First Busey (NASDAQ:BUSE) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of First Busey (NASDAQ:BUSE) from a sell rating to a hold rating in a research note published on Monday, 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 research firms have also commented on BUSE. BidaskClub upgraded shares of Northrim BanCorp from a sell rating to a hold rating in a research note on Tuesday, May 7th. B. Riley restated a neutral rating on shares of New York Community Bancorp in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $30.50.

NASDAQ BUSE traded down $0.02 during trading on Monday, reaching $26.27. The company’s stock had a trading volume of 4,748 shares, compared to its average volume of 132,765. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00. First Busey has a twelve month low of $23.13 and a twelve month high of $33.08. The business’s fifty day moving average is $25.65.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.03). The business had revenue of $94.33 million during the quarter, compared to analyst estimates of $96.24 million. First Busey had a net margin of 25.94% and a return on equity of 10.23%. On average, equities analysts predict that First Busey will post 2.13 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 19th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Thursday, July 18th. First Busey’s payout ratio is 40.00%.

In other news, Director Stanley J. Bradshaw bought 1,183 shares of the stock in a transaction dated Thursday, May 30th. The shares were acquired at an average price of $24.95 per share, with a total value of $29,515.85. Following the completion of the acquisition, the director now directly owns 4,195 shares in the company, valued at $104,665.25. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Stanley J. Bradshaw bought 3,680 shares of the stock in a transaction dated Friday, April 26th. The stock was purchased at an average cost of $25.69 per share, for a total transaction of $94,539.20. Following the acquisition, the director now owns 4,195 shares of the company’s stock, valued at $107,769.55. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 69,955 shares of company stock worth $1,859,546. Insiders own 7.50% of the company’s stock.

Large investors have recently modified their holdings of the company. Citigroup Inc. boosted its holdings in First Busey by 166.5% during the fourth quarter. Citigroup Inc. now owns 9,248 shares of the bank’s stock worth $227,000 after buying an additional 5,778 shares in the last quarter. Dimensional Fund Advisors LP raised its position in First Busey by 5.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,308,610 shares of the bank’s stock worth $56,653,000 after acquiring an additional 127,023 shares during the last quarter. Strs Ohio acquired a new position in First Busey during the first quarter worth about $224,000. California Public Employees Retirement System raised its position in First Busey by 31.8% during the fourth quarter. California Public Employees Retirement System now owns 88,031 shares of the bank’s stock worth $2,160,000 after acquiring an additional 21,232 shares during the last quarter. Finally, Bank of Edwardsville acquired a new position in First Busey during the first quarter worth about $13,681,000. 45.88% 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.

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