First Busey (NASDAQ:BUSE) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

First Busey (NASDAQ:BUSE) issued its earnings results on Tuesday. The bank reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.06, FiscalAI reports. First Busey had a net margin of 19.16% and a return on equity of 10.19%. The business had revenue of $194.27 million for the quarter, compared to the consensus estimate of $197.59 million.

First Busey Trading Up 1.6%

Shares of First Busey stock opened at $30.23 on Wednesday. First Busey has a 12-month low of $21.63 and a 12-month high of $30.51. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. The stock has a market cap of $2.56 billion, a PE ratio of 13.44 and a beta of 0.72. The company has a 50-day moving average of $28.66 and a two-hundred day moving average of $26.72.

First Busey Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 24th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.4%. The ex-dividend date is Friday, July 24th. First Busey’s dividend payout ratio is presently 46.22%.

Insider Activity

In other news, CAO Scott A. Phillips purchased 5,000 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were acquired at an average price of $25.90 per share, with a total value of $129,500.00. Following the purchase, the chief accounting officer directly owned 8,350 shares of the company’s stock, valued at $216,265. The trade was 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 this link. Insiders own 3.77% of the company’s stock.

Hedge Funds Weigh In On First Busey

Several hedge funds and other institutional investors have recently bought and sold shares of BUSE. Millennium Management LLC grew its holdings in First Busey by 51.8% in the fourth quarter. Millennium Management LLC now owns 17,379 shares of the bank’s stock valued at $413,000 after purchasing an additional 5,934 shares during the last quarter. Focus Partners Wealth raised its stake in shares of First Busey by 6.2% during the 3rd quarter. Focus Partners Wealth now owns 17,043 shares of the bank’s stock worth $394,000 after buying an additional 998 shares during the last quarter. Royal Bank of Canada raised its stake in shares of First Busey by 95.9% during the 1st quarter. Royal Bank of Canada now owns 18,143 shares of the bank’s stock worth $392,000 after buying an additional 8,884 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of First Busey by 5.1% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 13,237 shares of the bank’s stock worth $303,000 after buying an additional 640 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of First Busey in the 2nd quarter worth about $289,000. 56.49% of the stock is owned by institutional investors and hedge funds.

First Busey News Roundup

Here are the key news stories impacting First Busey this week:

• Positive Sentiment: First Busey reported diluted EPS of $0.69, above analyst estimates ranging from $0.63 to $0.65 and up from $0.52 in both the prior quarter and year-ago period. Adjusted EPS also rose 9.5% year over year. First Busey Q2 Earnings Top Estimates
• Positive Sentiment: Profitability improved materially: net income increased to $63.2 million, adjusted return on average assets reached 1.43%, and the efficiency ratio improved to 54.0% from 55.3% a year earlier. Noninterest expense declined 11.9% year over year, reflecting continued cost discipline. First Busey Announces Second Quarter Earnings
• Positive Sentiment: Balance-sheet and fee-based businesses provided additional support. Deposits grew 11% on an annualized basis during the quarter, the Common Equity Tier 1 ratio rose to 12.53%, and wealth-management assets under care reached a record $16.51 billion. Busey also repurchased 2.34 million shares for $63.1 million and paid a $0.26 common dividend. First Busey Reports Higher Profitability and Deposit Growth
• Neutral Sentiment: Revenue of approximately $194.3 million was below the roughly $197.6 million consensus estimate. Net interest income also declined modestly from the first quarter as loan balances and purchase-accounting accretion decreased, despite year-over-year margin expansion. First Busey Reports Sales Below Estimates
• Negative Sentiment: Investors will monitor rising credit risk: nonperforming assets increased to $70.3 million, or 0.39% of total assets, from $49.9 million in the prior quarter. Classified assets also rose year over year, although net charge-offs declined and loss reserves remained substantial.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BUSE shares. Wall Street Zen cut shares of First Busey from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Stephens lifted their price objective on First Busey from $27.00 to $28.00 and gave the company an “equal weight” rating in a 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. Piper Sandler increased their target price on First Busey from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Finally, Raymond James Financial lifted their price target on First Busey from $28.00 to $32.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.75.

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.