First Busey (BUSE) Upgraded to Buy by B. Riley
B. Riley upgraded shares of First Busey (NASDAQ:BUSE) from a neutral rating to a buy rating in a report published on Tuesday morning, Marketbeat Ratings reports. B. Riley currently has $35.00 price target on the bank’s stock, down from their prior price target of $36.00. B. Riley also issued estimates for First Busey’s Q1 2018 earnings at $0.52 EPS, Q2 2018 earnings at $0.57 EPS, Q3 2018 earnings at $0.57 EPS, Q4 2018 earnings at $0.60 EPS, FY2018 earnings at $2.25 EPS, Q1 2019 earnings at $0.58 EPS, Q2 2019 earnings at $0.59 EPS, Q3 2019 earnings at $0.60 EPS, Q4 2019 earnings at $0.64 EPS and FY2019 earnings at $2.40 EPS.
A number of other research firms have also issued reports on BUSE. BidaskClub lowered First Busey from a hold rating to a sell rating in a report on Saturday, December 30th. Zacks Investment Research raised First Busey from a hold rating to a buy rating and set a $34.00 target price on the stock in a report on Monday, January 1st. Piper Jaffray Companies reaffirmed a hold rating and set a $33.00 target price on shares of First Busey in a report on Tuesday, January 9th. FBR & Co reaffirmed a neutral rating and set a $34.00 target price (up from $32.00) on shares of First Busey in a report on Wednesday, October 25th. Finally, ValuEngine lowered First Busey from a buy rating to a hold rating in a report on Friday, November 10th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $33.60.
First Busey (NASDAQ:BUSE) opened at $29.38 on Tuesday. The stock has a market capitalization of $1,473.21, a PE ratio of 17.80, a P/E/G ratio of 2.26 and a beta of 1.03. First Busey has a fifty-two week low of $27.33 and a fifty-two week high of $32.88. The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27.
The company also recently announced a quarterly dividend, which was paid on Friday, February 2nd. Investors of record on Friday, January 26th were issued a dividend of $0.20 per share. This is a positive change from First Busey’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Thursday, January 25th. First Busey’s payout ratio is presently 54.05%.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in First Busey by 2.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,823,493 shares of the bank’s stock worth $57,185,000 after purchasing an additional 38,805 shares in the last quarter. Vanguard Group Inc. increased its stake in First Busey by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,476,846 shares of the bank’s stock worth $43,301,000 after purchasing an additional 19,354 shares in the last quarter. Northern Trust Corp increased its stake in First Busey by 3.8% in the 2nd quarter. Northern Trust Corp now owns 712,793 shares of the bank’s stock worth $20,899,000 after purchasing an additional 26,024 shares in the last quarter. State Street Corp increased its stake in First Busey by 4.4% in the 2nd quarter. State Street Corp now owns 585,996 shares of the bank’s stock worth $17,184,000 after purchasing an additional 24,499 shares in the last quarter. Finally, Thomson Horstmann & Bryant Inc. increased its stake in First Busey by 11.1% in the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 518,580 shares of the bank’s stock worth $15,526,000 after purchasing an additional 51,810 shares in the last quarter. 46.12% of the stock is currently owned by hedge funds and other institutional investors.
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About First Busey
First Busey Corporation (First Busey) is a financial holding company. The Company offers a range of financial services through its banking and non-banking subsidiaries. The Company operates through three segments: Banking, Remittance Processing and Wealth Management. The Banking segment provides a range of banking services to individual and corporate customers through its branch network in downstate Illinois, St.
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