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

First Busey (NASDAQ:BUSE) released its earnings results on Tuesday. The bank reported $0.69 EPS for the quarter, beating the consensus estimate of $0.63 by $0.06, FiscalAI reports. The business had revenue of $194.27 million during the quarter, compared to analyst estimates of $197.59 million. First Busey had a net margin of 19.16% and a return on equity of 10.19%.

First Busey Stock Up 1.6%

Shares of BUSE traded up $0.48 during mid-day trading on Tuesday, reaching $30.23. The company’s stock had a trading volume of 1,030,634 shares, compared to its average volume of 694,551. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 13.44 and a beta of 0.72. The business has a fifty day moving average of $28.58 and a 200 day moving average of $26.67. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. First Busey has a 1 year low of $21.63 and a 1 year high of $30.51.

First Busey Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 24th will be issued a $0.26 dividend. The ex-dividend date is Friday, July 24th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.4%. First Busey’s dividend payout ratio is presently 46.22%.

Wall Street Analysts Forecast Growth

BUSE has been the topic of several research reports. Wall Street Zen cut First Busey from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Stephens raised their price objective on First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 30th. Piper Sandler raised their price objective on First Busey from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Zacks Research upgraded First Busey from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, Raymond James Financial boosted their target price on First Busey from $28.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.75.

Insider Buying and Selling at First Busey

In other First Busey news, CAO Scott A. Phillips purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were purchased at an average cost of $25.90 per share, with a total value of $129,500.00. Following the completion of the transaction, the chief accounting officer owned 8,350 shares of the company’s stock, valued at approximately $216,265. This represents a 149.25% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.77% of the company’s stock.

Institutional Investors Weigh In On First Busey

Several hedge funds have recently bought and sold shares of BUSE. Parkside Financial Bank & Trust purchased a new position in First Busey during the 4th quarter valued at about $28,000. Litman Gregory Wealth Management LLC acquired a new position in shares of First Busey in the 4th quarter valued at about $30,000. Geneos Wealth Management Inc. lifted its position in shares of First Busey by 726.1% in the first 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 in the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of First Busey by 111.9% in the third quarter. CIBC Private Wealth Group LLC now owns 3,920 shares of the bank’s stock worth $91,000 after purchasing an additional 2,070 shares in the last quarter. Finally, Wilkerson Advisory Group LLC acquired a new stake in shares of First Busey during the fourth quarter worth approximately $113,000. 56.49% of the stock is owned by hedge funds and other institutional investors.

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.