First Busey (NASDAQ:BUSE) Hits New 1-Year High – Should You Buy?

Shares of First Busey Corporation (NASDAQ:BUSE) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $27.78 and last traded at $27.4010, with a volume of 11477 shares trading hands. The stock had previously closed at $27.08.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BUSE. Weiss Ratings raised shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. DA Davidson reiterated a “neutral” rating and issued a $27.00 target price on shares of First Busey in a research note on Thursday, January 29th. Stephens boosted their target price on First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Finally, Piper Sandler increased their price target on First Busey from $29.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Busey presently has an average rating of “Moderate Buy” and an average price target of $27.50.

First Busey Stock Performance

The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of 12.23 and a beta of 0.72. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a 50-day moving average of $26.03 and a 200 day moving average of $25.15.

First Busey (NASDAQ:BUSE) last released its earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. First Busey had a net margin of 19.16% and a return on equity of 10.19%. The company had revenue of $197.17 million for the quarter, compared to the consensus estimate of $197.15 million. On average, analysts expect that First Busey Corporation will post 2.57 EPS for the current year.

First Busey Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Friday, April 24th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 3.8%. The ex-dividend date was Friday, April 24th. First Busey’s dividend payout ratio is currently 46.22%.

Insider Transactions at First Busey

In other First Busey news, CAO Scott A. Phillips bought 5,000 shares of the stock in a transaction on Monday, May 4th. The stock was purchased at an average price of $25.90 per share, with a total value of $129,500.00. Following the acquisition, the chief accounting officer owned 8,350 shares of the company’s stock, valued at approximately $216,265. The trade was a 149.25% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.77% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BUSE. Wellington Management Group LLP increased its holdings in First Busey by 8.6% in the fourth quarter. Wellington Management Group LLP now owns 7,746,996 shares of the bank’s stock valued at $184,301,000 after purchasing an additional 611,090 shares during the last quarter. Vanguard Group Inc. lifted its stake in First Busey by 0.7% in the third quarter. Vanguard Group Inc. now owns 5,078,833 shares of the bank’s stock valued at $117,575,000 after buying an additional 33,430 shares during the period. Dimensional Fund Advisors LP boosted its holdings in First Busey by 4.0% during the first quarter. Dimensional Fund Advisors LP now owns 5,067,210 shares of the bank’s stock worth $128,046,000 after buying an additional 194,343 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in First Busey by 36,664.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,131,973 shares of the bank’s stock worth $74,510,000 after buying an additional 3,123,454 shares during the last quarter. Finally, LSV Asset Management grew its position in shares of First Busey by 8.0% during the 4th quarter. LSV Asset Management now owns 1,384,661 shares of the bank’s stock worth $32,941,000 after buying an additional 102,904 shares during the period. 56.49% of the stock is currently owned by 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.