First Busey (NASDAQ:BUSE) Reaches New 52-Week Low – Here’s What Happened

Shares of First Busey Co. (NASDAQ:BUSE) hit a new 52-week low on Monday . The company traded as low as $18.40 and last traded at $19.21, with a volume of 424635 shares trading hands. The stock had previously closed at $19.21.

Analyst Ratings Changes

BUSE has been the topic of several recent research reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $33.00 target price (down previously from $34.00) on shares of First Busey in a research note on Thursday, January 30th. Stephens restated an “equal weight” rating and set a $26.00 price target on shares of First Busey in a research report on Monday, February 24th. Piper Sandler cut their price objective on shares of First Busey from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. DA Davidson restated a “neutral” rating and set a $25.00 target price on shares of First Busey in a report on Tuesday, February 25th. Finally, Raymond James cut their price target on First Busey from $29.00 to $27.00 and set an “outperform” rating for the company in a report on Wednesday, April 2nd. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.80.

First Busey Stock Down 0.1 %

The firm’s fifty day simple moving average is $23.07 and its two-hundred day simple moving average is $24.38. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 9.75 and a beta of 0.75. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.22.

First Busey (NASDAQ:BUSE) last released its quarterly earnings data on Tuesday, January 28th. The bank reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. First Busey had a return on equity of 8.94% and a net margin of 17.14%. Sell-side analysts anticipate that First Busey Co. will post 2.61 EPS for the current year.

First Busey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 24th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.21%. This is an increase from First Busey’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, January 24th. First Busey’s dividend payout ratio (DPR) is presently 50.76%.

Insider Activity at First Busey

In related news, Director Stanley J. Bradshaw bought 1,700 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $21.70 per share, for a total transaction of $36,890.00. Following the acquisition, the director now owns 482,143 shares of the company’s stock, valued at approximately $10,462,503.10. This trade represents a 0.35 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 7.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BUSE. Emerald Advisers LLC acquired a new position in First Busey during the 4th quarter worth about $9,115,000. Millennium Management LLC increased its stake in First Busey by 121.0% during the fourth quarter. Millennium Management LLC now owns 565,001 shares of the bank’s stock worth $13,317,000 after purchasing an additional 309,301 shares during the period. Peregrine Capital Management LLC acquired a new stake in shares of First Busey during the fourth quarter worth about $5,498,000. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of First Busey during the fourth quarter worth about $4,850,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of First Busey by 39.2% in the fourth quarter. JPMorgan Chase & Co. now owns 671,402 shares of the bank’s stock valued at $15,825,000 after purchasing an additional 189,115 shares during the period. 56.49% of the stock is currently owned by hedge funds and other institutional investors.

About First Busey

First Busey Corporation operates as the bank holding company for Busey Bank that engages in the provision of retail and commercial banking products and services to individual, corporate, institutional, and governmental customers in the United States. It operates through three segments: Banking, Wealth Management, and FirsTech.