First Busey (NASDAQ:BUSE) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

First Busey (NASDAQ:BUSE) issued its earnings results on Tuesday. The bank reported $0.67 EPS for the quarter, topping the consensus estimate of $0.57 by $0.10, Zacks reports. The business had revenue of $197.17 million during the quarter, compared to analysts’ expectations of $197.47 million. First Busey had a return on equity of 9.46% and a net margin of 12.96%.

First Busey Stock Down 2.9%

BUSE opened at $25.77 on Thursday. First Busey has a fifty-two week low of $20.46 and a fifty-two week high of $27.65. The business has a 50-day moving average of $25.67 and a 200-day moving average of $24.71. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market capitalization of $2.20 billion, a PE ratio of 19.98 and a beta of 0.72.

First Busey Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Friday, April 24th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, April 24th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.0%. First Busey’s dividend payout ratio (DPR) is 46.22%.

Institutional Investors Weigh In On First Busey

Several institutional investors and hedge funds have recently modified their holdings of BUSE. Cerity Partners LLC lifted its position in shares of First Busey by 8.7% during the 4th quarter. Cerity Partners LLC now owns 23,748 shares of the bank’s stock worth $565,000 after purchasing an additional 1,903 shares during the last quarter. Squarepoint Ops LLC lifted its position in shares of First Busey by 29.7% during the 4th quarter. Squarepoint Ops LLC now owns 22,578 shares of the bank’s stock worth $537,000 after purchasing an additional 5,172 shares during the last quarter. Quantinno Capital Management LP bought a new position in First Busey in the 2nd quarter worth approximately $524,000. Vestor Capital LLC increased its position in First Busey by 791.9% in the 4th quarter. Vestor Capital LLC now owns 21,183 shares of the bank’s stock worth $504,000 after buying an additional 18,808 shares during the period. Finally, Two Sigma Securities LLC bought a new position in First Busey in the 2nd quarter worth approximately $450,000. Institutional investors and hedge funds own 56.49% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Piper Sandler raised their target price on First Busey from $26.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Stephens assumed coverage on First Busey in a research report on Friday, March 27th. They issued an “equal weight” rating and a $27.00 target price for the company. DA Davidson reaffirmed a “neutral” rating and issued a $27.00 target price on shares of First Busey in a research report on Thursday, January 29th. Finally, Weiss Ratings raised First Busey from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.17.

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.