First Busey (NASDAQ:BUSE) Hits New 1-Year High – Here’s Why

First Busey Corporation (NASDAQ:BUSE) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $27.79 and last traded at $27.6950, with a volume of 175474 shares trading hands. The stock had previously closed at $27.44.

Wall Street Analysts Forecast Growth

BUSE has been the topic of a number of research reports. Piper Sandler boosted their price objective on First Busey from $29.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Weiss Ratings upgraded First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Stephens upped their price target on First Busey from $27.00 to $28.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

First Busey Stock Up 1.4%

The business has a 50-day simple moving average of $26.38 and a two-hundred day simple moving average of $25.36. The stock has a market capitalization of $2.35 billion, a P/E ratio of 12.38 and a beta of 0.72. 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 (NASDAQ:BUSE) last announced its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. First Busey had a return on equity of 10.19% and a net margin of 19.16%.The firm had revenue of $197.17 million for the quarter, compared to analysts’ expectations of $197.15 million. Equities research analysts forecast that First Busey Corporation will post 2.57 earnings per share for the current fiscal year.

First Busey Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 24th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, April 24th. This represents a $1.04 dividend on an annualized basis and a yield of 3.7%. First Busey’s payout ratio is currently 46.22%.

Insider Buying and Selling

In other First Busey news, CAO Scott A. Phillips acquired 5,000 shares of First Busey stock in a transaction on Monday, May 4th. The shares were bought at an average price of $25.90 per share, with a total value of $129,500.00. Following the completion of the purchase, the chief accounting officer owned 8,350 shares in the company, valued at $216,265. This trade represents a 149.25% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 3.77% of the company’s stock.

Hedge Funds Weigh In On First Busey

Institutional investors and hedge funds have recently bought and sold shares of the business. Parkside Financial Bank & Trust acquired a new position in First Busey in the fourth quarter worth $28,000. Litman Gregory Wealth Management LLC acquired a new position in First Busey in the fourth quarter worth $30,000. Allworth Financial LP boosted its stake in First Busey by 127.8% in the fourth quarter. Allworth Financial LP now owns 1,583 shares of the bank’s stock worth $38,000 after purchasing an additional 888 shares in the last quarter. Torren Management LLC acquired a new position in First Busey in the fourth quarter worth $40,000. Finally, Geneos Wealth Management Inc. boosted its stake in 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. Institutional investors and hedge funds own 56.49% of the company’s stock.

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.