Wellington Management Group LLP lowered its stake in shares of First Busey Corporation (NASDAQ:BUSE – Free Report) by 30.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,866,039 shares of the bank’s stock after selling 2,112,966 shares during the quarter. Wellington Management Group LLP owned about 0.06% of First Busey worth $143,548,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position 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 valued at $392,000 after acquiring an additional 8,884 shares during the period. AQR Capital Management LLC increased its position in shares of First Busey by 16.8% in the first quarter. AQR Capital Management LLC now owns 198,945 shares of the bank’s stock worth $4,297,000 after purchasing an additional 28,605 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in First Busey by 64.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,724 shares of the bank’s stock valued at $1,074,000 after purchasing an additional 19,431 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in First Busey by 9.0% in the first quarter. Goldman Sachs Group Inc. now owns 469,310 shares of the bank’s stock valued at $10,137,000 after purchasing an additional 38,773 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Busey by 78.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 222,048 shares of the bank’s stock worth $4,796,000 after purchasing an additional 97,560 shares during the period. Institutional investors own 56.49% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on BUSE shares. Raymond James Financial increased 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, July 1st. Piper Sandler increased their price target on shares of First Busey from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Wall Street Zen raised shares of First Busey from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. DA Davidson boosted their price objective on shares of First Busey from $30.00 to $31.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Finally, Zacks Research cut First Busey from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 21st. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $32.00.
Insider Activity at First Busey
In other news, Director Michael David Cassens sold 1,441 shares of First Busey stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $31.08, for a total transaction of $44,786.28. Following the sale, the director directly owned 131,453 shares of the company’s stock, valued at approximately $4,085,559.24. This trade represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.77% of the company’s stock.
First Busey Stock Performance
NASDAQ BUSE opened at $30.10 on Tuesday. The firm’s fifty day moving average price is $30.13 and its two-hundred day moving average price is $27.67. The stock has a market cap of $2.49 billion, a PE ratio of 12.44 and a beta of 0.72. First Busey Corporation has a fifty-two week low of $22.00 and a fifty-two week high of $31.70. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.90.
First Busey (NASDAQ:BUSE – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The bank reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. First Busey had a return on equity of 10.48% and a net margin of 21.00%.The company had revenue of $194.27 million during the quarter, compared to analysts’ expectations of $197.59 million. On average, equities analysts expect that First Busey Corporation will post 2.67 EPS for the current fiscal year.
First Busey Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Friday, July 24th were given a $0.26 dividend. The ex-dividend date was Friday, July 24th. This represents a $1.04 annualized dividend and a yield of 3.5%. First Busey’s dividend payout ratio (DPR) is currently 42.98%.
First Busey 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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