. This is a positive change from First Busey’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, January 23rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.8%. First Busey’s dividend payout ratio (DPR) is 80.62%.

Insider Buying and Selling at First Busey

In other First Busey news, President Mike Maddox bought 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was purchased at an average price of $25.52 per share, with a total value of $25,520.00. Following the transaction, the president owned 40,280 shares in the company, valued at $1,027,945.60. This trade represents a 2.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 2,250 shares of company stock valued at $54,398. Insiders own 3.85% of the company’s stock.

Hedge Funds Weigh In On First Busey

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Kuhn & Co Investment Counsel purchased a new stake in First Busey during the 4th quarter worth $238,000. LSV Asset Management grew its stake in shares of 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 in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of First Busey during the 4th quarter valued at about $236,000. GSA Capital Partners LLP acquired a new position in First Busey during the 4th quarter worth approximately $821,000. Finally, Northwestern Mutual Wealth Management Co. boosted 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 worth $74,510,000 after acquiring an additional 3,123,454 shares during the period. Institutional investors and hedge funds 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.