Zacks Investment Research Lowers First Busey (BUSE) to Hold
Zacks Investment Research downgraded shares of First Busey (NASDAQ:BUSE) from a buy rating to a hold rating in a research note issued to investors on Tuesday.
According to Zacks, “First Busey Corporation is a financial holding company located in Urbana, Illinois. First Busey is engaged primarily in commercial, retail and correspondent banking and provides trust services, insurance services, and travel services. “
Other equities research analysts also recently issued reports about the stock. B. Riley upgraded shares of First Busey from a neutral rating to a buy rating and cut their target price for the stock from $36.00 to $35.00 in a research report on Tuesday, February 6th. BidaskClub downgraded shares of First Busey from a buy rating to a hold rating in a research report on Thursday, December 7th. ValuEngine downgraded shares of First Busey from a buy rating to a hold rating in a research report on Friday, November 10th. Finally, Piper Jaffray Companies reiterated a hold rating and set a $33.00 target price on shares of First Busey in a research report on Tuesday, January 9th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $33.60.
First Busey (NASDAQ:BUSE) last posted its earnings results on Tuesday, January 30th. The bank reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). First Busey had a return on equity of 10.75% and a net margin of 20.31%. The business had revenue of $86.61 million for the quarter, compared to analyst estimates of $82.39 million. analysts predict that First Busey will post 2.27 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, February 2nd. Stockholders of record on Friday, January 26th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, January 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.63%. This is an increase from First Busey’s previous quarterly dividend of $0.18. First Busey’s payout ratio is 48.78%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Magnetar Financial LLC acquired a new position in shares of First Busey in the 3rd quarter worth approximately $204,000. Vestor Capital LLC acquired a new position in shares of First Busey in the 3rd quarter worth approximately $224,000. Xact Kapitalforvaltning AB acquired a new position in shares of First Busey in the 4th quarter worth approximately $239,000. LPL Financial LLC acquired a new position in shares of First Busey in the 4th quarter worth approximately $281,000. Finally, Legal & General Group Plc lifted its position in shares of First Busey by 24.0% in the 3rd quarter. Legal & General Group Plc now owns 9,913 shares of the bank’s stock worth $311,000 after purchasing an additional 1,918 shares during the period. Hedge funds and other institutional investors own 45.90% of the company’s stock.
First Busey Company Profile
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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