First Busey Co. (NASDAQ:BUSE) Receives Average Recommendation of “Hold” from Brokerages

Shares of First Busey Co. (NASDAQ:BUSE) have been given a consensus rating of “Hold” by the seven ratings firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $30.50.

BUSE has been the topic of a number of recent analyst reports. BidaskClub lowered shares of First Busey from a “hold” rating to a “sell” rating in a research report on Friday, March 15th. B. Riley restated a “buy” rating on shares of First Busey in a research note on Wednesday, April 10th. Finally, Zacks Investment Research downgraded shares of First Busey from a “hold” rating to a “sell” rating in a research note on Wednesday, March 13th.

In related news, Director Stephen V. King bought 48,910 shares of the company’s stock in a transaction on Monday, May 6th. The shares were acquired at an average cost of $26.83 per share, for a total transaction of $1,312,255.30. Following the purchase, the director now directly owns 7,357 shares of the company’s stock, valued at $197,388.31. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stanley J. Bradshaw bought 1,183 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was bought at an average price of $24.95 per share, for a total transaction of $29,515.85. Following the completion of the purchase, the director now directly owns 4,195 shares in the company, valued at $104,665.25. The disclosure for this purchase can be found here. Insiders acquired a total of 69,955 shares of company stock worth $1,859,546 over the last 90 days. Insiders own 7.50% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. grew its stake in First Busey by 7.8% in the 1st quarter. Meeder Asset Management Inc. now owns 8,694 shares of the bank’s stock worth $212,000 after acquiring an additional 626 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of First Busey by 31.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,945 shares of the bank’s stock valued at $72,000 after purchasing an additional 712 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of First Busey by 10.3% during the fourth quarter. Legal & General Group Plc now owns 7,893 shares of the bank’s stock valued at $194,000 after purchasing an additional 738 shares in the last quarter. Blair William & Co. IL boosted its stake in shares of First Busey by 3.0% during the first quarter. Blair William & Co. IL now owns 46,820 shares of the bank’s stock valued at $1,142,000 after purchasing an additional 1,375 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in shares of First Busey by 44.5% during the first quarter. Great West Life Assurance Co. Can now owns 6,699 shares of the bank’s stock valued at $163,000 after purchasing an additional 2,063 shares in the last quarter. Institutional investors and hedge funds own 45.88% of the company’s stock.

First Busey stock traded up $0.43 during midday trading on Friday, reaching $25.75. The stock had a trading volume of 149,003 shares, compared to its average volume of 121,664. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.85 and a quick ratio of 0.85. First Busey has a 52-week low of $23.13 and a 52-week high of $33.25. The firm has a market capitalization of $1.42 billion, a P/E ratio of 12.26, a price-to-earnings-growth ratio of 1.97 and a beta of 1.00.

First Busey (NASDAQ:BUSE) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.03). First Busey had a return on equity of 10.23% and a net margin of 25.94%. The firm had revenue of $94.33 million during the quarter, compared to analysts’ expectations of $96.24 million. Research analysts anticipate that First Busey will post 2.13 earnings per share for the current fiscal year.

About First Busey

First Busey Corporation operates as the bank holding company for Busey Bank that provides retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. The company operates in three segments: Banking, Remittance Processing, and Wealth Management.

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