First Busey (NASDAQ:BUSE) Issues Earnings Results, Beats Expectations By $0.06 EPS

First Busey (NASDAQ:BUSE) released its quarterly earnings data on Tuesday. The bank reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06, FiscalAI reports. First Busey had a net margin of 21.00% and a return on equity of 10.42%. The firm had revenue of $194.27 million for the quarter, compared to the consensus estimate of $197.59 million.

First Busey Price Performance

BUSE stock traded up $0.43 during trading on Thursday, hitting $31.15. The stock had a trading volume of 88,374 shares, compared to its average volume of 696,360. The company’s 50 day moving average price is $28.74 and its two-hundred day moving average price is $26.76. First Busey has a 1-year low of $21.63 and a 1-year high of $31.33. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of 12.88 and a beta of 0.72. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.90.

First Busey Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 24th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Friday, July 24th. First Busey’s dividend payout ratio is currently 46.22%.

Analyst Ratings Changes

BUSE has been the topic of several research analyst reports. Zacks Research raised First Busey from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Stephens lifted their price objective on First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Piper Sandler reiterated an “overweight” rating and set a $35.00 target price on shares of First Busey in a research report on Thursday. Weiss Ratings raised First Busey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, Raymond James Financial upped their target price on First Busey from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, First Busey has a consensus rating of “Moderate Buy” and an average target price of $30.50.

Insider Transactions at First Busey

In other news, CAO Scott A. Phillips purchased 5,000 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were bought at an average cost of $25.90 per share, with a total value of $129,500.00. Following the purchase, the chief accounting officer directly owned 8,350 shares of the company’s stock, valued at approximately $216,265. This trade represents a 149.25% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.77% of the company’s stock.

Institutional Investors Weigh In On First Busey

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in shares of First Busey by 95.9% in the 1st quarter. Royal Bank of Canada now owns 18,143 shares of the bank’s stock valued at $392,000 after acquiring an additional 8,884 shares during the period. AQR Capital Management LLC increased its holdings in First Busey by 16.8% in the 1st quarter. AQR Capital Management LLC now owns 198,945 shares of the bank’s stock valued at $4,297,000 after purchasing an additional 28,605 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in First Busey by 64.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,724 shares of the bank’s stock valued at $1,074,000 after purchasing an additional 19,431 shares during the period. Goldman Sachs Group Inc. raised its position in First Busey by 9.0% in the first quarter. Goldman Sachs Group Inc. now owns 469,310 shares of the bank’s stock valued at $10,137,000 after purchasing an additional 38,773 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of First Busey by 78.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 222,048 shares of the bank’s stock worth $4,796,000 after purchasing an additional 97,560 shares in 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.