First Busey Corporation (NASDAQ:BUSE) to Issue $0.26 Quarterly Dividend

First Busey Corporation (NASDAQ:BUSE) announced a quarterly dividend on Tuesday, July 14th. Shareholders of record on Friday, July 24th will be paid a dividend of 0.26 per share by the bank on Friday, July 31st. This represents a c) dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, July 24th.

First Busey has increased its dividend payment by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 10 consecutive years. First Busey has a payout ratio of 38.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect First Busey to earn $2.67 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 39.0%.

First Busey Stock Performance

NASDAQ BUSE traded up $0.06 on Wednesday, hitting $29.37. 1,197,449 shares of the company’s stock were exchanged, compared to its average volume of 683,061. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 13.05 and a beta of 0.72. The firm’s 50-day moving average price is $27.94 and its two-hundred day moving average price is $26.31. First Busey has a fifty-two week low of $21.63 and a fifty-two week high of $30.51. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.90 and a quick ratio of 0.90.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. First Busey had a return on equity of 10.19% and a net margin of 19.16%.The business had revenue of $197.17 million during the quarter, compared to analysts’ expectations of $197.15 million. On average, research analysts expect that First Busey will post 2.6 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wall Street Zen downgraded First Busey from a “hold” rating to a “sell” rating in a report on Sunday. 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. Piper Sandler raised their price objective on shares of First Busey from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Raymond James Financial boosted their price objective on shares of First Busey from $28.00 to $32.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Finally, Stephens upped their target price on shares of First Busey from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.60.

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.