First Busey (NASDAQ:BUSE) Hits New 52-Week High – Still a Buy?

First Busey Corporation (NASDAQ:BUSE)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $30.14 and last traded at $30.13, with a volume of 227602 shares changing hands. The stock had previously closed at $29.50.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BUSE. Piper Sandler upped their price objective on First Busey from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Stephens increased their price objective on shares of First Busey from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Thursday, April 30th. Raymond James Financial lifted their price objective on shares of First Busey from $28.00 to $32.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Weiss Ratings upgraded shares of First Busey from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $29.60.

First Busey Stock Up 1.9%

The firm has a market cap of $2.54 billion, a PE ratio of 13.38 and a beta of 0.72. The business’s 50-day simple moving average is $27.35 and its 200 day simple moving average is $26.00. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12.

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

First Busey Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Friday, April 24th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, April 24th. First Busey’s dividend payout ratio (DPR) is currently 46.22%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BUSE. Wellington Management Group LLP grew its holdings in shares of First Busey by 94.4% in the 3rd quarter. Wellington Management Group LLP now owns 7,135,906 shares of the bank’s stock worth $165,196,000 after purchasing an additional 3,464,965 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of 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 in the last quarter. Stieven Capital Advisors L.P. acquired a new position in shares of First Busey in the 3rd quarter worth approximately $9,607,000. Rhino Investment Partners Inc grew its position in First Busey by 101.3% during the 1st quarter. Rhino Investment Partners Inc now owns 492,113 shares of the bank’s stock worth $12,436,000 after acquiring an additional 247,589 shares during the last quarter. Finally, Verition Fund Management LLC increased its holdings in First Busey by 69.1% during the 4th quarter. Verition Fund Management LLC now owns 601,355 shares of the bank’s stock valued at $14,306,000 after purchasing an additional 245,832 shares in the last quarter. 56.49% of the stock is owned by institutional investors.

First Busey Company Profile

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.