$98.39 Million in Sales Expected for First Busey Co. (NASDAQ:BUSE) This Quarter

Brokerages forecast that First Busey Co. (NASDAQ:BUSE) will report sales of $98.39 million for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for First Busey’s earnings. The lowest sales estimate is $96.78 million and the highest is $101.00 million. First Busey posted sales of $101.32 million during the same quarter last year, which would indicate a negative year over year growth rate of 2.9%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, July 28th.

On average, analysts expect that First Busey will report full year sales of $402.34 million for the current fiscal year, with estimates ranging from $391.00 million to $418.00 million. For the next fiscal year, analysts forecast that the business will post sales of $386.66 million, with estimates ranging from $379.51 million to $398.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow First Busey.

First Busey (NASDAQ:BUSE) last issued its quarterly earnings results on Tuesday, April 28th. The bank reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.09). First Busey had a return on equity of 8.84% and a net margin of 19.57%. The company had revenue of $96.95 million during the quarter, compared to analysts’ expectations of $98.26 million.

BUSE has been the subject of a number of research reports. BidaskClub lowered First Busey from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. B. Riley lowered their price objective on First Busey from $29.00 to $22.00 and set a “neutral” rating for the company in a research note on Monday, April 13th. TheStreet lowered First Busey from a “b-” rating to a “c+” rating in a research note on Thursday, March 5th. ValuEngine raised First Busey from a “sell” rating to a “hold” rating in a research note on Monday, June 1st. Finally, Stephens raised First Busey from an “equal weight” rating to an “overweight” rating in a research note on Thursday, April 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $26.67.

In other news, Director Stanley J. Bradshaw acquired 4,198 shares of First Busey stock in a transaction on Thursday, May 14th. The shares were bought at an average cost of $14.50 per share, for a total transaction of $60,871.00. Following the acquisition, the director now directly owns 6,288 shares of the company’s stock, valued at approximately $91,176. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stanley J. Bradshaw acquired 5,800 shares of First Busey stock in a transaction on Tuesday, May 12th. The shares were purchased at an average price of $15.69 per share, for a total transaction of $91,002.00. Following the completion of the acquisition, the director now directly owns 6,288 shares in the company, valued at $98,658.72. The disclosure for this purchase can be found here. Company insiders own 7.50% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of First Busey by 28.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,184 shares of the bank’s stock valued at $89,000 after purchasing an additional 1,140 shares in the last quarter. Great West Life Assurance Co. Can purchased a new stake in First Busey during the 4th quarter worth approximately $110,000. Advisor Group Holdings Inc. purchased a new stake in First Busey during the 1st quarter worth approximately $128,000. Arizona State Retirement System purchased a new stake in First Busey during the 1st quarter worth approximately $199,000. Finally, Stifel Financial Corp purchased a new stake in First Busey during the 4th quarter worth approximately $203,000. Institutional investors own 45.99% of the company’s stock.

Shares of NASDAQ:BUSE traded down $0.57 during trading on Monday, hitting $17.26. 543,700 shares of the company’s stock were exchanged, compared to its average volume of 182,652. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.86 and a quick ratio of 0.86. First Busey has a 52-week low of $11.00 and a 52-week high of $28.00. The business’s 50-day simple moving average is $17.51 and its 200 day simple moving average is $21.29. The company has a market cap of $938.94 million, a price-to-earnings ratio of 10.27 and a beta of 1.12.

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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Earnings History and Estimates for First Busey (NASDAQ:BUSE)

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