First Busey (NASDAQ:BUSE – Get Free Report) posted its quarterly earnings results on Tuesday. The bank reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.04), FiscalAI reports. First Busey had a return on equity of 10.48% and a net margin of 21.00%. The business had revenue of $194.25 million during the quarter, compared to analysts’ expectations of $195.77 million.
First Busey Stock Performance
NASDAQ BUSE traded down $0.20 during trading hours on Tuesday, hitting $30.18. 798,735 shares of the company’s stock traded hands, compared to its average volume of 712,792. The business’s fifty day moving average price is $29.96 and its two-hundred day moving average price is $27.79. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $2.49 billion, a P/E ratio of 12.47 and a beta of 0.75. First Busey has a 52 week low of $22.12 and a 52 week high of $31.70.
First Busey Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 23rd will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, October 23rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.4%. First Busey’s dividend payout ratio (DPR) is presently 42.98%.
Analyst Upgrades and Downgrades
BUSE has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their price objective on First Busey from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. DA Davidson boosted their target price on First Busey from $30.00 to $31.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Zacks Research cut shares of First Busey from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 21st. Piper Sandler cut shares of First Busey from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $35.00 to $30.00 in a research note on Friday, October 2nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Busey in a report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $31.00.
Get Our Latest Stock Report on First Busey
Insider Buying and Selling
In other First Busey news, Director Michael Cassens sold 1,441 shares of the stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $29.12, for a total value of $41,961.92. Following the transaction, the director directly owned 128,571 shares in the company, valued at approximately $3,743,987.52. This trade represents a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 4,323 shares of company stock worth $130,627 over the last three months. 3.77% of the stock is currently owned by corporate insiders.
About First Busey
First Busey Corporation is a financial holding company headquartered in Champaign, Illinois. Through its banking and wealth management businesses, the company serves individuals, families, businesses and institutions with a range of financial products and services.
Its principal banking subsidiary, Busey Bank, provides consumer and commercial checking and savings accounts, loans, mortgages, treasury management and other deposit and lending services. First Busey also offers investment management, trust, retirement planning, financial planning and brokerage services through its wealth management operations.
First Busey traces its banking roots to 1868 and primarily serves customers in Illinois, Indiana, Missouri and Florida, with additional markets following its combination with CrossFirst Bankshares.
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