First Busey (NASDAQ:BUSE) Coverage Initiated by Analysts at Stephens

Equities research analysts at Stephens initiated coverage on shares of First Busey (NASDAQ:BUSE) in a research report issued on Friday. The brokerage 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 previous close.

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

First Busey Price Performance

NASDAQ:BUSE traded down $0.33 on Friday, hitting $24.63. The company had a trading volume of 24,205 shares, compared to its average volume of 645,173. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 19.19 and a beta of 0.76. 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 50 day moving average of $25.45 and a two-hundred day moving average of $24.34. First Busey has a 52 week low of $18.40 and a 52 week high of $27.65.

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

Institutional Investors Weigh In On First Busey

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Parkside Financial Bank & Trust acquired a new position in shares of First Busey in the fourth quarter worth approximately $28,000. Litman Gregory Wealth Management LLC bought a new stake in First Busey in the fourth quarter valued at approximately $30,000. Allworth Financial LP increased its position in First Busey by 127.8% during the 4th quarter. Allworth Financial LP now owns 1,583 shares of the bank’s stock valued at $38,000 after purchasing an additional 888 shares during the period. Torren Management LLC bought a new position in First Busey during the 4th quarter worth approximately $40,000. Finally, Geneos Wealth Management Inc. raised its holdings in First Busey by 726.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,280 shares of the bank’s stock worth $49,000 after purchasing an additional 2,004 shares during the last quarter. Institutional investors and hedge funds own 56.49% of the company’s stock.

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.