Zacks Investment Research upgraded shares of First Busey (NASDAQ:BUSE) from a sell rating to a hold rating in a research report report published on Wednesday morning, Zacks.com reports.
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. “
A number of other equities research analysts have also recently commented on the company. BidaskClub cut First Busey from a hold rating to a sell rating in a research report on Tuesday, January 29th. B. Riley restated a buy rating on shares of First Busey in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. First Busey presently has an average rating of Hold and a consensus price target of $30.75.
Shares of NASDAQ:BUSE traded down $0.11 during trading on Wednesday, reaching $26.14. 5,051 shares of the company’s stock traded hands, compared to its average volume of 120,565. First Busey has a fifty-two week low of $23.13 and a fifty-two week high of $33.25. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $1.46 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 2.07 and a beta of 1.02.
First Busey (NASDAQ:BUSE) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.03). First Busey had a net margin of 25.94% and a return on equity of 10.79%. The business had revenue of $94.33 million for the quarter, compared to analyst estimates of $96.24 million. Sell-side analysts expect that First Busey will post 2.15 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 19th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend was Wednesday, April 17th. First Busey’s payout ratio is 40.00%.
In other news, Director Thomas G. Sloan acquired 8,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were bought at an average cost of $25.91 per share, for a total transaction of $207,280.00. Following the acquisition, the director now owns 231,471 shares in the company, valued at approximately $5,997,413.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stanley J. Bradshaw acquired 3,680 shares of the stock in a transaction that occurred on Friday, April 26th. The stock was purchased at an average price of $25.69 per share, for a total transaction of $94,539.20. Following the completion of the acquisition, the director now owns 4,195 shares in the company, valued at approximately $107,769.55. The disclosure for this purchase can be found here. Insiders own 7.50% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parametric Portfolio Associates LLC boosted its position in First Busey by 33.7% during the first quarter. Parametric Portfolio Associates LLC now owns 123,708 shares of the bank’s stock worth $3,018,000 after acquiring an additional 31,197 shares during the last quarter. First Trust Advisors LP raised its stake in First Busey by 86.5% during the first quarter. First Trust Advisors LP now owns 127,968 shares of the bank’s stock worth $3,122,000 after purchasing an additional 59,368 shares during the period. Martingale Asset Management L P raised its stake in First Busey by 15.4% during the first quarter. Martingale Asset Management L P now owns 198,115 shares of the bank’s stock worth $4,835,000 after purchasing an additional 26,500 shares during the period. Great West Life Assurance Co. Can raised its stake in First Busey by 44.5% during the first quarter. Great West Life Assurance Co. Can now owns 6,699 shares of the bank’s stock worth $163,000 after purchasing an additional 2,063 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in First Busey by 50.9% during the first quarter. JPMorgan Chase & Co. now owns 65,333 shares of the bank’s stock worth $1,594,000 after purchasing an additional 22,046 shares during the period. 45.12% of the stock is currently owned by institutional investors and hedge funds.
First Busey Company Profile
First Busey Corporation operates as the bank holding company for Busey Bank that provides retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. The company operates in three segments: Banking, Remittance Processing, and Wealth Management.
Recommended Story: Intrinsic Value
Get a free copy of the Zacks research report on First Busey (BUSE)
For more information about research offerings from Zacks Investment Research, visit Zacks.com