First Busey (NASDAQ:BUSE – Get Free Report) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Sunday.
BUSE has been the topic of a number of other research reports. Piper Sandler upped their target price on 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 target on First Busey from $28.00 to $32.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Weiss Ratings raised First Busey from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Finally, Stephens lifted their price objective on 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 assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $29.60.
Read Our Latest Stock Analysis on First Busey
First Busey Price Performance
First Busey (NASDAQ:BUSE – Get Free Report) last announced its quarterly earnings results 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. 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, equities research analysts expect that First Busey will post 2.58 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other First Busey news, CAO Scott A. Phillips bought 5,000 shares of First Busey stock in a transaction that occurred on Monday, May 4th. The shares were purchased at an average cost of $25.90 per share, for a total transaction of $129,500.00. Following the completion of the transaction, the chief accounting officer owned 8,350 shares of the company’s stock, valued at $216,265. This represents a 149.25% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.77% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mirabella Financial Services LLP grew its holdings in shares of First Busey by 23.2% during the 3rd quarter. Mirabella Financial Services LLP now owns 1,082,338 shares of the bank’s stock worth $25,056,000 after purchasing an additional 203,464 shares during the period. Members Trust Co acquired a new stake in First Busey during the 3rd quarter worth approximately $1,736,000. Savvy Advisors Inc. purchased a new position in First Busey in the fourth quarter valued at approximately $2,905,000. Canvas Wealth Advisors LLC purchased a new position in First Busey in the fourth quarter valued at approximately $1,702,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position 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 valued at $74,510,000 after buying an additional 3,123,454 shares in the last quarter. Institutional investors and hedge funds own 56.49% of the company’s stock.
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.
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