First Busey (NASDAQ:BUSE) Earns Equal Weight Rating from Analysts at Stephens

Equities researchers at Stephens initiated coverage on shares of First Busey (NASDAQ:BUSE) in a research note issued on Friday. The firm set an “equal weight” rating and a $27.00 price target on the bank’s stock. Stephens’ price objective indicates a potential upside of 9.62% from the stock’s current price.

Several other equities research analysts have also recently commented on BUSE. DA Davidson reaffirmed a “neutral” rating and set a $27.00 target price on shares of First Busey in a research note on Thursday, January 29th. Weiss Ratings raised First Busey from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, March 3rd. Finally, Piper Sandler increased their price target on First Busey from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.17.

First Busey Trading Down 1.3%

BUSE stock traded down $0.33 during midday trading on Friday, hitting $24.63. The stock had a trading volume of 24,205 shares, compared to its average volume of 645,173. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.12. The firm has a market cap of $2.12 billion, a P/E ratio of 19.19 and a beta of 0.76. The business has a fifty day moving average price of $25.45 and a two-hundred day moving average price of $24.34. First Busey has a 1-year low of $18.40 and a 1-year high of $27.65.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings results on Tuesday, January 27th. The bank reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07. First Busey had a return on equity of 9.46% and a net margin of 12.96%.The firm had revenue of $201.78 million during the quarter, compared to the consensus estimate of $197.70 million. On average, sell-side analysts predict that First Busey will post 2.61 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Busey

Several hedge funds and other institutional investors have recently modified their holdings of the company. MPS Loria Financial Planners LLC raised its position in shares of First Busey by 1.1% during the fourth quarter. MPS Loria Financial Planners LLC now owns 36,803 shares of the bank’s stock worth $876,000 after purchasing an additional 405 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of First Busey by 5.1% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 13,237 shares of the bank’s stock worth $303,000 after purchasing an additional 640 shares in the last quarter. Legal & General Group Plc grew its position in First Busey by 0.7% in the 3rd quarter. Legal & General Group Plc now owns 91,585 shares of the bank’s stock valued at $2,120,000 after purchasing an additional 646 shares during the period. Ameritas Investment Partners Inc. increased its stake in First Busey by 8.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,745 shares of the bank’s stock valued at $200,000 after purchasing an additional 648 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in First Busey by 0.8% during the 4th quarter. Russell Investments Group Ltd. now owns 91,534 shares of the bank’s stock valued at $2,178,000 after purchasing an additional 758 shares in the last quarter. 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.