Key Points
- Director Michael David Cassens sold 750 shares on Feb. 17 at an average price of $26.61 for $19,957.50, leaving him with 139,523 shares (a 0.53% reduction in his stake, valued at about $3.71M).
- First Busey beat quarterly estimates, reporting EPS of $0.68 vs. $0.61 expected and revenue of $201.78M vs. $197.70M, and the bank raised its quarterly dividend to $0.26 (annualized $1.04, ~4.0% yield).
- Market and analyst context: BUSE traded around $26.31 (up 0.4%), has a $2.33B market cap and a consensus "Hold" rating with a $27.00 target price.
First Busey Corporation (NASDAQ:BUSE - Get Free Report) Director Michael David Cassens sold 750 shares of the firm's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $26.61, for a total transaction of $19,957.50. Following the completion of the sale, the director owned 139,523 shares in the company, valued at $3,712,707.03. This represents a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Michael David Cassens also recently made the following trade(s):
- On Thursday, January 15th, Michael David Cassens sold 750 shares of First Busey stock. The stock was sold at an average price of $24.24, for a total transaction of $18,180.00.
- On Monday, December 15th, Michael David Cassens sold 750 shares of First Busey stock. The shares were sold at an average price of $25.37, for a total transaction of $19,027.50.
First Busey Stock Up 0.4%
BUSE traded up $0.10 during trading on Friday, hitting $26.31. The stock had a trading volume of 171,737 shares, compared to its average volume of 628,791. The stock has a 50 day simple moving average of $25.08 and a two-hundred day simple moving average of $24.07. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.91. First Busey Corporation has a twelve month low of $18.40 and a twelve month high of $27.65. The company has a market capitalization of $2.33 billion, a PE ratio of 20.40 and a beta of 0.78.
First Busey (NASDAQ:BUSE - Get Free Report) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. First Busey had a return on equity of 9.59% and a net margin of 12.96%.The firm had revenue of $201.78 million during the quarter, compared to analysts' expectations of $197.70 million. On average, research analysts predict that First Busey Corporation will post 2.61 earnings per share for the current year.
First Busey Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 23rd were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, January 23rd. This is an increase from First Busey's previous quarterly dividend of $0.25. First Busey's payout ratio is 80.62%.
Institutional Investors Weigh In On First Busey
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirabella Financial Services LLP acquired a new position in shares of First Busey during the 2nd quarter worth approximately $20,113,000. ProShare Advisors LLC increased its holdings in First Busey by 88.2% in the 3rd quarter. ProShare Advisors LLC now owns 533,142 shares of the bank's stock worth $12,342,000 after acquiring an additional 249,908 shares in the last quarter. Bayview Asset Management LLC raised its position in First Busey by 173.9% during the second quarter. Bayview Asset Management LLC now owns 64,385 shares of the bank's stock worth $1,473,000 after acquiring an additional 40,876 shares during the period. Loomis Sayles & Co. L P purchased a new position in First Busey during the second quarter valued at $8,343,000. Finally, Bank of New York Mellon Corp lifted its holdings in First Busey by 99.2% during the second quarter. Bank of New York Mellon Corp now owns 933,467 shares of the bank's stock valued at $21,362,000 after purchasing an additional 464,859 shares in the last quarter. 56.49% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts have issued reports on BUSE shares. Weiss Ratings restated a "hold (c+)" rating on shares of First Busey in a research note on Monday, December 29th. Piper Sandler boosted their price objective on shares of First Busey from $26.00 to $29.00 and gave the company an "overweight" rating in a report on Friday, January 30th. DA Davidson restated a "neutral" rating and issued a $27.00 target price on shares of First Busey in a research note on Thursday, January 29th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $26.00 price target (down previously from $28.00) on shares of First Busey in a research note on Thursday, October 30th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $27.00.
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About First Busey
(
Get Free Report)
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.
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